Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Industrial Valves Market by Material type (Cast iron, Steel, Alloy based, and Others), by Valve type (Ball valves, Butterfly valves, Gate valves, Globe valves, Plug valves, Check valves, and Diaphragm valves), by Application (Oil and Power, Water and wastewater, Chemical, Food and beverage, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global industrial valves market generated $65.0 billion in 2021 and is estimated to hit $110.5 billion by 2031, registering a CAGR of 5.3% from 2022 to 2031.
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Drivers, Restraints, and Opportunities-
The growth of the global industrial valves market is driven by growth in demand for automation in control industrial valves, surge in investments in the oil and gas industry in North America, and growth of the food & beverage processing industry in developing countries. On the other hand, the increased tariff on raw materials hampers the growth of the market. Nevertheless, advancements in technology are expected to offer new growth opportunities for the market.
The globe valve segment held the largest market share during the forecast period-
Based on valve type, the globe valve segment accounted for the major share in 2021, garnering around one-fifths of the global industrial valves market revenue. The butterfly valve segment, on the other hand, is anticipated to witness the highest CAGR of 5.8% throughout the forecast period, owing to its cost effectiveness and operational efficiency.
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The steel segment is expected to maintain its lead trail during the forecast period -
Based on material type, the steel segment dominated with the largest market share in 2021, holding over two-fifths of the global industrial valves market revenue. The alloy based segment is expected to portray the fastest CAGR of 5.9% during the forecast period, due to long durability & corrosive resistance of alloy valves.
The oil & power segment is expected to lead the market during the forecast period-
Based on application, the food & beverage segment is likely to showcase the fastest CAGR of 5.9% throughout the forecast period. This is attributed to the growth of food & beverage industry in Asia-Pacific. The oil & power segment, however, contributed to over two-fifths of the global industrial valves market share in 2021, and is estimated to rule the roost by 2031.
Asia-Pacific generated the major share in 2021-
Based on region, the Asia-Pacific region garnered the major share in 2021, generating nearly two-fifths of the global industrial valves market. LAMEA, on the other hand, is expecetd to manifest the fastest CAGR of 5.6% during the forecast period, attributed to rapid growth of manufacturing industry in Asia-Pacific.
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Leading Market Players-
- Crane
- Fluidchem Valves (India) Pvt. Ltd
- Fluidline Valves Co. Pvt. Ltd.
- Forbes Marshall
- Gemini Valve
- Avcon Controls Pvt. Ltd.
- Böhmer GmbH
- EG Valves Manufacturing Co., Ltd.
- Emerson Electric Co.
- Flow Control Technology Valve
- Powell Valves
- Sap Industries Ltd
- Schlumberger Limited
- Sirca International S.p.A.
- The Weir Group plc
- Tianjin City Binhaihuayi Valve Co., Ltd.
- Davis Valve
- Flowserve Corp.
- Global Valve & Controls
- Goodwin International
- IMI plc
- Jag Valves
- KLINGER Holding
- Metso Corporation
- Microfinish Valves & Pumps
- Newmans Valve LLC
- Virgo Engineers Inc
- Walworth
- Anything Flows LLC
The report analyzes these key players in the global industrial valves market. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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