The expanding applications in healthcare and the life sciences are one of the main factors propelling growth in the Global Cryogenic PPE Market. The biological storage of bone marrow, stem cells, cord blood, human tissues, and other highly delicate pharmaceutical and medicinal purposes is done in cryogenic freezers.The need for cryogenic PPE is growing as a result of the expanding applications of life science fields. Since emerging nations' economies are expanding more quickly than those of industrialized nations, the former is anticipated to establish more research facilities and institutes during the forecast period.Increased demand for the freezing of biotechnology goods, such as vaccines, will result from an increase in the number of research and testing facilities, notably in the pharmaceutical and biotechnology industries. As the healthcare industry grows, there will be an increase in demand for cryogenic gases, which will drive the global market for Cryogenic Personal Protective Equipment (PPE).
The Global Cryogenic PPE Market trend that is anticipated to have a favorable effect in the next years is the rising R & D and technical advancements enhancing the scope of cryogenics. Globally intensive cryogenics research has resulted in technological advancements that have expanded the application of cryogenics across all key end-user industries, including the medical, industrial, energy, and food processing sectors. One of the main reasons for the development in demand for PPE for cryogenic applications is the increase in R and D spending by countries in a variety of industries, which leads to an increase in researchers.
An indigenous cryogenic engine was created by Indian researchers at the Indian Space Research Organization (ISRO) to help with the transportation of large payloads. Cryogens would have more applications in space as a result of this. The market for cryogenic applications is expected to expand as remote sensing data and communication platforms become more popular, which will also increase demand for cryogenic personal protective equipment (PPE).
During the projection period, the Global Cryogenic PPE Market will face significant challenges because of the uncertainty brought on by low crude oil prices. Due to its complicated value chain and supply chain, crude oil is a commodity with unpredictable pricing. There have been major peaks and dips in the price of crude oil in the past. It has followed a vague pattern over the previous few years that is now referred to be the crude oil price cycle.
The profitability of oil sales and the subsequent domino effects caused by its lack are the most significant repercussions of the volatility in crude oil prices.
As a result, production decreases as the selling price declines. As a result, ongoing and new oil and gas exploration projects are being shelved or shelved altogether, and the budget for maintenance is being cut. The reduction of the maintenance budget and project cancellations have a negative effect on the expansion of the worldwide cryogenic PPE market.
However, the market for Cryogenic PPE has a sizable opportunity due to the desire for versatile equipment. The market is expected to continue to grow as a result of technological advancement and changing customer preferences toward cryogenic protection equipment, which combines fashion with safety.
The Global Cryogenic Personal Protective Equipment Market is anticipated to grow at a CAGR of 6.8% from an expected market value of USD 12.5 Billion in 2021 to USD 17.4 Billion by 2031.
Cryogenic personal protective equipment is offered by a number of companies, including Honeywell International Inc., Kora Srl, Ansell Ltd., Essex Industries Inc., FLOWTRONIX Ltd., Garbmann Ltd., Goldfreeze Ltd., Avantor Inc., Bunzl Plc, Draegerwerk AG and Co. KGaA, Hazchem Safety Ltd., National Safety Apparel, Newell Brands Inc., L Air Liquide SA, Linde Plc.
Cryogenic Gloves to See an Upsurge
When working with materials that are extremely cold—down to -300°F—cryogenic gloves protect the hands. Typically, the exterior of the glove repels liquids. When preparing frozen food, working in blood banks and laboratories, and handling liquid nitrogen, dry ice, and other cryogens, these gloves are worn. As a result of the aforementioned factors, users will have a strong demand for cryogenic gloves.
Oil and Gas Segment to Expand More During the Forecast Period
During the anticipated period, the oil and gas industry will significantly increase its share of the Global Cryogenic PPE Market. Cryogenic Personal Protective Equipment (PPE) is widely used in the oil and gas industry and has a wide range of applications, including hydrofracturing, distillation, air separation, and liquid gas storage. Applications for natural gas storage and transportation considerably contribute to the segment's market leadership. Additionally, the segment will expand during the projection period as a result of the rising natural gas trade brought on by abnormalities in natural gas supply and reserves.
The LNG Segment Holds the Major Share
The LNG category, followed by Nitrogen, has the biggest market share in the Global Cryogenic Personal Protective Equipment (PPE) Market. Increasing consumer demand for cleaner energy and hydrogen fuel cells is anticipated to boost the market during the forecast period.
Asia Pacific Will Lead the Market
During the projection period, a considerable increase in market size is anticipated in the Asia Pacific. Moreover, the need for personal protective equipment in the area is being fuelled by rising safety consciousness in important nations like China and India. This is a significant driver of the personal protection equipment market's growth in the Asia Pacific region.
Impact of COVID-19 and Market Status
The first half of 2020 saw an increase in COVID-19 instances and deaths in the area, which compelled governments around the world to enact widespread lockdowns. The shutdown of Cryogenic PPE manufacturing facilities was caused by the lockdowns. Market expansion was further hampered by disruptions in the logistics and supply chain of the raw ingredients, such as rubber and latex, used to make Cryogenic PPE. The start of vaccination campaigns and relaxation of lockdown regulations, however, helped the end-user industries acquire momentum in 2021, stabilizing the growth of the Cryogenic PPE market in the area and accelerating the growth of the market in focus throughout the course of the forecast period.
Latest Innovations and Development in Global Cryogenic Personal Protective Equipment (PPE) Market: A Snapshot
• A contract was inked by Yara and Linde Plus to build and deliver a 24 MW green hydrogen plant.
• To create the first hydrogen usage roadmap for Incheon airport and the surrounding area and to assist the growth of the hydrogen ecosystem, Air Liquide teamed together with Airbus, Korean Air, and Incheon.
Cryogenic Personal Protect Equipment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 17.4 Billion|
|Growth Rate||CAGR of 6.8% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||International Inc., Kora Srl, Ansell Ltd., Essex Industries Inc., FLOWTRONIX Ltd., Garbmann Ltd., Goldfreeze Ltd., Avantor Inc., Bunzl Plc, Draegerwerk AG and Co. KGaA, Hazchem Safety Ltd., National Safety Apparel, Newell Brands Inc., L Air Liquide SA, Linde Plc.|
Key Segments of the Global Cryogenic Personal Protect Equipment (PPE) Market
By Type Overview, 2021-2031 (USD Billion)
- Cryogenic Gloves
- Cryogenic Goggle
- Cryogenic Apron
By Application Overview, 2021-2031 (USD Billion)
- Food & Beverage
- Chemical Industry
- Oil and Gas
- Cryogenic Transport
By End-Use Overview, 2021-2031 (USD Billion)
By Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa