Instrumentation Valves and Fittings Market Forecasts to 2028 - Global Analysis By Product, Material, End User and Geography

According to Stratistics MRC, the Global Instrumentation Valves and Fittings Market is accounted for $2.97 billion in 2022 and is expected to reach $5.69 billion by 2028 growing at a CAGR of 11.4% during the forecast period. The production and manufacturing procedures used in the semiconductor sector employ instrumentation valves and fittings, which is causing the market to grow. Additionally, a higher emphasis on cleanliness and hygiene as well as the presence of several instrumentation valves and fitting manufacturers in the region are supporting the market in the Asia-Pacific region. Asia-Pacific is also seeing significant economic growth, political upheaval, and social change, as is seen from the expansion of the market.

According to IBEF (India Brand Equity Foundation), Indian paper demand is set to increase 53% by 2020.

Market Dynamics:

Driver:

Increasing demand for valves from healthcare and pharmaceuticals industries

The healthcare and pharmaceutical sectors are leading the fight against COVID-19 due to the coronavirus' quick proliferation. The manufacturing of every important medical gadget needed to treat COVID patients has increased. Instrumentation valves are crucial in the production of much medical equipment, and several major manufacturers in the market have seized the chance to combat the deadly coronavirus pandemic. Companies are spending more money on research and development projects involving automatic parts that are sold to the pharmaceutical industry, like solenoid valves. The development of advanced fluid handling systems by pharmaceutical industries, such as automatic sanitizer dispensers and liquid soap dispensers, is also driving the demand for valves.

Restraint:

Lack of standardization of certification and policies

Many sectors, including oil and gas, food and beverage, pharmaceuticals, energy and power, chemicals, and pulp and paper, require instrumentation valves and fittings. The certification and regulatory standards for valve production vary by location, and valve manufacturers are required to abide by these standards. After a while, these standards change again, which causes demand to be heterogeneous. This limits market expansion since industry participants are tightly obligated to produce goods that comply with regional policies, which makes it challenging for them to accomplish low-cost fabrication because manufacturers need significant capital. Therefore, even if producers concentrate on establishing their facilities in other nations, it still demands additional capital.

Opportunity:

Implementation of valves in water & wastewater treatment

Water utilities are closely monitored in the COVID-19 pandemic event to supply clean drinking water. With the coronavirus outbreak, many are feeling uneasy. Since the treatment of water and wastewater is one of the fundamental services, all residential services are provided by the plants. People are now more worried about cleanliness and clean water as a result of the outbreak. Investments in the construction of water treatment facilities are thus anticipated to fuel the market for instrumentation valves and fittings. A major issue in many nations is the deteriorating infrastructure in the water and wastewater treatment sector. Old infrastructure uses for valves are also nearing the end of their useful lives and need to be replaced. Therefore, it's crucial to replace these valves for greater performance and increased worker safety. As a result, there are considerable prospects for the suppliers of valves with applications in the water & wastewater treatment industry as a result of the growing public concern for better sanitation and the growth of new investments in water supply and sanitation projects.

Threat:

Minimization of lead time

Lead time is the period of time between the end-user industries' first request for valves and the manufacturing, installation, and documentation of such valves. The lead time is one of the elements affecting the valve industry. The supply of valves takes a large number of weeks. The lead time for a valve is typically 18 weeks, though this might change based on the kind, material, and use of the valve. If the valves are specially made, the average lead time could be longer. Therefore, the largest difficulty facing valve producers is the extended lead time. Industry participants must either create cutting-edge technologies or solidify their commercial links with value chain participants to meet this challenge. A few Chinese valve manufacturers produce advanced, speciality, and/or customised valves in about 10 weeks and claim lower lead times as a differentiator.

COVID-19 Impact

COVID-19 has had an influence on all sectors around the world, and the lockdown-like conditions that have limited people's freedom of movement have also caused a decline in the demand for valve and fitting items. However, due to the relaxation of regulations and the growing demand for healthcare items that call for industrial valves, this market will experience tremendous growth throughout the anticipated time.

The valves segment is expected to be the largest during the forecast period

The valves segment is estimated to have a lucrative growth. The flow of media, including gases and liquids, is controlled by valves. Additionally, when a tight shutdown is necessary, these valves are used. A common attribute of valves is their dependable bubble-tight sealing. These valves are popular in transmission, storage, and gas processing applications that require low flow, low pressure, or cut-off across all industries. The primary factor propelling the growth of the market for instrumentation valves and fittings is the rising use of instrumentation valves and fittings in the energy & electricity, chemicals, and oil & gas industries.

The stainless steel segment is expected to have the highest CAGR during the forecast period

The stainless steel segment is anticipated to witness the fastest CAGR growth during the forecast period, due to an increase in productivity. In order to increase their profit margins in the upcoming years, manufacturers will primarily concentrate on cost reduction and careful inventory planning. In order to boost the strength, mechanical characteristics, and dependability of valve bodies while also lowering the cost of materials during production, manufacturers will seek to combine new products with durable materials. Throughout the forecast period, stainless steel instrumentation valves are anticipated to account for a significant portion of the market for instrumentation valves and fittings. This is related to their strong demand in end-use sectors like semiconductors, oil & gas, chemicals, and healthcare.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the use of instrumentation valves and fittings in the fabrication and manufacturing processes of the semiconductor industry is fueling market expansion. Additionally, the market in the Asia-Pacific region is being supported by a greater emphasis on cleanliness and hygiene as well as the existence of numerous instrumentation valves and fitting manufacturers in the region. Inferable from the rise of the market, Asia-Pacific is also seeing great economic growth, political change, and social change.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The dominant presence of top instrumentation valves and fitting players in the US, and the increasing product launch strategies in Canada and Mexico are some of the factors supporting the growth of the market. Increased investment in research and development activities and rising need for automation in manufacturing units are some of the other crucial factors driving the growth of the North American market.

Key players in the market

Some of the key players profiled in the Instrumentation Valves and Fittings Market include HY-LOK Corporation, Swagelok, Hex Valves, Parker Hannifin Corporation, AS-Schneider, Fujikin, Bray International Inc., Oliver Valves Ltd., Circor International, Inc., Ham-Let Group, Circor International, Alco Valves Group, Brennen Industries, Dwyer Instruments, Safelok, SSP Corporation, Swagelok, Tylok International, Walter Stauffenberg GmbH & Co (Stauff) and Waverley Brownall.

Key Developments:

In July 2020, AS-Schneider released new Double Block & Bleed valves, specifically designed for instrumentation piping.

In June 2020, Swagelok expanded its manufacturing operations and created a new business organization in APAC to support the growing demand from the region. The new office is located in Singapore, and the manufacturing plant is in china.

In June 2020, CIRCOR International announced that its subsidiary-CIRCOR Energy products LLC (CEP) - signed a definitive agreement to dispose of its loss-making short-cycle upstream oil and gas business, Distributed valves, to MS Valves GMBH.

Products Covered:

• Valves
• Fittings
• Pneumatic Actuators
• In-Line Filters
• Manifolds
• Actuators
• Other Products

Materials Covered:

• Alloy
• Cast Iron
• Stainless Steel
• Other Materials

End Users Covered:

• Chemicals
• Paper and Pulp
• Oil & Gas
• Food & Beverages
• Healthcare
• Energy & Power
• Petroleum Industry
• Pharmaceuticals
• Electronic Industry
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances