Cryogenic valves market
Cryogenic Valves Market, 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), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa)
- Sep 2023
- CMI5239
- 164 Pages
- Excel & Pdf
- Advanced Materials
The global cryogenic valves market is projected to reach around US$ 2,879.4 Millions by the end of 2030, in terms of revenue, growing at CAGR of 4.3% during the forecast period (2023-2030).
Global Cryogenic Valves Market: Growth Drivers
- An 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 the 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 is expected to reach US$ 304 billion by 2025. Moreover, the demand for chemicals is expected to expand by 9% per year by 2025.
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 costs are expected to hinder growth of the cryogenic valves market. For instance, volatile metal prices increase the cost of production.
- Counter balance: 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.
Market Opportunity:
- Technological upgrades in the space industry are 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.
- An increase in demand from the 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, and convenience. The use of cryogenics has become well established over the last decade to maintain high-quality food.
Cryogenic Valves Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 1971.3 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 5.6% | 2030 Value Projection: | US$ 2,879.4 Mn |
Geographies covered: |
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Segments covered: |
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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. |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends
An 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), 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.
An increase in the use of cryogenic valves in various end-use industries is expected to propel growth of the global cryogenic valves market. For instance, in June 2021, Baker Hughes and Borg CO2 announced a memorandum of understanding regarding collaboration on a carbon capture and storage project. This project will serve as a hub for the decarbonization of industrial spaces in the Viken region of Norway.
Covid-19 Impact
Cryogenic Valves are used as raw materials for various industries, such as glass, ceramic, cement, ferroalloys, and fertilizers. A major part of cryogenic valves comes from the mining industry; however, the COVID-19 pandemic has led to the collapse of the production lines of mining companies. The pandemic also affected the construction industry worldwide. Other industries, such as cement and fertilizers, also faced downward growth. The glass and ceramic industries are the two main end users of cryogenic valves, which contribute to the construction sector. The slowdown in the construction and cement industries during the pandemic affected the global cryogenic valves market’s growth.
Global Cryogenic Valves Market: Recent Developments
- In March 2021, the debut of Cleancut's first-ever foaming cryogenic valves was announced. An FDA-approved disinfectant, the fragrance-free formulation was made with ingredients derived from plants.
- In August 2022, Samson AG whooffers products and systems to control all kinds of media, Expands Product Portfolio with Sam Digital as Additional Focus.
- In February 2023, The Flowserve Corporation to Acquire Velan Inc., in an All-cash Transaction Valued at Approximately $245 million (C$329 million)
- In March 2021, The AVA Group's flagship brand, Medimix announced the release of a new line of cryogenic valves gel that is 100% natural and contains natural ingredients like aloe vera and tulsi in addition to having antibacterial properties.
Figure 1: Global Cryogenic Valves Market Share (%) By Region, in 2023
North America region held a dominant position in the global cryogenic valves market in 2023, accounting for 38%, followed by Europe and Asia Pacific, respectively.
Figure 2: Global Cryogenic Valves Market: By Product Type
On the basis of product type in 2023, the ball valve segment has accounted for the largest market share of 36% in terms of value.
Global Cryogenic Valves Market: Key Companies
Key Companies 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.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By End-user Industry
- Market Snippet, By Gas
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Supply Side Drivers
- Demand Side Drivers
- Economic Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Mergers and Acquisitions
- New Product Approvals/Launch
- Promotion and Marketing Initiatives
- Drivers
- Cost Tier Down Analysis
- Market Dynamics
- Global Cryogenic Valves Market, By Segmentation, 2023 - 2030 (US$ Thousand and Tons)
- Introduction
- Market Share Analysis, 2023 and 2030
- Y-o-Y Growth Analysis, 2023 - 2030 (%)
- Segment Trends
- Introduction
- Global Cryogenic Valves Market, By Product Type, 2023-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2023 – 2030
- Segment Trends
- Ball Valve
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Check Valve
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Gate Valve
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Globe Valve
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Introduction
- Global Cryogenic Valves Market, By Gas, 2023-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2023 – 2030
- Segment Trends
- Liquefied Natural Gas
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Liquid Nitrogen
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Hydrogen
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Oxygen
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Other Gases
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Introduction
- Global Cryogenic Valves Market, By End User, 2023-2030, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2023 – 2030
- Segment Trends
- Chemicals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Oil and Gas
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Energy and Power
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Food and Beverages
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Medical
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Other End-user Industries
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2023-2030,(US$ Mn)
- Introduction
- Global Cryogenic Valves Market, By Region, 2023 - 2030 (US$)
- Introduction
- Market Share Analysis, By Region, 2023 and 2030
- Y-o-Y Growth Analysis, By Region, 2023 - 2030 (%)
- North America
- Market Share Analysis, By Country, 2023 and 2030
- Y-o-Y Growth Analysis, By Country, 2023 - 2030 (%)
- U.S.
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Canada
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- U.S.
- Europe
- Market Share Analysis, By Country, 2023 and 2030
- Y-o-Y Growth Analysis, By Country, 2023 - 2030 (%)
- U.K.
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Germany
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- France
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Italy
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Spain
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Russia
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Rest of Europe
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- U.K.
- Asia Pacific
- Market Share Analysis, By Country, 2023 and 2030
- Y-o-Y Growth Analysis, By Country, 2023 - 2030 (%)
- China
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- India
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Japan
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- ASEAN
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Australia
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- South Korea
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Rest of Asia Pacific
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- China
- Latin America
- Market Share Analysis, By Country, 2023 and 2030
- Y-o-Y Growth Analysis, By Country, 2023 - 2030 (%)
- Brazil
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Mexico
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Argentina
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Rest of Latin America
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Brazil
- Middle East
- Market Share Analysis, By Country, 2023 and 2030
- Y-o-Y Growth Analysis, By Country, 2023 - 2030 (%)
- GCC
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Israel
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Rest of Middle East
- Country Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- GCC
- Africa
- Market Share Analysis, By Sub-region, 2023 and 2030
- Y-o-Y Growth Analysis, By Sub-region, 2023 - 2030 (%)
- North Africa
- Sub-region Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- Central Africa
- Sub-region Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- South Africa
- Sub-region Trends
- Market Size and Forecast, By Product Type, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By Gas, 2023 - 2030 (US$ Thousand and Tons)
- Market Size and Forecast, By End User, 2023 - 2030 (US$ Thousand and Tons)
- North Africa
- Introduction
- Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- Velan Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Samson AG
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Parker Hannifin Corp.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Meca-Inox
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- L&T Valves Limited
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Herose GmbH
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Flowserve Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Emerson Electric Co.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- ECI LLC
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Cryofab
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Bray International
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Baker Hughes (General Electric)
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Bac Valves
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Powell Valves
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Habonim Industrial Valves & Actuators Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
- Velan Inc.
- Heat Map Analysis
- Section
- References
- Research Methodology
- About us and Sales Contact
*Browse 24 market data tables and 28 figures on "Global Cryogenic valves Market” - Global forecast to 2030
Cryogenic Valves Market Detailed Segmentation:
- By Product Type:
- Ball Valve
- Check Valve
- Gate Valve
- Globe Valve
- Others
- By Gas:
- Liquefied Natural Gas
- Liquid Nitrogen
- Hydrogen
- Oxygen
- Other Gases
- By End-User Industry:
- Chemicals
- Oil and Gas
- Energy and Power
- Food and Beverages
- Medical
- Other End-user Industries
- Cryogenic Valves Market, By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America