Market Trends of Cryogenic Valves Industry
This section covers the major market trends shaping the Cryogenic Valves Market according to our research experts:
Increasing Usage in the Oil and Gas Industry
In the oil and gas industry, the cryogenic temperature range starts at -238°F (-150°C). Also, some gases are considered cryogenic gases as it takes more than just an increase in pressure to compress their volume.
Cryogenic valves are used to store and transport these cryogenic gases safely and efficiently. They are designed for suitable integrity pressure protection and emergency shutdowns in temperatures as low as 196°C.
The recovery in oil production activities is expected to boost the cryogenic valves market over the next few years.
The demand for oil and gas has been on a general trend of increasing, which has resulted in an increase in drilling activities around the world in an effort to discover new fields. Since almost all the easy oil has already been discovered, the wells being drilled now are deeper and more complex than before. Deep and ultra-deep-water drilling operations are also on the rise.
Owing to these factors, the market for cryogenic valves is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominates the global market share. With oil and gas industrial activities growing and the demand from food and beverage and chemical industries increasing in countries, such as China, India, and Japan, the usage of cryogenic valves is increasing in the region.
The consumption of cryogenic valves is high in oil and gas, and downstream production has increased in China. This is further increasing the production capacities of petrochemicals, thus augmenting the consumption of cryogenic valves in the country.
Chemicals production is another prominent end-user industry in China. Many major companies in the market have their chemical plants in China. These companies have increased their production capacities to meet the increasing demand.
The oil and gas industry in India is growing robustly with major players making investments to cater to burgeoning demand. The industry was expected to attract USD 25 billion investments for production and exploration activities by 2022.
The aforementioned factors, coupled with government support in these countries, are expected to contribute to the increasing demand for cryogenic valves in the region during the forecast period.
