The global industrial valves market is expected to be worth approximately US$ 71.8 billion in 2022. Overall demand for industrial valves for controlling material flow is expected to grow at a moderate 4.2% CAGR between 2022 and 2029, reaching US$ 96.2 billion by 2029.
Steel will continue to be the most typical material used to create industrial valves. Steel industrial valves are preferred by the majority of end-use sectors due to their various benefits, including durability and corrosion resistance.
APEJ will continue to dominate the industrial valves market with 42.2% of the worldwide market in 2022. The APEJ industrial valves market is being driven by factors such as rapid industrialization, increased oil and gas activity, and the expansion of the residential and commercial sectors.
The global market for industrial valves is predicted to increase moderately by the end of 2019, from US$61 billion in 2018. Increased exploration activities for new water sources, according to a recent market research analysis published by Future Market Insights (FMI), will favour market expansion in the future years.
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The steady expansion of chemical industry and revival of oil & gas industry are also likely to play a crucial role in pushing sales of industrial valves at a global level. FMI’s report shows that abundant opportunities exist in chemical, and water & wastewater industries.
With the onset of Industry 4.0 and the reciprocating shift of industries towards automation, the industrial valves landscape is compelled to move beyond its traditional, old-school valve engineering models. Although manually operated valves still account for almost 2/3rd of total sales, FMI foresees a rapidly progressing market scenario for automated valves in the next few years.
By type, the gate type of industrial valves segment is expected to hold prominent value shares of the global industrial valves market. The globe valve segment is expected to be the prominent segment throughout the forecast period. Gate valves, closely trailed by globe and ball valves, are identified to remain the sought-after industrial valve types throughout the forecast period. Several manufacturers are, however, focusing on investments in globe industrial valves. FMI’s research also highlights visibly growing market attractiveness of butterfly valves across industries.
The analysis of industrial valves market based on materials reveals cast steel, carbon steel, and stainless steel remain the preferred materials among manufacturers of industrial valves, which collectively account for ~85% shares in the revenues. Bronze is likely to emerge lucrative as a material of choice, over the years to come, as shown by report findings.
Market in APEJ Projected for Remunerative Growth
The market in Asia Pacific excluding Japan (APEJ) is expected to exhibit lucrative growth potential in the global industrial valves market over the forecast period of 2019-2029. According to the report, this growth is propelled by the rapid growth in the oil & gas industry in countries of APEJ such as India and China, and ASEAN Countries, among others. The economic condition of these countries have been positively developing.
Owing to the effects of macroeconomic factors such as growing population, urbanisation, and rapid industrialisation, the confidence of investors and investments in housing and other residential projects across APEJ has increased drastically. The region’s chemical has considerable momentum over the past few years. This overall scenario is translating into modest growth in the demand for valves across the multiple industries, eventually pushing the market growth potential of APEJ.
Industrial Valves Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global industrial valves market such as GE Company, Emerson, Flowserve Corporation, Schlumberger Limited, TechnipFMC Plc, KSB SE & Co. KGaA, x KITZ Corporation, Alfa Laval Corporate AB, Curtiss-Wright Corp., CIRCOR International, Inc., IMI Plc, Mercer Valve Co., Inc., National, Oilwell Varco, Inc., Weir Group Plc., Neway Valves, AVK International A/S, Flowserve Corporation, and LESER GmbH & Co. KG, among others.
The global industrial valves market is significantly consolidated, with some players holding prominent shares of the market. These players are offering industrial valves under their popular brands such as Cameron, and World Valves, among others.
Industrial Valves Market – Key Research Findings
1. The global industrial valves market size in 2018 was ~US$61 Bn.
2. The industrial valves market is expected to grow at a CAGR of ~4.2% during the forecast period of 2022-2029.
3. Besides adoption of automatic functions of valves, the increasing demand for manual structures has been recently driving the sales of industrial valves.
4. Collectively, Asia Pacific Excel. Japan and North America are likely to account for ~70% of the revenue shares in the industrial valves industry by the end of 2029.
· North America, attributed to the powerful presence of the oil & gas industry, will continue to be a prominent regional market for industrial valves manufacturers.
5. The oil & gas industry is estimated to remain the prominent end-use industry for industrial valves market players.
· The oil & gas industry has witnessed significant growth in the recent past, and the revival of the oil & gas sector has been noteworthy.
· Noteworthy application potential of industrial valves has been identified in the water & wastewater treatment.
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Industrial valves Market by Category
By Valve Type :
- Gate
- Parallel
- Wedge
- Globe
- Tee
- Angle
- Wye
- Ball
- Trunnion
- Floating
- Threaded Series
- Butterfly
- High Performance
- Lined
- Plug
- Lined
- Lubricated
- Non-Lubricated
- Check
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
- Safety Relief
- Spring Loaded
- Pilot Operated
- Other Customized
By Valve Material :
- Cast Steel
- Carbon Steel
- Stainless Steel
- Bronze
- Other Alloys
By End-use Industry :
- Oil & Gas
- Chemical
- Water & Wastewater Treatment
- Power Plants
- Paper & Pulp
- Others
By Function :
- Manual
- Automatic
By Region :
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEJ
- Middle East and Africa
- Japan
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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