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Cryogenic Hoses Market Segmented By Composite Hoses and Stainless Steel material type with insulation type such as Uninsulated, Vacuum Insulated and Foam Insulated
Cryogenic hoses are particular indispensable assembly or equipment used for the efficient and effective transfer of cryogenic liquids and liquid gases, such as liquid nitrogen, liquid helium, liquid oxygen, liquid argon liquefied petroleum gas (LPG), liquefied natural gas (LNG), ethylene, ammonia and carbon dioxide. Cryogenic technology is largely involved in the operation, production and maintenance of gases below -150 degree C.
Cryogenic hoses possess exceptional properties, such as exceptional thermal resistance, resistance against chemicals, long operating and service life and ease in usage and they also reduce maintenance cost. Conventionally, major cryogenic hoses are manufactured from polymers wherein different layers of polymers are superimposed together to form a composite, which is used as the base material.
Composites are generally lightweight in nature and provide better shear stress properties. Stainless steel is also adopted as a material of choice for the manufacturing of cryogenic hoses, owing to its exceptional mechanical and thermal properties. Stainless steel also provides resistance against acids and alkali, which help in increasing the life of cryogenic hoses.
Cryogenic hoses can be classified into several types on the basis of application usage, namely uninsulated, vacuum insulated and foam insulated. Among these types, vacuum insulated and foam insulated hoses find remarkable adoption in different end user industries.
There has been a significant increase in opportunities for cryogenic hoses in core processes in different end user industries. End-user industries, such as coal storage, petrochemical and chemical, metallurgy and food & beverage are the prominent industries responsible for the increased demand of cryogenic hoses. The petrochemical industry holds a lion’s share of returns in the global cryogenic hoses market. Major market players are continuously investing in research and development to pave way for technological innovations and advances in the market.
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Globally, the cryogenic hoses market has been witnessing enormous demand and progress over the past few years and the same trend will be observed in the upcoming years. The main reason behind the huge demand for cryogenic hoses is the adoption of the assembly in different applications. Massive development of petrochemical complexes, chemical industries, metallurgical activities, cold storage of foods and beverage and power industries in the last few years has surged the demand for cryogenic hoses.
Furthermore, continuous R & D efforts in cryogenic technologies enable new product development of cost effective cryogenic hoses with increased efficacy. There has been a substantial increase in the adoption of nitrogen in food & beverage applications, which is driving the growth of cryogenic hoses in the global market. Nitrogen gas has been broadly used for preserving and freezing foods in the food processing industries.
Conventional refrigerants, such as ammonia and fluorocarbons are being replaced by nitrogen cooled freezers since the former are expected to negatively affect the environment. Nitrogen-cooled freezers are also used to increase product quality and throughput. In the past few years, there has been a significant slowdown in the steel industry, which may dent adoption and growth opportunities of cryogenic hoses in the market.
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The global cryogenic hoses market can be segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). Growth in developed regions, such as North America, Western Europe and Japan will be driven by the expansion of industries, such as metallurgy, food and beverage and power.
APEJ and Latin America regions will also register rapid growth, due to the increasing demand for petrochemical & chemical products and an increase in manufacturing units, mainly in emerging economies, such as China and India. MEA is also projected to also expand with a significant CAGR over the forecast period.
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Examples of some of the market participants in the global cryogenic hoses market, identified across the value chain include:
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