The worldwide industrial valve market is projected to grow steadily over the next decade. Industrial valves find use in all sorts of industries to control and regulate vapors, liquids, slurries, and gases. Industrial valves are usually made from metallic alloys like stainless steel, cast iron, carbon steel, and other alloys to exercise control over the flow of liquids and gases in chemicals, food and beverages, petroleum, utilities, and other industries.
The global industrial valve market was valued at around USD 56.81 billion in 2020, and it is expected to exhibit a moderate CAGR of 5.83% to reach USD 91.78 billion in valuation by the end of 2027.
Interesting Industrial Valves Market Facts
Stainless steel is the most preferred material by industrial valve manufacturers.
Oil and gas is the largest end-user industry for industrial valves.
The Asia Pacific region accounted for the highest share in total revenue generation.
China is the single largest consumer of industrial valves.
The industrial valve market is dominated by a few major players.
Covid-19
Due to the COVID-19 outbreak, there has been a reduction in demand for industrial valves in Europe and North America. However, there was an increase in demand for industrial valves in China during the same period.
Valve Control and Automation
Valves normally comprise a seat, stem, and main body fabricated from various materials such as metals, rubbers, and polymers. These industrial components control the flow of fluids and help prevent liquid waste. Valves come in many different configurations and several shapes and sizes.
There have been major developments in valve control automation. This is contributing to the growth of the industrial valve market.
The oil and gas sector has the largest use of industrial valves worldwide. These components are utilized in upstream, midstream, and downstream processes.
North America is seeing an increased demand for industrial valves. Unfortunately, this has meant that the region has to import these items from various countries.
Developing Countries and Industrial Valves
There is increased demand for food and beverages in developing countries like India and Brazil. This means greater expansion for the agriculture industry. In addition, the continued expansion of the food and beverage industries in developing nations means that there will be more demand for industrial valves.
In February 2020, the US government increased steel and aluminum import taxes. Since steel and aluminum are vital materials for manufacturing, this has harmed the manufacturing sector. The tariff increase is meant to increase revenue earned on imports. However, the market for industrial valves has been adversely affected. The manufacture of industrial valves relies on steel, and thus, increased tariffs on steel will impede the market growth.
Due to lockdowns imposed due to COVID-19, industrial activity has slowed down in the US, UK, and Europe. This has hindered the industrial valve market globally, and its effects will likely be seen in the coming months.
However, developing IoT and AI in the manufacturing sector will present opportunities to expand the industrial valve market.
The oil and gas sector is seeing increased infrastructure investment, increasing the number of industrial valves installed. In ASEAN countries, governments are stepping up sanitation and water supply projects to boost the industrial valve market. In addition, the installation of more pipelines is increasing the demand for industrial valves.
The market for industrial valves will be further bolstered by the upgrading of water infrastructure in the US. Also, governments in Indonesia, India, and China are investing in infrastructure for water supply and sanitation, further boosting the industrial valve market.
Key players involved in the industrial valves market include AVK Holding A/S, Avcon Controls Private Limited, Schlumberger Limited, Crane Co., Emerson Electric Co., Flowserve Corporation, Forbes Marshall, IMI Plc, Metso Corporation, and The Weir Group Plc.
Frequently asked questions about the market
The Industrial Valves market is expected to grow from US$ 56.81 billion in 2020 to US$ 91.78 billion by 2027, with a CAGR of 5.83% from 2015 to 2027.
Water treatment industry to offer huge growth opportunities
Strong demand from Asia Pacific is driving the demand for industrial valves
Asia Pacific dominated the global market for Industrial Valves.
Oil & gas segment accounts for the largest share of the Industrial Valves market
