Cryogenic Valve Market Size, Share and Global Trend By Type (Gate, Globe, Ball, Butterfly, Others), By Application (Transfer Lines, Manifolds & Gas Trains, Tanks & Cold Boxes, Others), By End-User (Oil & Gas, Chemical, Food and Beverage, Others) and Geography Forecast till 2021-2028

Whether in the production of materials such as steel, cement, and composites or the manufacture of value-added products such as electronics, computer chips, cosmetics, and textiles, valve technologies is a for critical manufacturing step throughout the industry. Valve technologies represent a significant opportunity to improve industrial productivity, energy efficiency, and global competitiveness.

Valves are mechanical devices that control the flow and pressure within a system or process. They are essential components of a piping system that conveys liquids, gases, vapors, slurries, etc. Functions of valves are: stopping and starting the flow, reduce or increase a flow, controlling the direction of flow, regulating a flow or process pressure, and relieve a pipe system of a certain pressure. Cryogenic valves are used for fluids which have a temperature below 123 kelvins.

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Based on type, the cryogenic valves are divided into gate valve, globe valve, ball valve, butterfly valve, and others. Based on application, cryogenic valve technologies can be segmented into transfer lines, manifolds & gas trains, tanks & cold boxes, and others. Based on end-user, the market can be segmented in oil & gas, chemical, food, and beverage, etc. Several research organizations and universities use cryogenic valves for research and development activities.

The primary market driver for the global cryogenic valve market is the growing demand for natural gas and LPG. The floating storage regasification units (FSRU) & floating production storage and offloading (FPSO) are increasing day by day. Cryogenic valves are extensively used in FSRU and FPSO. The critical market restraint for cryogenic valve market is the high cost of raw materials. Special alloys are used for low-temperature applications.

Key Players Covered

Some of the major companies that are present in the cryogenic valve market are Velan, Habonim Industrial Valves & Actuators LTD, Herose GmbH, Bray International Inc., KITZ Corporation, Weka AG., Hy-Lok USA, Parker, L&T Valves, Red Point Alloys, ValvTechnologies Inc., Emerson, PBM, INC. Valve Solutions, Cryocomp, Blackhall Engineering Limited, ACME Cryogenics, and Flowserve Corporation.

SEGMENTATION

Regional Analysis

The global cryogenic valve market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The cryogenic valve market will be primarily influenced by growing LNG usage worldwide. The Asia-Pacific region dominates the demand for the cryogenic valve market. An increase in chemical processing units, an increase in oil & gas downstream activities, and growth of manufacturing output in Asian countries is a significant driver for the cryogenic valve market. Africa has the highest potential for cryogenic valve market in the coming year. Middle-Eastern countries will provide steady growth for cryogenic valve market because of the increase in the demand for LNG. Increase in shale gas exploration and extraction in North America is expected to positively influence the cryogenic valve market. Research in cryogenics in North America and Europe is expected to boost the market of specialized cryogenic valves. Increase in space activities in the USA, China, India, Japan, EU, etc. will increase demand for cryogenic valve market.

Key Industry Developments

• In March 2019, The Indian shipping ministry has issued guidelines for setting up Floating Storage Regasification Units (FSRU) for handling Liquefied Natural Gas (LNG) cargo at major port trusts.
• In December 2018, Emerson announced it has acquired Advanced Engineering Valves (A.E. Valves), a manufacturer of valve technology that helps LNG customers operate more efficiently.