Cryogenic Valve Market value worth USD 3.75 billion by 2028, with a CAGR of 4.02% during the forecast period, according to the latest Market Research Future (MRFR) analysis. Cryogenic valve is usually used to transport and store applications by various industries. They are used in extremely low temperatures or extreme cold applications to transport or store the LNG in different industries. Outstanding performance, extreme corrosion-resistance qualities, reliability, and durability are its key characteristics.
Various factors are fuelling the global cryogenic valve market share. As per the recent MRFR market estimates, such factors include the growing need for LNG and other industrial gases, growing need from energy and power industry, steel production, food and beverage industry, and research labs, growing LNG trade, increasing need from industrial gases such as nitrogen, oxygen, argon, helium, and others, high energy demand, and high demand from chemical industry. The additional factors adding market growth include increase in on-site production plants for industrial gases, and use in different applications such as liquefied ethylene, propylene, CNG, and LPG.
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On the contrary, volatile metal price and the impact of the COVID-19 pandemic may limit the global cryogenic valve market growth over the forecast period.
The MRFR report throws light on an inclusive segmental analysis of the global cryogenic valve market based on gas, application, end user, and type.
By gas, the global cryogenic valve market is segmented into nitrogen, oxygen, LNG, and others. Of these, the LNG segment will lead the market over the forecast period.
By type, the global cryogenic valve market is segmented into check, ball, gate, globe, and others. Of these, the ball segment will dominate the market over the forecast period.
By end user, the global cryogenic valve market is segmented into chemicals, food and beverage, energy and power, and others. Of these, the energy and power segment will spearhead the market over the forecast period.
By application, the global cryogenic valve market is segmented into manifolds and gas trains, transfer lines, and tanks and cold boxes. Of these, the transfer lines segment will have the lions share in the market over the forecast period.
Geographically, the global cryogenic valve market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will command the largest share in the market over the forecast period at a high CAGR. Growing need for such valves from Japan, Australia, India, and China as they have increase in LNG imports, generation of power from natural gas and storage applications, substantial growth in end user industries like food and beverage, metallurgy, electronics, and chemicals, huge consumer base, cheap labor, dependable supply chain, and economic development are adding to the global cryogenic valve market growth in the region.
In North America and Europe, the global cryogenic valve market is predicted to have healthy growth over the forecast period for the technological growth on the industrial front coupled with the presence of several industry players.
In RoW, the global cryogenic valve market is predicted to have stable growth over the forecast period.
The notable players profiled in the global cryogenic valve market report include Samson Controls Inc. (US), Flowserve Corporation (US), Bray International (US), Herose Gmbh (Germany), Bac Valves (Spain), Emerson Electric Co (US), Velan Inc (Canada), L&T Valves Limited. (India), Parker Hannifin Corp (US), The Weir Group PLC, (UK), Cryocomp (US), Valco Group (France),and Powell Valves (US).
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The cryogenic valve market is fragmented and competitive with the presence of multiple domestic and international industry players. These players have used assorted strategies to stay at the forefront and also cater to the surging needs of the esteemed customers, such as collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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