This is expected to drive the cryogenic pipes market, to cater to the growing production and transportation of LNG.
Rockville, MD -- (SBWIRE) -- 07/02/2019 -- Cryogenic pipes are used in handling and transportation of materials at extremely low temperatures, going below -300° F. Cryogenic pipes help maintain the cryogenic temperature of material they are handling due to the special type of insulation on them, which reduces the temperature loss to surroundings. Vacuum insulation and foam type insulation are two of the main insulation types implemented in the fabrication of cryogenic pipes. Since cryogenic pipes possess unique capabilities to handle very low temperature gases, there is no substitute product available in the market to replace them. Hence the overall Cryogenic Pipes Market is expected to witness robust growth in the coming years.
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Cryogenic pipes play an important role in applications like transportation of Liquefied Natural Gas (LNG), liquid nitrogen, liquid helium, liquid oxygen and other gases. Due to this, cryogenic pipes are vital in aerospace, oil & gas, petrochemicals, food & beverage and healthcare, among other industries. LNG and Gas-to-Liquids (GTL) are one of the main industries that have an extensive use of cryogenic pipes, as the day-to-day operations involve continuous handling of cryogenic gases. With the growing energy demands, LNG industry is witnessing an influx of investments for further production of natural gas. This is expected to drive the cryogenic pipes market, to cater to the growing production and transportation of LNG.
Cryogenic gases also have a significant role in the daily operations of industries like food & beverage, pharmaceuticals and healthcare. Growing investments for modernization of hospital equipment is expected to drive the cryogenic pipes demand in the industry. Power generation industry is witnessing a shift towards the use of natural gas as energy source, to reduce carbon footprint on environment. This is projected to drive the demand for cryogenic pipes in power generation industry as well.
LNG, when converted from liquid to gaseous state, tends to expand by over 600 times. The gas will maintain its liquid state at temperatures less than -163° C, which can only be maintained by the use of special insulation material in cryogenic pipes. Hence manufactures are introducing new, effective insulation materials to differentiate their products from their competitors. Use of polyurethane foam and fiberglass jacket insulation are one of the prominent trends in the market, changing the cryogenic pipes market landscape.
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However, cryogenic pipes require high labor and manufacturing costs to maintain highest product quality and flexibility. Also, there are a number of codes and standards in place, regulating the material selection, fabrication process, testing and ductility of the cryogenic pipes. These are expected to restrict the cryogenic pipes market growth in some key industries. But given its advantages and unique properties over other pipes, cryogenic pipes market is expected to witness robust growth in the coming years.
North America and Europe and expected to lead the market share in the global cryogenic pipes market, due to the presence of a large number of its end use industries in the region. Growing investments in LNG exploration and production in India, China and Australia is projected to position Asia-Pacific as one of the high growth regions in the cryogenic pipes market. Middle East & Africa is expected to hold a modest share in the overall cryogenic pipes market, but is expected to witness substantial growth in the coming years, owing to growing number of end use industries in the region.
Cryogenic Pipes market: Market Participants
Some of the key market participants identified in the Cryogenic pipes market across the globe are Cryogenmash, Cryofab, Cryotherm GmbH & Co. KG, STI Group, SAES Getters, Criotec Impianti SpA, Cryogas Tech Sdn Bhd, Nexans Deutschland GmbH, Technifab Products, Inc. Braemar Engineering
Brief Approach to Research
The research report presents a comprehensive assessment of the Cryogenic pipes market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Cryogenic pipes market segments such as geographies, application and industry.
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