PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1390142
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1390142
The knife gate valves market was valued at US$910.234 million in 2021 and is expected to grow at a CAGR of 7.04% during the forecast period.
A knife gate valve is a specialized device designed to effectively remove blockages caused by viscous fluids by employing a sharp-edged blade to cleanly slice through the obstructions. The knife gate valve market serves various end users, including industrial, chemical, mining, water treatment, and other sectors. These industries rely on knife gate valves for efficient fluid control and isolation in their processes. The growth of sectors such as wastewater management and mining has emerged as a significant catalyst driving the expansion of the knife gate valve market size.
Knife gate valves are used for controlling the flow and handling of various types of waste, including heavy liquids and sludge. Their ability to handle high-viscosity fluids and cut through clogging makes them essential components in waste treatment plants. The growing environmental concerns and sustainable practices have propelled wastewater treatment practices.
According to the Organization for Economic Cooperation and Development (OECD), the sewage treatment connection rates in Hungary experienced a significant improvement between 2020 and 2021 with 97.926% of population benefiting from sewage treatment services.
Knife gate valves offer crucial functionality in regulating the flow of oil and preventing leaks or disruptions in pipelines and storage facilities. Their robust construction, ability to handle high-pressure applications, and reliable shut-off capabilities make them essential components in the oil production industry. Growing global energy demand, exploration of new oil reserves, technological advancements in extraction techniques, and geopolitical factors have increased oil production. According to the U.S. Energy Information Administration, Global liquid fuels production increased from 95.69 million barrels per day in 2021 to 101.37 million barrels per day in 2023. Furthermore, it is estimated to rise to 102.69 million barrels per day by 2024.
The chemical industry heavily relies on knife gate valves for efficient and reliable flow control of various corrosive and abrasive fluids. These valves are specifically designed to handle challenging chemical applications, offering tight shut-off and excellent corrosion resistance. the chemical sector is expanding due to factors such as industrialization, population growth, and increasing demand for chemicals in various applications ranging from manufacturing to healthcare, further fuelling the need for knife gate valves. As per the India Brand Equity Foundation, In November 2022, chemical production in India reached 905,379 metric tons, while petrochemical production experienced a significant surge, reaching 1,593,039 metric tons. These significant production figures indicate the robust growth and scale of the chemical and petrochemical sectors in India.
North America is experiencing high growth in knife gate valve market owing to the bolstering growth in oil and gas, chemical, and water treatment sectors in the region which is driving knife gate valve demand. According to the Energy Information Administration, in 2022, the United States experienced a notable increase in its crude oil production, with a growth rate of 5.6%. Additionally, in June 2023, both Canada and British Columbia made a joint investment aimed at enhancing the wastewater treatment infrastructure in various communities across British Columbia. This significant investment will primarily focus on upgrading the existing infrastructure to support the separation of combined sewers.
The knife gate valve market faces potential growth constraints due to the continuous advancements in valve technology and the introduction of alternative valve types. For instance, the ongoing development of high-performance butterfly valves and ball valves with superior sealing capabilities presents viable alternatives to knife gate valves, particularly in specific applications. These innovative valve options provide enhanced performance, increased efficiency, and improved reliability, making them increasingly attractive options compared to traditional knife gate valves.