Global Cryogenic Valves Market Size is Estimated to Reach USD 4.1 billion by 2031, Growing at a CAGR of 6.5%: Straits Research

Growing demand from Oil & gas industry coupled with rising chemical and pharmaceutical industry applications in the global market is expected to drive the market studied.

New York, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Cryogenic valves are utilized in frigid environments. Most oil and gas sectors have a cryogenic temperature range beginning at -238 degrees Fahrenheit. Cryogenic valves can operate in low (-320°F) and high (750psi) temperatures and pressures. Cryogenic valves safely and efficiently store and transport cryogenic gases in liquid forms, such as methane and liquefied natural gas. They are designed for emergency shutdowns and pressure integrity protection at temperatures as low as 196°C. The market examined is anticipated to be driven by the rise in demand from the oil and gas industry and the chemical and pharmaceutical sectors.

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Increasing Demand from Oil & Gas Industry to Drive the Global Cryogenic Valves Market

According to Straits Research, “The global cryogenic valves market size was worth USD 2.4 billion in 2022. It is estimated to reach an expected value of USD 4.1 billion by 2031, at a CAGR of 6.5% over the forecast period (2023-2031).” Cryogenic valves are utilized extensively throughout the oil and gas industry, involving the upstream, midstream, and downstream sectors. Controlling the flow of crude oil and natural gas from high-pressure injection systems to choke valves and blow-out preventers at the top of wells are valves in the upstream section. Newly discovered oil and gas sources, such as tar sands and shale formations, have increased the demand for cryogenic valves, as they require transferring oil and gas into pipelines by compressing it to high pressure and low temperature before transporting it to processing facilities. In the midstream segment, oil and gas resources are stored and transported from remote sources, such as the deepwater fields in the tundra of Alaska or the North Sea, where extremely low temperatures are required for converting natural gas into natural gas liquids (NGL) before its transport from isolated gas fields to the gas-consuming market. Cryogenic circumstances necessitate cryogenic valves with specialized designs for midstream slowdowns at loading/unloading terminals and storage tanks for oil and gas products, which creates extra opportunities for valve manufacturers.

Upcoming Demand from LNG Gas Sector to Provide Opportunities for the Global Cryogenic Valves Market

Cryogenic valves are commonly used in liquefaction facilities, LNG transport, and regasification plants, which comprise compressors, expanders, heat exchangers, pumps, LNG tankers, LNG storage tanks, and pipelines, for isolation, control, and protection of equipment. Significant new shale gas finds have been disclosed in recent years, and it is expected that additional discoveries will be made in the future. By 2025, China's LNG receiving capacity is predicted to increase by 8.6% annually to 100 MMT. According to the National Development and Reform Commission (NDRC), the length of China's oil and gas pipelines is projected to reach 105,000 meters by 2020 and 240,000 kilometers by 2025.

As of February 2020, various oil and gas projects in the United States were still developing. The nation's ten most significant construction projects have a total value of over USD 207 billion. Nine of these top ten projects include the production or export of LNG and are expected to be completed over the next many years, creating an opportunity for cryogenic valves and other related equipment. In the future, the increasing investments in developing economies and the constant expansion of LNG capacity in established nations are projected to generate demand for cryogenic valves.

Regional Insights

By region, the global cryogenic valves market is segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa.

Europe dominated the market and is estimated to register a CAGR of 4.5% during the forecast period. Germany is the European Union's largest crude oil consumer and the second-largest natural gas consumer. The imports account for around 98% of the country's crude oil consumption and 95% of its natural gas usage. Additionally, the country produced approximately 1.93 million metric tonnes of crude oil, compared to 2.07 million metric tonnes in 2018 and 2.22 million metric tonnes in 2017. Germany has the second-largest refining capacity for crude oil in the European Union, with a capacity of 2.1 million barrels per day (b/d). Germany's domestic oil production accounts for only about 2% of its oil consumption. However, the analyzed market is anticipated to be driven by the reliance on fossil fuels and the rising need for similar petroleum and liquids.

Asia-Pacific is the second largest region. It is anticipated to reach an expected value of USD 745 million by 2031 at a CAGR of 5%. China's food processing sector is maturing and experiencing moderate expansion. Processed and packaged frozen foods are gaining in popularity, particularly dairy, baby food, and confectionary items, which are expected to be the industry's primary driver. The consumption of healthful, natural, and easy ready-to-drink smoothies, juices, and yogurts is emerging as a trend in the beverage business. In addition, processed fruits, meats, dairy, and certain specialized grains and legumes may contribute to the expansion of the nation's food processing industry. Thus, the food and beverage industry has been providing investment prospects, which may generate demand for new equipment utilized in such operations and provide market chances. In addition, the country's expanding food processing industry is anticipated to raise demand for cryogenic valves over the projection period.

Competitive Landscape

Major companies in the global cryogenic valves market are Bac Valves, Baker Hughes (General Electric), Bray International, Cryofab, ECI, LLC, Emerson Electric Co., Flowserve Corporation, Habonim Industrial Valves & Actuators Ltd., HEROES GMBH, L&T Valves Limited, Meca-Inox, Parker Hannifin Corp., Powell Valves, SAMSON AG, Velan Inc.

Market News

  • November 2022 - At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022, Baker Hughes and PETRONAS inked a memorandum of understanding (MOU) to collaborate on industrial and oil and gas artificial intelligence (AI) technologies to accelerate the energy company's sustainability ambitions.

Global Cryogenic Valves Market: Segmentation

By Product Type

  • Ball Valve
  • Check Valve
  • Gate Valve
  • Globe Valve
  • Other Product Types

By Gas

  • Liquified Natural Gas
  • Liquid Nitrogen
  • Hydrogen
  • Oxygen
  • Other Gases

By End-user Industry

  • Chemicals
  • Oil and Gas
  • Energy and Power
  • Food and Beverage
  • Medical
  • Other End-user Industries

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

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 About Straits Research Pvt. Ltd.

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