PUBLISHER: Allied Market Research | PRODUCT CODE: 1239441
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239441
The global industrial valves market was valued at $65 billion in 2021, and is projected to reach $110.5 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Industrial valves are employed in nearly every process industry. They are mainly utilized for regulation, direction, and control of liquids, slurries, gases, vapors, and others flowing through piping systems. These are high functioning devices, manufactured using cast iron, carbon steel, stainless steel, various metal alloys, bronze, and many other high performing materials.
The body of a valve mainly consists of a body, seat, and a stem, which may or may not be manufactured using a single material. Moreover, industrial valves are mainly custom designed and manufactured, and may be also available as pre-designed valves, as per the industry requirement. Furthermore, globe valves, butterfly valves, ball valves, gate vales, plug valves, pinch valves, and check valves are widely utilized in oil & gas, food & beverage, water & wastewater, chemicals, and other prominent processing industries.
Development in valve automation and control technologies have contributed significantly for boosting the growth of the industrial valves market during the recent years. Automatic valves allow remote handling, which is advantageous in hazardous and remote environments of oil & gas industries, chemical industries, and power plants. In addition, standard valves can be easily upgraded using automatic actuator systems or automatic control systems, which drive the growth of industrial valves market.
Furthermore, the increased investments in the oil & gas storage as well as refining infrastructure, mainly in the North America drive the requirement for industrial valves. North American countries such as the U.S. and Canada are major importers of industrial valves from Asian and European nations. The development of oil & gas industry in North America thus drives the industrial valves market growth globally. Moreover, the demand for industrial valves has significantly increased from the food & beverage industry mainly from the developing nations in Asia-Pacific and Latin America.
The food & beverage processing industry has shown high growth in countries such as India, Brazil, and others, with the surge in agriculture and risen demand for processed food. This, in turn, has created a high demand for industrial valves; thereby, driving the growth of the industrial valves industry.
However, the saturation in industrial growth in major developed countries such as Germany, the U.S., the UK, and others is anticipated to affect the growth in trend for industrial valves significantly. The demand for new industrial valves is extremely slow paced in the previously mentioned countries mainly due to the developed industrial infrastructure. This is expected to restrain the growth of industrial valves market.
In addition, the trade tensions between the U.S. and China has led to newly imposed tariffs on various metals including stainless steel, aluminum, and others, which are mainly used for the manufacturing of industrial valves. This in turn results in surged production costs and a disruption in supply chain of global industrial valves industry, which is projected to restrain the market growth of industrial valves globally.
On the contrary, the technological advancements in industrial valves such as implementation of automation and control technologies are anticipated to create lucrative growth opportunities for the global industrial valves market.
The industrial valves market is segmented on the basis of material type, valve type, application, and region. On the basis of material type, the market is categorized into cast iron, steel, alloy-based, and others. On the basis of valve type, it is segregated into ball valves, butterfly valves, gate valves, globe valves, plug valves, check valves, and diaphragm valves. On the basis of application, it is differentiated into oil & power, water & wastewater, chemical, food & beverage, and others. On the basis of region, the industrial valves market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to hold the largest market share throughout the study period, and Asia-Pacific is expected to grow at the fastest rate.
The key companies profiled in the report include: AVK Holding, Avcon Controls Pvt. Ltd., Schlumberger Limited, Crane, Emerson Electric Co., Flowserve Corp., Forbes Marshall, IMI Plc, Metso Corporation, The Weir Group Plc, EG Valves Manufacturing Co., Ltd., Sirca International S.p.A., KLINGER Holding, Bohmer GmbH, Fluidline Valves Co. Pvt Ltd., Anything Flows LLC, Davis Valve, Powell Valves, Tianjin City Binhaihuayi Valve Co., Ltd., Virgo Engineers Inc, Jag Valves, Walworth, Sap Industries Ltd, Microfinish Valves And Pumps, Newmans Valve LLC, Fluidchem Valves (India) Pvt. Ltd, Goodwin International, Global Valve & Controls, Gemini Valve and Flow Control Technology Valve.
In 2021, Asia-Pacific was the highest contributor to the industrial valves market share and is anticipated to secure a leading position during the forecast period. On the basis of material type, in 2021 the steel segment dominated the industrial valves market, in terms of revenue, and the alloy based segment is expected to witness growth at the highest CAGR during the forecast period.
On the basis of valve type, in 2021, the globe valves segment led the industrial valves market, and plug valves is expected to exhibit highest CAGR in the near future. On the basis of application, the oil & power segment led the market in 2021, in terms of revenue and the food & beverage segment is anticipated to register highest CAGR during the forecast period. On the basis of region, Asia-Pacific garnered the highest revenue in 2021; and LAMEA is anticipated to register highest CAGR during the forecast period.