Industrial Valves Market Grow At CAGR 4% During Forecast 2019-2029

Up from the revenues worth US$ 61 Bn registered in 2018, the global market for industrial valves is projected to witness modest growth by the end of 2019. A new market research report by Future Market Insights (FMI) suggests that the increasing exploration activities for new water sources will predominantly favor the growth of market over the course of coming 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. Furthermore, FMI’s report indicates 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. Furthermore, 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. A number of 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 on the basis of materials reveals that 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 indicated 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.

Furthermore, owing to the effects of macroeconomic factors such as growing population, urbanization, and rapid industrialization, the confidence of investors and investments in housing and other residential projects across APEJ has increased drastically. Consequently, 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.

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By Segment:

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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The mining industry requires high quality industrial valves for both surface and underground mining. It also requires valves in mine site fire protection system and at pump stations. After the recovery of the global economy, the mining industry is projected to witness positive growth outlook.

Cost reduction is important for mining to stay profitable. Workers feel uncomfortable when they work in deep mine coals due to the presence of harmful gases and chances of failure of conventional equipment, owing to the abnormal pressure and temperature. Therefore, the demand for specialized equipment and parts, such as highly featured industrial valves, is increasing at an accelerated rate.

South African platinum mines are a good example of changing mining practices across the world. These mines are anticipated to create opportunities for high performance industrial valves and assemblies over the slated time period.

Competitive Analysis:

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.

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