Cryogenic Valve Market

Global Cryogenic Valve Market Size (2024-2029):

The Global Cryogenic Valve Market size is estimated at USD 4.26 billion in 2023 and is projected to reach a valuation of USD 7.13 billion by 2029 from USD 4.64 billion in 2024 and is predicted to register a CAGR of 8.97% during the forecast period 2024-2029.

Current Scenario of the Global Cryogenic Valve Market

Cryogenic valves are normally closed to keep cryogenic gases or other media secure and safe. A cryogenic valve is frequently designed to open in response to high pressure, enabling gas or other media to flow freely through. This open flow will be maintained until the pressure drops again, at which point it will swing back and close with a special metal seat bubble-tight shutdown to prevent leaking.

Furthermore, cryogenic valves are intended for use in operations that process air, chemicals, or liquefied natural gas (LNG). They open in high-pressure circumstances, allowing gases to flow freely until the pressure drops. They help to reduce the amount of heat that enters the valve from the outside, keeping the packing gland temperature above 0 degrees Celsius and preventing the stem and parts above the bonnet from freezing or frosting. They are currently widely available in a variety of forms and sizes to perform under various pressure ranges.

MARKET DRIVERS

The cryogenic valve market is likely to grow due to strong demand from the chemical sector. Furthermore, with big chemical facilities opening throughout the world, cryogenic valve makers have a lot of scope to grow. For instance, Formosa Petrochemical Corporation proposed to build a chemical plant in Louisiana in April 2018 to generate propylene, ethylene, ethylene glycol, and related polymers, which indicate the major driving factors for the growth of the cryogenic valve market in the future.

The emerging industrialization in developed and developing countries and the increase in advanced technology indicate the driving factors for the growth of the market. Cryogenic valves are designed to safely retain such gases while also performing well during transit due to their capacity to function efficiently at pressures as high as 750 psi and temperatures as low as -196°C (-320°F). Furthermore,

Because of the ease of service: The cryogenic valve is designed with a top entrance. This model has a single-piece valve body and a large-diameter cryogenic extension bonnet. As a consequence, trim component servicing and maintenance may be conducted without removing the valve from the pipeline, cold box, or insulation. The cryogenic extension bonnet allows unrestricted access to the valve seat, piston, and circulation inhibitor once the actuator has been disassembled. The pressure balancing mechanism included as a standard ensures that even big control valves can be serviced and disassembled easily. This is due to the fact that moving the piston requires very little force, even in big control valves with huge pressure dips. As a result, smaller, lightweight actuators may be installed on the valves. As a positive side effect, depending on the valve size, it is also feasible to fit actuators suitable for direct attachment of positioners or limit switches. This significantly decreases the amount of pipe and hosing necessary for installation. These are some of the major driving factors for the growth of the cryogenic valve market.

The global demand for oil and gas has been growing, resulting in a rise in drilling activity throughout the world in an effort to identify new resources. Because nearly all of the easy oil has already been discovered, the wells being dug currently are deeper and more difficult than previously. Deep-water and ultra-deep-water drilling activities are likewise increasing, which will further drive market growth in the future.

MARKET RESTRAINTS

Apart from the numerous advantages of these products, their susceptibility to operational issues, such as leakages, replacements, and the design of various valve sections, may slow market growth.

The products are commonly accepted in the extended bonnet or extended stem design, which necessitates a large amount of room for installation, resulting in an unfavourable investment of time and space. Furthermore, the ogives are highly susceptible to distortion or bending as a result of length underestimation or actuator motions. These valves are intended to handle fluids at extremely low temperatures, ranging from roughly 50 °C to near absolute zero. Wrapping bends and internal leaks may occur when the working fluid temperature changes. Furthermore, flanged and gasket connections might cause external leaks between the valve and the pipes. As a result, it is more practical to switch from a flanged to a welded connection to prevent leaks at low temperatures. These are some of the restraints that limit the growth of the market.

REPORT COVERAGE

SEGMENT ANALYSIS

Global Cryogenic Valve Market Analysis By Product Types

Because of its preliminary design for initiating or halting the flow, the global cryogenic valve market gate valve segment has the greatest market share by product type. It may also be used with slurries and viscous liquids. In addition, due to their high flow rate and ease of operation as compared to other valve types, ball valves also accounted for a large percentage.

The cryogenic gate valve is wedge-shaped and closes in line with the body mounting. This results in a negligible pressure decrease, even when fully open.

Cryogenic globe valves are spherical, with an internal moving disc that spins at a 90-degree angle to the plane of the body mounting. They provide good long-term sealing in this manner. They are not, however, suggested for use in high-flow systems.

Cryogenic relief valves guard against overpressure and enable steam to escape if the safety restrictions are exceeded. Cryogenic check valves, in a similar vein, maintain pressure and prevent fluids from leaking back.

Global Cryogenic Valve Market Analysis By Gas

According to the Gas segment, future demand for LNG will be driven by increased demand from gas-powered power plants, gas-powered automobiles, and strict pollution regulations. Furthermore, hydrogen gas is developing as a result of increased expenditures by different public and commercial institutions to improve hydrogen-based transportation in the region. Furthermore, the availability of multiple large-scale research institutions with novel infrastructure, as well as government financing to assist scientists in setting up the essential equipment, is projected to enhance the helium segment.

Global Cryogenic Valve Market Analysis By End-User Industry

Based on the end user the oil and gas industry dominates the market due to increased demand for LNG for transportation, fueling, storage, and processing applications. Increasing investment in LNG shipping and storage from developing nations, as well as the expanding requirement for LNG transportation infrastructure, will help drive demand for the commodity in the future. Because of the expanding use of LNG in the oil and gas chemical and petrochemical sectors, as well as the healthcare industry for industrial applications, the market for chemicals and petrochemicals holds the second largest market size.

REGIONAL ANALYSIS

The Global Cryogenic Valves Market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for a sizable portion of the global cryogenic valve market. Because of increased investment in R&D and solution adoption in the area, Asia-Pacific is predicted to expand at a quicker rate throughout the forecasted period due to the increase in industrialization in the region and the increase in foreign direct investment in countries like India, where the growth of the market is greater in this region.

KEY PLAYERS IN THE GLOBAL CRYOGENIC VALVE MARKET

The major companies operating in the cryogenic valve market are Parker Hannifin Manufacturing Ltd., L&T Valves, Habonim, Emerson Electric Co., Flowserve Corporation, Velan Inc., Bray International, Samson Controls Inc., Cryocomp, Powell Valves, Bac Valves, Herose, Neles Corporation, KITZ Corporation, The Weir Group Plc, and Others.

RECENT HAPPENINGS IN THE GLOBAL CRYOGENIC VALVE MARKET

• Flowserve Corporation, one of the major producers of industrial and environmental machinery, developed the Valtek Multi Z Anti Cavitation Control Valves in October 2021 to reduce cavitation in high-pressure drop settings.
• In March 2020, Weka AG, a Swiss valve manufacturer, finalized a deal with Toshniwal Hyvac Pvt. Ltd., an Indian company. The company tries to license its products to local manufacturers and to grow sales and marketing in the region. Weka's sales cooperation will cover the manufacturing and delivery of various items such as unique valves, cryo components, and measuring technologies, which were obtained after a two-year search and assessment period with the company.
• Flowserve Corporation introduced a new line of butterfly control valves named Valtek Valdisk in June 2020. The cutting-edge product portfolio is designed to provide low-pressure loss, high-capacity, high-performance throttling, and lower maintenance costs. It is intended to function at temperatures ranging from -268 °C to-427 °C. It may be customized for various applications such as air separation, pressure swing adsorption (PSA), gas chemical refinement, and many more.

DETAILED SEGMENTATION OF THE GLOBAL CRYOGENIC VALVE MARKET INCLUDED IN THIS REPORT

This global cryogenic valve market research report has been segmented and sub-segmented based on product types, gas, end-user industry and region.

By Product Types

• Ball Valve
• Check Valve
• Gate Valve
• Globe Valve

By Gas

• Liquid Nitrogen
• Liquid Helium
• Hydrogen
• Oxygen

By End-User Industry

• Chemicals
• Oil and Gas
• Energy and Power
• Food and Beverage
• Medical

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa