ID: MRFR/E&P/5319-HCR | August 2022 | Region: Global | 111 pages
Impact of the Covid-19 Outbreak on the Global Cryogenic Valves Market
Cryogenic valves are designed to react to high pressure, which pushes the gas into the open position enabling it to flow rapidly. Cryogenic valves are widely used for storage and transportation applications by various industries. However, the COVID-19 pandemic has changed the entire scenario. COVID-19 has spread across the world, which has significantly impacted multiple sectors. The lockdowns imposed by the governments to contain the spread of the pandemic has slowed down the global economy and has resulted in a reduction in the demand and prices of oil.
The pandemic has also negatively affected the global cryogenic valve market, as the pandemic has crippled the gas and LNG businesses. The disruptions in LNG shipping, trade, and supply, as well as a decrease in the demand and prices of gas and LNG, are drastically hampering the growth of the cryogenic valves market. This scenario is expected to decrease imports in countries such as China, South Korea, and Japan. According to the MRF analysis, the import of LNG has seen a decrease of more than 4% in the first three months of the pandemic.
WORLDWIDE DEMAND FOR LIQUID NATURAL GAS (LNG) BETWEEN 2017 AND 2025
Asia-Pacific is expected to hold a significant market share in the global cryogenic valves market owing to the rising transportation of LNG. Countries such as India, China, Japan, and Australia have enormous demand for LNG in metallurgy processes, chemical applications, and electronic equipment to meet the rising requirements of the industrial sector. The resumption of economic activity in the Asia-Pacific region is expected to drive the growth of the cryogenic valves market, post the lockdown period.
Source: Primary Experts, Secondary Sources and MRFR Analysis
Source: Secondary Sources