The global industrial valves market is estimated to be worth around US$ 71.8 Bn in 2022. With rising adoption of industrial valves for regulating the flow of materials, the overall demand is anticipated to rise at a moderate CAGR of 4.3% between 2022 and 2029, totaling a valuation of US$ 96.2 Bn by 2029.
Steel will continue to remain the most preferred material for the production of industrial valves. Majority of end-use industries are inclined towards employing steel industrial valves due to their various advantages including durability and corrosion resistance
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Regionally, Asia Pacific Excluding Japan (APEJ) will continue to dominate the global industrial valves market, accounting for a share of 42.2% in 2022. Rapid industrialization, surging oil & gas activities, and expansion of residential and commercial sectors are some of the factors driving the industrial valves market in APEJ.
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 favour the growth of market over coming years.
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.
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.
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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.