The cryogenic valve market was estimated at US$1,932.817 million in 2018 and is projected to expand at a CAGR of 5.03% during the forecast period to grow to US$2,594.699 million in 2024. Cryogenic valves help in production, storage and transportation of cryogenic gases as the volume of industrial and natural gases reduce when liquified at cryogenic temperatures. The growth in cryogenic valve market is primarily attributed to the rising demand and production of industrial gases such as nitrogen, oxygen, helium, and others. These are also used by companies that work with Liquified Natural Gas (LNG) and Compressed Natural Gas (CNG).
Growing industries such as food and beverage and pharmaceuticals owing to rising demand for processed food products and rising prevalence of chronic diseases is, in turn, boosting the demand for cryogenic valves across these end-user industries. Increase in usage of LPG and CNG as fuel with low carbon footprint is creating significant opportunities for manufacturers of cryogenic valves. Volatile metal prices can act as a restraint for market growth resulting in declining profits. By type, ball valve segment holds significant market share as these valves are designed for transportation, liquefied gas productions, and storage applications. Geographically, APAC is projected to witness the fastest growth owing to the expansion of the manufacturing bases of end-user industries in countries like China and India.
Rising demand and production of industrial and natural gases
Growth of food processing industry
Growth of the pharmaceutical industry
Unstable metal prices
In September 2015, Parker Hannifin, a maker of motion and control technologies acquired UK firm President Engineering group that makes cryogenic valves for liquefied natural gas and industrial gas applications, as well as specialized equipment for mining safety uses.
The cryogenic valve market has been analyzed through the following segments:
Manifolds and Gas Trains
Tanks and Cold Boxes
By End-Use Industry
Energy and Power
Food and Beverage
Middle East and Africa