Global steam trap valve demand is expected to be valued at US$ 4.16 billion in 2022, rising at a CAGR of 4.4% to US$ 6.4 billion from 2022 to 2032. Increased demand for silicone elastomers, particularly in the automotive and construction industries, is driving growth.
Non-condensable gases and condensed steam, such as air, are filtered by a steam trap valve, which is most commonly a type of automatic valve. Steam trap valves are used in a variety of industries, including power generation, food and beverage, oil and gas, and so on, to ensure that steam is not wasted as a heating medium or as a driving force for mechanical power.
Throughout the world, steam trap valves are available in a variety of materials such as cast iron, carbon steel, alloy steel, stainless steel, and so on. Steam trap valves operate in a variety of technologies, including thermodynamic, mechanical, and thermostatic, among others.
Among the various types available on the market, thermodynamic steam trap valves are the most commonly used for steam mains drainage due to the numerous benefits associated with them, including long life and a robust structure.
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Some Prominent Drivers Spearheading Steam Trap Valve Market Growth
The expansion of oil and gas exploration and production activities is expected to boost demand for steam trap valves in the near future. Because of rising fuel demand, the United States has seen significant growth in oil and gas exploration activities in recent years. Furthermore, the development of new technologies for shale gas extraction and subsea oil extraction has been identified as key factors boosting demand for steam trap valves.
On the other hand, strict governmental regulations for valve production are expected to be one of the major challenges for the global steam trap valve market’s growth.
Prominent manufacturers in the global steam trap valve industry are involved in the introduction of thermostatic bimetallic steam trap valves that offer lower cost of ownership and energy-saving benefits when compared to other types of steam trap valves available on the global market. Furthermore, some manufacturers are concentrating on the introduction of products that allow for rapid steam trap replacement while also lowering labour costs.
Significant Growth in the Oil and Gas Industry Driving Steam Trap Valve Industry
One of the primary reasons for the significant growth is the increasing automation across industries such as oil and gas, as well as the increasing number of offshore and onshore exploratory activities. Furthermore, the substantial increase in demand for durable and light-weight steam traps, which have a longer shelf life, is one of the reasons for the growth.
Steam trap valves act as a physical barrier and are used in oil and gas refineries for fluid catalytic cracking and de-cocking processes. Furthermore, factors such as increased design flexibility and cost-effectiveness contribute to overall demand and growth.
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Region-wise Insights
Why is Asia Pacific Emerging as an Opportunistic Steam Trap Valve Market?
The Asia-Pacific region is expected to dominate the global steam trap valve market due to significant demand from various end-use industries such as chemical, power generation, food & beverages, and so on. Product developers in the region are creating innovative steam traps for use in bio industries. They aid in the production of pharmaceuticals and medical sterilisers, as well as the supply of clean steam.
How is Europe Contributing to Growth of the Steam Trap Valve Market?
According to Future Market Insights, Europe will provide enormous growth opportunities for steam trap valves, with Germany expected to drive the majority of regional growth. Extensive applications in the oil and gas industry keep steam trap valve sales afloat in Germany.
Countries such as Poland, Belgium, the United Kingdom, and the Czech Republic are also experiencing high demand for steam trap valves due to an increase in the power industry in these regions. Furthermore, these countries’ electronic industries are experiencing significant growth, creating favourable conditions for market growth.
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Key Segments Profiled in the Steam Trap Valve Industry Survey
Steam Trap Valve Market by Material Type:
- Cast Iron Steam Trap Valve
- Carbon Steel Steam Trap Valve
- Alloy Steel Steam Trap Valve
- Stainless Steel Steam Trap Valve
Steam Trap Valve Market by Product Type:
- Thermodynamic Steam Trap Valve
- Mechanical Steam Trap Valve
- Ball Float Steam Trap Valve
- Inverted Bucket Steam Trap Valve
- Thermostatic Steam Trap Valve
- Balanced Pressure Steam Trap Valve
- Bimetallic Steam Trap Valve
Steam Trap Valve Market by End Use Industry:
- Steam Trap Valve for Oil & Gas
- Steam Trap Valve for Power Generation
- Steam Trap Valve for Food & Beverages
- Steam Trap Valve for Pharmaceutical
- Steam Trap Valve for Pulp & Paper
- Steam Trap Valve for Chemical Industry
- Steam Trap Valve for Other End Use Industries
Steam Trap Valve Market by Application:
- Drip-based Steam Trap Valve
- Process-based Steam Trap Valve
- Trip-based Steam Trap Valve
Steam Trap Valve Market by Region:
- North America Steam Trap Valve Market
- Latin America Steam Trap Valve Market
- Western Europe Steam Trap Valve Market
- Eastern Europe Steam Trap Valve Market
- Asia Pacific Steam Trap Valve Market
- Japan Steam Trap Valve Market
- Middle East and Africa Steam Trap Valve Market
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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