The global cryogenic valves market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factor driving the growth of the market studied is increasing demand for industrial gases.
- Safety concerns regarding operation of liquefied gases are likely to hinder the markets growth.
- The growing demand from chemicals industry is also expected to boost the market for cryogenic valves in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Usage in the Oil and Gas Industry
- In the oil & gas industry, the cryogenic temperature range starts at -238° F (-150° C). Also, some gases are considered as cryogenic gases as they take more than just an increase in pressure to compress their volume.
- Cryogenic valves are used to store and transport these cryogenic gases safely and efficiently. They are designed for suitable integrity pressure protection and emergency shutdowns in temperatures as low as ‒196°C.
- The recovery oil production activities are expected to boost the cryogenic valves market in the next few years.
- The demand oil and gas have been on a general trend of increasing, this have resulted in an increase of drilling activities around the world in an effort to discover new fields. Almost all the easy oil being already discovered the wells now being drilled are deeper and more complex than before, also deep and ultra-deep-water drilling operations are also on the rise.
- Owing to all these factors, the market for cryogenic valves is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With growing oil and gas industrial activities and the increasing demand from food and beverage, chemical industries in the countries, such as China, India, and Japan, the usage of cryogenic valves is increasing in the region.
- The consumption of cryogenic valves is high in oil and gas, and the downstream production has increased in China. This is further increasing the production capacities of petrochemicals, thus augmenting the consumption of cryogenic valves in the country.
- Chemicals production is another prominent end-user industry in China. Many major companies in the market have their chemical plants in China. These companies increased their production capacities to meet the increasing demand.
- The oil & gas industry in India is growing robustly in the country with major players undertaking investments to cater burgeoning demand. The industry is expected to attract USD 25 billion investments in the production and exploration activities by 2022.
- The aforementioned factors, coupled with government support in these countries, are contributing to the increasing demand for cryogenic valves consumption in the region during the forecast period.
The cryogenic valves market is partially consolidated in nature. Some of the major players in the market include Bray International, Emerson Electric Co., Flowserve Corporation, L&T Valves Limited, and The Weir Group PLC, among others.
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