The global stainless steel control valve market size is slated to exceed a valuation of US$ 599.0 million in 2023. It is predicted to hit a valuation of US$ 1,066.0 million by 2033. The market is poised to thrive at a CAGR of 5.9% from 2023 to 2033.
A wide range of industries and applications benefit from the strong corrosion resistance of stainless steel control valves. They have the durability to survive extreme conditions and caustic substances, which is crucial in fields like oil and gas, chemical processing, and water treatment. Further, the market for stainless steel control valves has expanded due to consumer demand for corrosion-resistant valves.
In comparison to control valves constructed of other materials, stainless steel valves offer great resilience and lifetime. As a result, they provide dependable and long-lasting performance. Further, they can endure high pressures, temperature changes, and mechanical stress.
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Stainless steel valves are preferred by industries with demanding conditions for operation, due to their dependability and prolonged service life. Control valves are now frequently incorporated into sophisticated control systems and industrial networks as a result of automation and Industry 4.0. Moreover, there is a considerable demand for stainless steel control valves with digital communication capabilities and automation platform compatibility.
The growing demand for energy resources has caused an upsurge in oil and gas exploration and production. In oil and gas operations, stainless steel control valves are essential for regulating the flow of various fluids, including crude oil, natural gas, and process chemicals. Further, the market for stainless steel control valves is greatly influenced by the rise of the oil and gas sectors
Key Takeaways from Stainless Steel Control Valve Market Report:
- The global stainless steel control valve industry size developed at a CAGR of 3.1% from 2018 to 2022.
- In 2018, the global market size stood at US$ 512.0 million.
- The global market size valued at US$ 579.0 million in 2022.
- The ball control valves segment is projected to thrive at a CAGR of 5.7% from 2023 to 2033.
- The oil and gas segment is anticipated to exhibit a CAGR of 5.5% from 2023 to 2033.
- China’s market is predicted to thrive at a 7.4% CAGR from 2023 to 2033.
- Japan’s market is anticipated to expand at a 6.1% CAGR between 2023 and 2033.
- South Korea’s market is projected to exhibit a CAGR of 6.4% in the forecast period.
- The United States market for stainless steel control valves is projected to expand at a CAGR of 4.8% from 2023 to 2033.
Recent Developments Observed by FMI:
- Spirax-Sarco Engineering unveiled its extensive sustainability initiative, “The Spirax Sarco Blueprint for Sustainability,” in 2021. This initiative makes an effort to reduce the carbon footprint of its activities and output.
- By providing local support and services to control valve customers with the opening of a new Quick Response Center in Kawasaki, Japan, in 2021, Flowserve Corporation enhanced its market share in Asia Pacific region.
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