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  • Published On : Sep 2022
  • Code : CMI5239
  • Industry : Advanced Materials
  • Pages : 164
  • Formats :

The global cryogenic valves market was valued at US$ 1,883.5 Mn in 2021 and is forecast to reach a value of US$ 2,570.1 Mn by 2028 at a CAGR of 4.5% between 2022 and 2028. The global cryogenic valves market is experiencing strong growth due to the rise in oil and gas exploration activities around the world and increase demand or usage of cryogenic valves in various end-use industries. However, factors such as safety concerns regarding the operation of liquefied gases and high cost of production are expected to hamper growth of the market.

Global Cryogenic Valves Market: Regional Insights

Based on geography, the global cryogenic valves market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing oil and gas exploration in this region. For instance, the United States is the world’s top producer of oil and natural gas. According to the Council on Foreign Relations (CFR), the United States now produces 75% of its crude oil supply and 90 percent of its natural gas supply domestically. By 2021, it will producing about eleven million barrels of crude oil per day and around one hundred billion cubic feet of gas per day.

Asia Pacific is also expected to witness robust growth in the global cryogenic valves market due to the increasing oil and gas industrial activities in the region. For instance, India will more than double the area that is under exploration and production of oil and gas to 0.5 million square kilometre by 2025 and to 1mn sq.km by 2030 with a view to raising domestic output and cut reliance on imported fuel, Petroleum Minister (Government of India) said on February 4.

Figure 1. Global Cryogenic Valves Market Share (%), by Region, 2021

Cryogenic Valves  | Coherent Market Insights

Global Cryogenic Valves Market Drivers:

Increase in oil and gas exploration activities is expected to boost growth of the global cryogenic valves market during the forecast period. Cryogenic valves are widely used by companies that work with Liquefied Natural Gas (LNG) or Compressed Natural Gas (CNG). Thus, with the increase in demand for natural gas, such as LNG and CNG, the demand for cryogenic valves is also increasing. In October 2021, the U.S. Federal Energy Regulatory Commission (FERC) approved requests to increase LNG production at the Sabine Pass and Corpus Christi LNG terminals by a combined 0.7 Bcf/d.

Growing demand from chemical industry is expected to propel growth of the global cryogenic valves market during the forecast period. For instance, with the rapid growth of the chemical industry, the demand for cryogenic valves is also expected to increase. According to the India Brand Equity Foundation (IBEF), The Indian chemicals industry stood at US$ 178 billion in 2019 and is expected to reach US$ 304 billion by 2025. Moreover, the demand for chemicals is expected to expand by 9% per annum by 2025.

Global Cryogenic Valves Market Opportunities:

Technological upgrades in space industry is expected to offer lucrative growth opportunities for players in the cryogenic valves market. For instance, cryogenic valves for space exploration are used in propulsion systems and actuators that deliver and create propulsion. Researchers at NASA's Marshall Space Flight Center have developed a cryogenic isolation valve that utilizes the upstream line pressure of cryogenic fluids for actuation. NASA's cryogenic isolation valve eliminates the need for the complex support systems that are necessary with electromechanical and pneumatic actuation systems.

Increase in demand from food and beverage industry is expected to provide significant growth opportunities for players in the global cryogenic valves market. For instance, cryogenic valves find wide applications in factories that deal with processed foods and beverages. Cryogenic solutions facilitate the utilization of food-grade industrial gases necessary to meet increasing consumer demand for quality, freshness, variety, & convenience. Use of cryogenic has become well established over the last decade to maintain high-quality food.

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Cryogenic Valves Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 1,883.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 4.5% 2028 Value Projection: US$ 2,570.1 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Ball Valve, Check Valve, Gate Valve, Globe Valve, and Others
  • By Gas: Liquefied Natural Gas, Liquid Nitrogen, Hydrogen, Oxygen, and Other Gases
  • By End-User Industry: Chemicals, Oil and Gas, Energy and Power, Food and Beverages, Medical, and Other End-user Industries
Companies covered:

Velan Inc., Samson AG, Parker Hannifin Corp., Meca-Inox, L&T Valves Limited, Herose GmbH, Flowserve Corporation, Emerson Electric Co., ECI LLC, Cryofab, Bray International, Baker Hughes (General Electric), Bac Valves, Powell Valves, and Habonim Industrial Valves & Actuators Ltd., among others.

Growth Drivers:
  • Increase in oil and gas exploration activities
  • Increasing demand from chemical industry
Restraints & Challenges:
  • Safety concerns regarding the operation of liquefied gases
  • High cost of production

Global Cryogenic Valves Market Trends:

Increase in gas consumption across the globe is expected to augment the growth of the global cryogenic valves market. For instance, according to the China National Petroleum Corporation (CNPC), the gas consumption in China was expected to rise to 320 billion cubic meters (bcm) in 2020. In order to meet the growing gas demand, the country is planning to double its gas production to 325 billion cubic meters by 2040.

Increase in use of cryogenic valves in various end-use industry is expected to propel growth of the global cryogenic valves market. For instance, in June 2021, Baker Hughes and Borg CO2 announced memorandum of understanding regarding collaboration on a carbon capture and storage project. This project will serve as a hub for the de-carbonization of industrial spaces in the Viken region of Norway.

Global Cryogenic Valves Market Restraints:

Safety concerns regarding the operation of liquefied gases are expected to hamper the growth of the global cryogenic valves market. Liquefied gases are highly cryogenic in nature and need to be handled with the utmost care. The extreme cold of cryogenic liquids requires special care in their use. Cryogen leakage is not only dangerous but also expensive, considering the cost of making gas into a cryogen in the first place.

High production cost is expected to hinder growth of the cryogenic valves market. For instance, Volatile metal prices increase the cost of production.

Figure 2. Global Cryogenic Valves Market Share (%), by Product Type, 2021

Cryogenic Valves  | Coherent Market Insights

Global Cryogenic Valves Market Segmentation:

The global cryogenic valves market report is segmented into Product Type, Gas, End-User, and Geography.

Based on Product Type, the market is segmented into Ball Valve, Check Valve, Gate Valve, Globe Valve, and Others. Of which, Ball Valve Segment is expected to dominate the cryogenic valves market over the forecast period and this is attributed to the increase in demand for ball valves from various end-use industries Ball valves are a good choice where an unrestricted flow path is required and leakage at shut-off is not critical, or valve operation is infrequent.

Check Valve Segment is also expected to witness significant growth in the near future and this is owing to the increasing oil and gas exploration activities. In cryogenic area, especially designed check valves are required. A check valve is used to secure against undesired return flows in pipelines, as it allows the flow of gases or liquids only in one direction.

Based on Gas, the cryogenic valves market is segmented into Liquefied Natural Gas, Liquid Nitrogen, Hydrogen, Oxygen, and Other Gases. Of which, Liquefied Natural Gas Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for natural gases, such as LNG. The global demand for LNG grew by 12.5% to 359 million ton in 2019, according to Shell’s LNG Outlook.

Liquid Nitrogen Segment is also expected to witness significant growth in the near future and this is owing to the increase in demand or use of liquid nitrogen worldwide, especially in the healthcare/medical industry. It is a cryogen that is commonly used in laboratories.

Based on End User, the market is segmented into Chemicals, Oil and Gas, Energy and Power, Food and Beverages, Medical, and Other End-user Industries. Of which, All Segments are expected to dominate the market over the forecast period and this is attributed to the increase in demand for cryogenic valves from aforementioned industries.

Global Cryogenic Valves Market: Key Developments

In July 2019, Samson introduced a new energy efficient valve specially designed for cryogenic applications. 3598 Cryogenic Valve is available in sizes up to NPS 8 and pressure ratings up to Class 900 and is suitable for temperatures down to -196 °C.

In December 2018, Emerson acquired Advanced Engineering Valves, a manufacturer of valve technology, to expand its businesses in the cryogenic and severe service applications.

Global Cryogenic Valves Market: Key Companies Insights

The global cryogenic valves market is highly competitive. This is attributed to the increase in use of cryogenic valves in the in space industry and technological upgrades in space industry, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global cryogenic valves market are:

Velan Inc., Samson AG, Parker Hannifin Corp., Meca-Inox, L&T Valves Limited, Herose GmbH, Flowserve Corporation, Emerson Electric Co., ECI LLC, Cryofab, Bray International, Baker Hughes (General Electric), Bac Valves, Powell Valves, and Habonim Industrial Valves & Actuators Ltd., among others.

*Definition: Cryogenic valves are designed to be used in very cold applications. These valves operate at temperatures below -40°C, and are mainly used for gas liquefaction. Some of the commonly used cryogenic valves are Ball Valve, Check Valve, Gate Valve, and Globe Valve, among others. They are increasingly used in various industrial sectors.

Cryogenic valves are designed to be used in very cold applications. Hence these are mostly found to be useful in companies that work with Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG). They are increasingly used in various end-use industries. Cryogenic valves are kept in a natural closed position to keep cryogenic gasses or other medium secure and safely contained. Cryogenic valves are available in a variety of shapes and sizes to be able to function under different pressure ranges. Some of the commonly used cryogenic valves are Ball Valve, Check Valve, Gate Valve, and Globe Valve, among others.

Market Dynamics:

Increase in oil and gas exploration activities around the world, increase demand for cryogenic valves from various end-use industries, increase in energy demand, increasing consumption of industrial/natural gases, and favorable government initiatives are some major factors expected to aid in the growth of the global cryogenic valves market.

The Government of India has adopted several policies to fulfil the increasing demand. It has allowed 100% Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products and refineries, among others.

In May 2022, Oil and Natural Gas Corporation (ONGC) planned to invest US$ 4 billion from FY22-25 to increase its exploration efforts in India. In November 2021, ONGC announced that it invested up to Rs. 6,000 crore (US$ 800 million) in its petrochemicals arm (ONGC Petro Additions Ltd.) to meet its equity requirements.

Key features of the study:

  • This report provides in-depth analysis of the global cryogenic valves market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global cryogenic valves market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include Velan Inc., Samson AG, Parker Hannifin Corp., L&T Valves Limited, Herose GmbH, Flowserve Corporation, Emerson Electric Co., ECI LLC, Cryofab, Bray International, Baker Hughes (General Electric), Bac Valves, Powell Valves, Meca-Inox, and Habonim Industrial Valves & Actuators Ltd., among others.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type upgradation, market expansion, and marketing tactics.
  • The global cryogenic valves market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cryogenic valves market.

Detailed Segmentation:

  • Global Cryogenic Valves Market By Product Type:
    • Ball Valve
    • Check Valve
    • Gate Valve
    • Globe Valve
    • Others
  • Global Cryogenic Valves Market By Gas:
    • Liquefied Natural Gas
    • Liquid Nitrogen
    • Hydrogen
    • Oxygen
    • Other Gases
  • Global Cryogenic Valves Market By End-User Industry:
    • Chemicals
    • Oil and Gas
    • Energy and Power
    • Food and Beverages
    • Medical
    • Other End-user Industries
  • Global Cryogenic Valves Market By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Middle East and Africa
    • South America
  • Company Profiles:
    • Velan Inc.
    • Samson AG
    • Parker Hannifin Corp.
    • Meca-Inox
    • L&T Valves Limited
    • Herose GmbH
    • Flowserve Corporation
    • Emerson Electric Co.
    • ECI LLC
    • Cryofab
    • Bray International
    • Baker Hughes (General Electric)
    • Bac Valves
    • Powell Valves
    • Habonim Industrial Valves & Actuators Ltd.

Frequently Asked Questions

The global cryogenic valves market size is estimated to be valued at US$ 1,967.9 Million in 2022 and is expected to exhibit a CAGR of 4.5% between 2022 and 2028.
Increase in oil and gas exploration activities and increasing demand from chemical industry is fueling the growth of the market.
The Ball Valve segment is the leading product type segment in the market.
Safety concerns regarding the operation of liquefied gases and high cost of production are major factors restraining growth of the market.
Major players operating in the market are Velan Inc., Samson AG, Parker Hannifin Corp., Meca-Inox, L&T Valves Limited, Herose GmbH, Flowserve Corporation, Emerson Electric Co., ECI LLC, Cryofab, Bray International, Baker Hughes (General Electric), Bac Valves, Powell Valves, and Habonim Industrial Valves & Actuators Ltd., among others.

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