Cryogenic Valves Market: Overview
The production and behavior of materials at very low temperatures is known as cryogenics. Similarly, cryogenic valves are designed to be used in cold applications. Cryogenic system is defined as being below -101°C. Cryogenic valves are extensively used for products such as liquefied natural gas (LNG), propane, butane, and liquefied gases (such as nitrogen, methane, and helium oxygen, argon, and carbon dioxide hydrogen) in aerospace, pharmaceuticals, biotechnology, and other low temperature services.
Cryogenic valves are built to help store and transport cryogenic gasses safely and efficiently. These valves differ from other standard valves due to their ability to be fully functional in temperatures as low as -196°C and at pressures as high as 750 psi. Cryogenic valves are mostly kept in closed position to keep cryogenic gasses intact and safely contained.
Increase in demand for floating production storage and offloading (FPSO) vessels is expected to boost the cryogenic valves market. Investments in the liquefied natural gas sector is rising which is the key factor driving the cryogenic valves market. Unstable metal prices are likely to restrain the cryogenic valves market.
Cryogenic Valves Market: Key Segments
The cryogenic valves market can be segmented into product type, gas type, end-user, application, and region. Based on product type, the cryogenic valves market can be divided into globe valve, gate valve, butterfly valve, ball valve, and others. Globe valves are spherical in shape and consists of a movable disc (obturator) that moves at 90° to the plane of its mating body seat. The ball valve uses a ball as the obturator. There is a port through the center of the ball, and the valve operates with a 90° turn of the hand lever or actuator. The gate valve is characterized by the movement of the ‘wedge’ (obturator) it is nearly parallel to the plane of the mating body seat. Gate valves also have better flow characteristics, when the valve is fully open there is unobstructed flow path along the pipeline. A butterfly valve works similar to a ball valve and is part of a family of valves known as quarter turn valves. A circular disc is positioned in the center of the pipe. In terms of gas type, the cryogenic valves market can be segregated into LNG, oxygen, nitrogen, and others. Based on application, the cryogenic valves market can be categorized into liquefiers, tanks & cold boxes, transfer lines, and manifolds & gas trains. Based on the end user the cryogenic valves market is divided into energy & power, chemicals, food & beverage, healthcare and others.
Cryogenic Valves Market: Regional Outlook
In term of region, the global cryogenic valves market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is projected to lead the global market during the forecast period, followed by North America and Europe. Considerable growth in end-user industries such as energy & power, food & beverage, and chemicals in Asia Pacific is expected to propel the cryogenic valves market in the region. Latin America and Middle East & Africa are expected to account for a small share of the market.
Cryogenic Valves Market: Key Players
Major players operating in the global cryogenic valves market include Bac Valves, Cryocomp, Flowserve Corporation, Habonim, L&T Valves Limited, Powell Valves, Schlumberger Limited, SAMSON Controls Inc, and Velan Inc.
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