Pune, India., April 12, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Global Industrial Valves Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Valve Type, Industry, and Geography” the market is expected to grow from US$ 33,165.78 million in 2023 to US$ 43,127.40 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2023 to 2028.
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Global Industrial Valves Market Growth Drivers:
• Growth in industrialization: The increasing industrialization in emerging economies such as China, India, and Brazil is driving the demand for industrial valves. As these countries continue to develop their manufacturing sectors, there is a growing need for valves to control and regulate various industrial processes.
• Increasing investments in infrastructure development: Governments around the world are investing in infrastructure development, particularly in sectors such as water and wastewater treatment, oil and gas, and power generation. This is driving the demand for industrial valves, as they are critical components in these industries.
• Advancements in technology: Advancements in valve technology, such as the development of smart valves and the use of 3D printing, are driving the demand for industrial valves. These technologies can improve the performance, efficiency, and safety of industrial valves, leading to their increased adoption.
• Increasing focus on energy efficiency: As energy costs continue to rise, there is an increasing focus on energy efficiency in various industries. Industrial valves can play a crucial role in improving energy efficiency by controlling the flow of fluids and gases in industrial processes.
• Growth in the oil and gas industry: The oil and gas industry is a major consumer of industrial valves, particularly in applications such as upstream drilling and midstream transportation. The growth in the oil and gas industry is therefore driving the demand for industrial valves.
Global Industrial Valves Market Recent Developments:
• Increasing adoption of smart valves: Smart valves, which can monitor and control industrial processes in real-time, are becoming increasingly popular in the industrial valves market. These valves can improve efficiency, safety, and reliability, and can be integrated with other smart technologies such as IoT sensors and cloud computing.
• Growing use of 3D printing: 3D printing technology is being used to manufacture industrial valves, allowing for greater customization and faster production times. This technology can also reduce material waste and lead to cost savings.
• Advances in materials and coatings: Advances in materials and coatings are improving the durability and performance of industrial valves. For example, the use of ceramic coatings can improve the corrosion resistance of valves, while the use of composite materials can improve their strength and reliability.
• Increasing focus on sustainability: The industrial valves market is seeing a growing focus on sustainability, with companies developing valves that are more energy-efficient and environmentally friendly. For example, some valves are designed to reduce emissions, while others are optimized for use in renewable energy applications.
• Mergers and acquisitions: There has been a significant amount of consolidation in the industrial valves market in recent years, with larger companies acquiring smaller ones to expand their product portfolios and geographic reach. This trend is expected to continue in the coming years, as companies seek to gain a competitive edge in the market.
An industrial valves is a mechanical device used for regulating or obstructing the flow of gas or liquid within a system. Industrial valves were initially developed using metals; however, valves made of various polymers are also offered in the market. Ball valves, gate valves, and butterfly valves are among the most used valves across the industrial sector. The continuously rising demand for the above-mentioned valves across industries is one of the critical parameters for the growth of the industrial valves market. The growing rate of industrialization has led to an increase in demand for oil and gas, owing to which the development of new oil refineries is rising across the globe. This, in turn, is driving the industrial valves market. Further, the increasing emphasis on sustainability and curtailing pollution of water bodies by governments of various countries across the globe has led to a rise in the deployment of wastewater treatment plants, which is boosting the sales of industrial valves. Moreover, the chemical industry across the globe is constantly growing owing to a significant rise in the use of several chemicals across industries such as agriculture, manufacturing, construction, plastic products, textiles, and pulp & paper, which is further driving the demand for industrial valves. The launch of new chemical production facilities across the globe by global chemical manufacturers is expected to offer lucrative growth opportunities to the global industrial valves market in the coming years. For instance, in August 2022, Baker Hughes announced the opening of its new chemical production plant in Singapore.
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Raw material providers, industrial valves manufacturers, and end users are stakeholders of the industrial valves market ecosystem. Raw material providers supply connected systems, polymers, metals, and other materials used to produce industrial valves. Industrial valves manufacturers carry out processes such as designing, assembling, and production to transform raw material into the finished product. The manufacturers sell their products to different end users. This helps them gain high revenues, which contributes to growth of the industrial valves market.
Global Industrial Valves Market: Impact of COVID-19 Pandemic
Europe witnessed an economic hit and a decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020. Many European countries imposed stringent regulations on imports and exports and the shipment of goods by temporarily closing their borders. These measures declined the demand for energy in various industry verticals, which, in turn, hindered the industrial valves market growth in Europe.
Further, Russia is a leading natural gas-producing country across the world, which has been severely affected by the COVID-19 pandemic. The nationwide lockdown heavily disrupted the country's oil & gas supply chain and reduced the demand for oil & gas-related products. The pandemic has compelled manufacturers to streamline production processes to overcome unexpected disruptions and resolve uncertain challenges such as physical distancing. As many countries continue to reopen businesses, the demand for energy and the exploration and production (E&P) of oil and gas activities is rising. This factor is supporting the industrial valves market growth across Europe.
Global Industrial Valves Market Analysis: Material Type Overview
Based on material type, the industrial valves market size is segmented into cast iron, steel, cryogenic, alloy-based, and others. The steel segment accounted for the largest share in the market in 2022. Steel industrial valves are preferred over other types of industrial valves owing to their high pressure resistance, low corrosion, and wide applications in industries such as oil & gas, chemical, wastewater, and food & beverages. Steel SS 316/SS316 L industrial valves can operate at extreme temperatures and pressure. Elements such as nickel, molybdenum, and chromium in steel valves react with oxygen and create a thin protective layer on the metal, making it corrosion-resistant, thereby increasing the valve's life. These properties are increasing the demand for steel valves across industries such as petroleum refining, and chemical. Companies engaged in producing steel industrial valves include heco gmbh, Hebei Bona Enterprise, END-Armaturen GmbH & Co. KG, and Valmet.
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Global Industrial Valves Market Analysis: Competitive Landscape and Key Developments
Crane Co., Emerson Electric Co., Flowserve Corporation, Kitz Corporation, and Schlumberger Limited are a few key industrial valves market players operating across the world. During this study, several other market players were analyzed to get a holistic view of the industrial valves market size and its ecosystem.
In 2023, Circor announced to showcase its Hale Hamilton brand valves for the hydrogen economy at the 2023 Hydrogen & Fuel Cell Seminar on February 7-9 in Long Beach, California.
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Ball Valve Market - The global ball valve market size accounted for US$ 10.38 Bn in 2016 and is expected to grow at a CAGR of 2.44% during the forecast period 2017 – 2025, to account for US$ 12.89 Bn in 2025.
Gate Valve Market - The global gate valve market size is projected to reach US$ 12,988.40 million by 2028 from US$ 8,712.18 million in 2020. It is estimated to register a CAGR of 4.5% during the forecast period.
EGR Valves Market - The global EGR valves market size is projected to reach US$ 1,183.21 million by 2028 from US$ 909.19 million in 2021; it is expected to grow at a CAGR of 3.8% from 2021 to 2028.
Pinch Valve Market - The global Pinch Valve market size was valued at US$ 578.6 Mn in 2020 to reach US$ 737.5 Mn by 2027 and it is expected to grow at a CAGR of 4.15% from 2020 to 2027.
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