One of the world's main end-user sectors for air separation plants is the iron and steel industry. Around half of the world's steel production capacity is produced in China.
In recent years, despite China's efforts to shut old and inefficient iron and steelmaking capacity by tens of millions of tonnes, including the closure of dozens of illegal induction furnaces, new investments are continuing.
After the People's Republic of China ("China"), India is currently the world's second-largest steel producer. The 2017 National Steel Policy (NSP 2017) set a goal of more than doubling capacity by 2030, with long-term expansion planned to meet steel demand from various critical national sectors, including building, infrastructure development, and the automobile industry.
Despite the pandemic's impact, the global steel industry has only seen a slight drop in steel demand at the end of 2020 due to its various regional effects.
Steel demand will undoubtedly rise as the world's population grows, and nations strive to enhance their living standards as steel is used in multiple applications such as building and infrastructure, automotive, energy, transportation, machinery, tools, and others.
With this, the air separation plants market is expected to have a significant growth in China, India, Japan, the United States, Russia, and South Korea.
Top 10 Steel Producing Countries in 2020:
Cryogenic liquids such as Oxygen, Helium, Hydrogen, Natural Gas, Argon, and others are produced at very low temperatures (-150°C to -270°C) at the liquefaction plants and transported to end users like chemical and petrochemical, medical technology, metal processing, water treatment, energy generation, food, steel, space, electronics, transportation, and other industries.
Critical components in the cryogenic equipment market include cryogenic valves, cryogenic pumps, cryogenic tanks, cryogenic Insulation as vacuum insulated pipes, heat exchangers, vaporizers, cryogenic refrigerators, cryogenic cylinders, cryogenic trailers, and others.
For small volumes of cryogens, cylinders and dewars are used, and for large quantities, cryogenic storage tanks and trailers are used to store the cryogens and transport them over long distances. In case of even larger quantity is required, there would be an on-site production plant.
These liquids are then vaporized or re-gasified for different industrial and commercial applications.
Asia-Pacific: LNG Trade
As global LNG trade grows, more regasification capacity is expected to be added in both established regions and new import markets. Globally, the top 5 spots for the largest importers of LNG remain to be in Asia-Pacific with Japan (74.43 MT), China (68.91 MT), South Korea (40.81 MT), India (26.63 MT), and Chinese Taipei (17.76 MT).
The Asia-Pacific market continues to see rapid expansion in demand. In 2020, China, Chinese Taipei, India, and Myanmar increased their regasification capacity significantly. Despite the effects of COVID-19 on demand and supply, worldwide LNG trade increased for the second year in a row in 2020, reaching 356.1 MT.
In 2020, Asia, notably China, saw many new regasification projects approved and begin construction, indicating a high market demand for LNG in the region. These projects give rise to cryogenic equipment such as pumps, valves, tanks, insulation, vaporizers, and heat exchangers in the LNG sector.
Top 5 Countries for Importing and Exporting LNG in 2020:
Blackridge Research's Global Cryogenic Equipment Market report provides insights into the current global and regional Global market demand scenario and its outlook.
This study offers a detailed analysis of various factors instrumental in affecting the Global Cryogenic Equipment market's growth. The study also comprehensively analyses the market based on geography (North America, Europe, Asia-Pacific, and the Rest of the world).
This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of Covid-19 on the Global Cryogenic Equipment market, and significant developments.
Further, the report will also provide Global Cryogenic Equipment market size, demand forecast, and key competitors in the market.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
More than 70% of our clients seek customized reports. Reach us out to get yours today!