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Based on Technavio's market sizing methodology, the cryogenic PPE market size is predicted to surge to USD 426.23 million from 2021 to 2026 at a CAGR of 6.52%.
This cryogenic PPE market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cryogenic PPE market segmentation by:
The cryogenic PPE market vendors are - Ansell Ltd., Avantor Inc., Bunzl Plc, Draegerwerk AG and Co. KGaA, Essex Industries Inc., FLOWTRONIX Ltd., Garbmann Ltd., Goldfreeze Ltd., Hazchem Safety Ltd, Honeywell International Inc., Kora Srl, L Air Liquide SA, Linde Plc, Mallcom India Ltd., National Safety Apparel, Newell Brands Inc., Ted Pella Inc., Tempshield LLC, Udyogi International Pvt. Ltd., and Wessington Cryogenics among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing applications in healthcare and life sciences is notably driving the cryogenic PPE market growth, although factors such as uncertainties associated with low crude oil prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cryogenic PPE industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cryogenic PPE Market Driver
One of the key factors driving growth in the cryogenic PPE market is the growing applications in healthcare and life sciences. Cryogenic freezers are used for the biological storage of bone marrow, stem cells, cord blood, human tissues, and other highly sensitive pharmaceutical and biological applications. The expanding application of life science areas is cultivating an increased demand for cryogenic PPE. With the economies of developing countries growing faster than developed countries, the former is expected to set up more research facilities and institutes during the forecast period. The upsurge in the number of research and testing facilities, particularly in the field of pharmaceutical and biotechnology, will lead to a rise in demand for the freezing of biotechnology products, such as vaccines. Thus, the growth of the healthcare industry will drive the demand for cryogenic gases, which, in turn, will fuel the growth of the global cryogenic PPE market.
Key Cryogenic PPE Market Trend
The increased R and D and technological advances enhancing the scope of cryogenics is a cryogenic PPE market trend that is expected to have a positive impact in the coming years. Cryogenic technology has improved at a rapid rate in recent years. Intense research on cryogenics worldwide has led to technological advances that have broadened the scope of cryogenics in all major end-users, such as medical, industrial, energy, and food processing. The increase in R and D spending by countries in various industries, resulting in an increase in the number of researchers, is one of the primary reasons for the growth in demand for PPE for cryogenic applications. In recent years, technologies such as hydrofracturing have boosted oil and gas production. Indian scientists at the Indian Space Research Organization (ISRO) have developed an indigenous cryogenic engine that will aid in carrying heavy payloads. This would increase the scope of cryogens in space applications. The increased demand for remote sensing data and communication platforms is expected to drive the demand for cryogenic applications, which, in turn, will drive the demand for cryogenic PPE.
Key Cryogenic PPE Market Challenge
The uncertainties associated with low crude oil prices will be a major challenge for the cryogenic PPE market during the forecast period. Crude oil is an unstable commodity, and its pricing is hard to predict because it has a complex value chain and supply chain. The price of crude oil has registered several rises and falls in the past. It has followed a vague trend over the past few years, which is now identified as the crude oil price cycle. The most important impact of the volatility in crude oil prices is on the profitability of sales of oil and the following domino effects due to the lack of it. If simple economic fundamentals in hydrocarbon production operations are considered, then the cost of manufacturing the product will be the same as the cost of production and transportation of crude oil. Thus, with the fall in selling price, production reduces. As a result, new and current projects in the oil and gas exploration field are being canceled or put on hold, and the maintenance budget is reduced. Project cancellations and the curtailing of the maintenance budget adversely impact the growth of the global cryogenic PPE market.
This cryogenic PPE market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global cryogenic PPE market as a part of the global apparel, accessories, and luxury goods market within the textiles, apparel, and luxury goods market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cryogenic PPE market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cryogenic PPE market encompasses successful business strategies deployed by the key vendors. The cryogenic PPE market is fragmented and the vendors are deploying growth strategies such as focusing on R and D in new areas, such as hydrogen fuel technology to compete in the market.
ansell.com - The company offers a wide range of cryogenic PPE such as AlphaTec 62 400, AlphaTec LIGHT Type TR, AlphaTec FLASH Type T.
ansell.com - The industrial segment offers multi-use hand and body protection solutions for industrial worker environments and specialty applications.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cryogenic PPE market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cryogenic PPE market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for cryogenic PPE in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing use of cryogenic PPE in end-user industries, especially in the oil and gas industry will facilitate the cryogenic PPE market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The rising number of COVID-19 cases and its associated deaths in the region in the first half of 2020 had forced the governments of China and India to impose nationwide lockdowns. The lockdowns led to the shutdown of manufacturing units of cryogenic PPE. Disruption in the supply chain and logistics of the raw materials such as rubber and latex that are used in the production of cryogenic PPE further impeded the growth of the market. However, the commencement of vaccination drives and ease in lockdown restrictions helped the end-user industries to gain momentum during 2021, which stabilized the growth of the cryogenic PPE market in the region and will further boost the growth of the market in focus during the forecast period.
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The cryogenic PPE market share growth by the oil and gas segment will be significant during the forecast period. Cryogenic PPE finds extensive applications in the oil and gas segment, with high applicability in essential processes, such as distillation, air separation, hydrofracturing, and storage of gases in the liquid form. Natural gas storage and transportation applications contribute significantly to the dominance of the segment in the market. Furthermore, the increasing trade of natural gas due to irregularities in natural gas reserves and supplies will lead to the growth of the segment in the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cryogenic PPE market size and actionable market insights on post COVID-19 impact on each segment.
Cryogenic PPE Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.52% |
Market growth 2022-2026 |
$ 426.23 million |
Market structure |
Fragmented |
YoY growth (%) |
5.92 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key consumer countries |
US, Canada, China, Japan, and Russia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ansell Ltd., Avantor Inc., Bunzl Plc, Draegerwerk AG and Co. KGaA, Essex Industries Inc., FLOWTRONIX Ltd., Garbmann Ltd., Goldfreeze Ltd., Hazchem Safety Ltd, Honeywell International Inc., Kora Srl, L Air Liquide SA, Linde Plc, Mallcom India Ltd., National Safety Apparel, Newell Brands Inc., Ted Pella Inc., Tempshield LLC, Udyogi International Pvt. Ltd., and Wessington Cryogenics |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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