About Cryogenic Hoses
Cryogenic hoses are hoses made of multiple layers of polymers that provide excellent resistance at low temperatures for transferring liquid gases such as liquefied natural gas, liquefied petroleum gas, ammonia, ethylene, and carbon dioxide. Cryogenic technology is majorly involved in the production, maintenance, and application of low temperatures below 150C. There has been an increase in scope of cryogenic applications from cold storage to core processes in many end-user industries. End-user industries such as petrochemical and chemical hold a major share of revenue in the global cryogenic tanks market. The application of cryogenic equipment such as pumps, vaporizers, valves, and storage tanks in major end-user industries like petrochemical and chemical has a key role in maintaining the temperature and pressure of gases like liquefied natural gas (LNG), thereby preventing leakages in equipment. The increase in the application of cryogenic equipment is expected to propel the demand for cryogenic hoses.
Technavio’s analysts forecast the global cryogenic hoses market to grow at a CAGR of 5.28% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global cryogenic hoses market for 2017-2021. To calculate the market size, the report considers the demand for cryogenic hoses from various end-user industries. The average price of different types of cryogenic hoses has been taken into consideration for estimating the market revenue.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cryogenic Hoses Market 2017-2021
Technavio recognizes the following companies as the key players in the global cryogenic hoses market: Acme Cryogenics, Chart Industries, Cryofab, and Linde.
Other Prominent Vendors in the market are: Dantec, Grainger, Meiji Rubber & Chemical, Pacific Hoseflex, Ratermann Manufacturing, Specma Wiro, and United Flexible.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Enhancement of scope of cryogenics through technological advances. Cryogenic technology has improved at a fast pace in recent years. Continuous research on cryogenic technology has led to technological advances. This has broadened the scope of cryogenics across all the major end-user industries such as medical, energy, industrial, and food processing. Recently, technologies such as hydrofracturing have boosted the production of oil and gases to new levels. However, increasing environmental concerns have laid down concerns regarding this technological advancement.”
According to the report, one of the major drivers for this market is Increase in nitrogen application from food and beverage industry. Nitrogen has been widely used in the food processing industry for freezing and preserving foods. Nitrogen-cooled freezers are being replaced by conventional refrigerants such as fluorocarbons and ammonia, which is expected to affect the environment. The food processing industry uses LN₂ freezers as a measure to increase throughput and product quality. LN₂ has been used in various applications in the food and beverage industry for processes such as grinding, mixing, and coating applications. It is also used in mixing to cool the temperature of gravies and sauces and during grinding as a measure to remove frictional heat to enhance grinding consistency.
Further, the report states that one of the major factors hindering the growth of this market is Slowdown in steel industry. Cryogenic gases play an integral role in the metal processing sector. Industrial gases such as argon, oxygen, and nitrogen are delivered to end-users in liquid form at cryogenic temperatures and are stored in tanks for further use. Therefore, the decline in the growth of steel industry is expected to propel the demand for cryogenic equipment and hoses.
Acme Cryogenics, Chart Industries, Cryofab, and Linde. Dantec, Grainger, Meiji Rubber & Chemical, Pacific Hoseflex, Ratermann Manufacturing, Specma Wiro, and United Flexible.
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