Global Cryogenic Valves Market is valued at USD 3.32 Billion in 2021 and expected to reach USD 4.51 Billion by 2028 with a CAGR of 4.5% over the forecast period.
Cryogenic valves are kept in the natural closed position to keep cryogenic gases or other media safe and secure. There are various types of cryogenic valves such as; gate valves, ball valves, globe valves, check valves, and others. Different types of valves are used for different liquefied gases. Cryogenic valves are mostly used in power and energy industries, chemicals, etc. A cryogenic valve is typically designed to react to a high pressure that pushes the valve into the open position allowing the gas or other medium to flow freely. They help to reduce the heat entering the valve from the outside, keeping the packing gland temperature above 0 degrees Celsius and preventing the stem and bonnet tops from freezing or frosting. Currently, they are widely available in various shapes and sizes to operate in different pressure ranges.
The Covid-19 pandemic has shown a negative impact on the growth of the global cryogenic valve market. The emergence of Covid-19 has hampered the demand for cryogenic valves due to the shutdown of manufacturing plants in large industries. Major players operating in the market reported a significant decline in their revenues due to the Covid-19 pandemic. Since the cryogenic valve market is largely dependent on the natural gas industry, the biggest downturn the oil and gas industry has seen in a long time has affected manufacturing investment. The excess supply and low demand for natural gas forced leading gas companies to temporarily reduce production activities, which ultimately led to fluctuating natural gas prices.
The global cryogenic valve market is segmented on the product type, gas, end-use and region & country level. Based on product type, the global cryogenic valves market is segmented into gate valves, ball valves, globe valves, check valves, and others. By gas, the global cryogenic valve market is segmented into liquid helium, liquid nitrogen, hydrogen, oxygen, and others. By end-use, the global cryogenic valve market is segmented into food & beverages, oil & gas, medical, energy & power, chemical, and others.
The regions covered in the global cryogenic valves market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global cryogenic valves is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global cryogenic valves market report cover prominent players like
On February 17th, 2022; Valve manufacturer Demaco Netherlands BV (Demaco) announced the release of a new range of Demaco cryogenic valves. By redesigning and improving its existing valve range, which includes manual on/off, pneumatic on/off, and control valves, the company has improved its technology to help expand areas of application. The valve body is longer to reduce condensation risk and comes with known Kv values (the amount of flow through the regulating valve at a pressure drop of 1 bar), and a plastic handwheel to eliminate the risk of frostbite.
One of the major factors driving the growth of the cryogenic valve market is the increasing demand for industrial gases. The rapidly increasing demand for cryogenic fluids such as nitrogen, hydrogen, oxygen, argon, helium, and many others for various industrial applications in emerging economies will drive the adoption of cryogenic valves across the globe. And, the increasing focus on expanding the use of liquefied gases across numerous industry verticals will also fuel the industry growth exponentially. The growing usage potential is leading to a significant increase in the deployment of customized on-site liquefaction plants to efficiently produce, transfer and store cryogenics. For instance; as per the news published; on April 20th, 2022; Linde announced it has signed another long-term agreement with a major space launch company in Florida for the supply of bulk industrial gases.
In addition, the rising use in the oil and gas industry is also supplementing the demand for cryogenic valve. In the oil and gas industry, the cryogenic temperature range starts at -150°C. Also, some gases are considered cryogenic gases because it takes longer for their volume to decrease than for the pressure to increase. Cryogenic valves are used to safely & efficiently store & transport these cryogenic gases. They are designed for proper integrity pressure protection and emergency shutdown at temperatures below ‒196°C. Recovery in oil production activities is expected to boost the cryogenic valve market over the next few years. The demand for oil and gas is on a general trend of growth, which has led to an increase in drilling activities worldwide in an attempt to discover new fields. Since almost all of the simple oil has already been discovered, the wells being drilled now are deeper and more complex than ever before. Deep & ultra-deep-water drilling operations are also on the rise. Moreover, the growing adoption of smart valves is also fostering the market growth.
However, the high cost associated with cryogenic valves may hinder the growth of the global cryogenic valves market. Despite that, increasing investments in research and developments activities in this field may create more opportunities for the further growth of the market.
Asia Pacific is expected to witness a significant growth in the global cryogenic valves market within the forecast period due to the increasing number of liquefied natural gas (LNG), rising demand for cryogenic valves, and growing oil and gas industries in this region. For instance; according to the international trade administration, on January 7th, 2022; Japan is the world's largest LNG buyer, importing 74,463,881 tonnes in 2020. In addition, increasing growth of chemical industry in China is also supplementing the market growth. For example; China’s chemicals industry continues to surpass all other nations. This is reflected in rising China’s share in global chemical sales, which increased from 24% in 2010 to 37% in 2018. Over the last decade, the core of the chemical industry has shifted from the West to Asia, with China being the key benefactor.
Middle East and Africa
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 3.32 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 78.46 Billion
|Tables, Charts & Figures:
|Cryofab, Emerson Electric Co., Habonim, Herose GmbH, L&T Valves Limited (Larsen & Toubro Limited), Parker-Hannifin Corporation, Powell Valves, Samson Aktiengesellschaft, Schlumberger Limited, The Weir Group PLC and Velan Inc., Flowserve Corporation, Bray International Inc., and others.
|By Product Type, By Gas, By End-Use
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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