Cryogenic Valve Market: Current Analysis and Forecast (2022-2028)

A cryogenic valve is typically made to respond to high pressure, which forces the valve into an open position to facilitate easy passage of gas or other media. Also, cryogenic valves are made to be used in chemical, liquefied natural gas (LNG), and air separation plants under high-pressure applications by allowing the gases to flow freely until the pressure drops. They help keep the packing gland temperature above 0 degrees Celsius and prevent the stem and parts above the bonnet from freezing or icing by decreasing the heat that enters the valve from the outside. They are widely accessible in several sizes and forms to work under a range of pressures.

The Cryogenic Valve Market is expected to grow at a steady rate of around 5% owing to the increasing demand for cryogenic fuels from various industries including energy, manufacturing, aerospace, and power generation among others. Major companies in the market are focusing to provide cryogenic valves with technologically advanced features along with new product launches, collaboration, and mergers & acquisitions. For instance, in October 2021, Flowserve Corporation launched valtek multi-Z anti-cavitation to annihilate the cavitation under high-pressure drop conditions.

Based on the gas, the market is segmented into nitrogen, helium, oxygen, hydrogen, liquified natural gas, and others. The liquified natural gas segment is expected to witness significant market growth during the forecast period owing to the increasing demand for cryogenic fuel around the world along with the higher price of refined petroleum products. For instance, according to Shell, the global trade of liquified natural gas reached 21 million tons in the year 2021 and register an increase of 6% compared to the last year. Also, the stringent government norm to replace coal-based power plants with gas-based power plants coupled with the rising awareness of carbon emissions is expected to support the market growth during the forecast period.

Based on type, the market is bifurcated into the globe valve, gate valve, ball valve, butterfly valve, and others. The ball valve segment is expected to witness significant CAGR during the forecast period due to its superior features such as easy operability and high flow rate. Additionally, the ball valve is designed for transportation, LNG production as well as a storage application and offers additional advantages over the other type of valves. Furthermore, the ball valves could be used as the control valves due to the higher flow rate, higher accuracy, and longer durability along with the excellent sealing properties.

Based on the end-user, the market is bifurcated into chemical & petrochemical, energy & power, healthcare, food & beverage, and others. The energy & power segment is expected to witness a significant market share during the forecast period owing to the higher demand for refined liquified petroleum products around the world. Additionally, the interstate and cross-border transportation of liquified fuels required cryogenic tanks for safer transportation and subsequently opens lucrative opportunities for cryogenic valves. For instance, in the year 2021, the United States imported around 21.59 Bcf of LNG gases out of which 21.42 Bcf were from Trinidad and Tobago and 0.17 Bcf from Canada.

For a better understanding of the market adoption of the cryogenic valve industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for energy and stringent government regulation related to carbon emissions. Also, the rapid industrialization and replacement of the coal-based aging power infrastructure with natural gas-fired power plants are expected to support the market growth. Additionally, the increasing demand for metal processing, automotive industries, and energy & power generation is expected to propel the market growth for cryogenic fuel and subsequently increase the demand for cryogenic valves. The increasing adoption of liquid nitrogen for the refrigeration of electronic products during the manufacturing process is expected to support market growth. Moreover, the increasing adoption of cryogenic gas in the healthcare industry for the treatment of cryotherapy along with its rising demand in the food & beverage industry is expected to opportunities for the cryogenic valve market in the region. Further, the increasing investment and technological advancement in cryogenic valve manufacturing are expected to propel market growth. For instance, in March 2022, Emerson launched Aventics Series Advanced Valves system with ethernet IP and AES profinet along with Open Platform Communication Unified Architecture which allows easier data access and increases productivity & efficiency.

Some of the major players operating in the market include: BAC Valves, Schlumberger, Baker Hughes, Neles Corp., Flowserve Corp., Cryostar GmbH, Velan Inc., ACME Cryogenic, Emerson Electric, and Cryocomp.