OTTAWA, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The global industrial valves market size was valued at USD 87.23 billion in 2019, according to new report study by Precedence Research.
Industrial valves are widely used in process industries for regulation, direction, and control of slurries, gases, vapors, liquids, and others. Industrial valves are generally manufactured using stainless steel, cast iron, carbon steel, and other high functioning metal alloys to gain efficient flow control in various industries such as oil & power, water & waste water, chemicals, food & beverages, and many others. Moreover, a valve mainly consists of a stem, main body, and a seat that are mainly manufactured using various materials that include metals, rubber, polymers, and others to avoid the wastage of liquid flowing through the valve. Valves are primarily differentiated on the basis of their operating mechanisms. Some of the most widely used valves in industries are butterfly valves, globe valves, gate vales, diaphragm valves, ball valves, pinch valves, plug valves, and check valves.
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Growth Factors
The food & beverages processing industry is a highly saturated industry in many developed countries that include the U.S., the European Union countries, and China. Besides this, increase in demand for food from developing countries such as India, Brazil, and others boosts the agriculture industry that in turn propels the growth of the food & beverage industry. This is further anticipated to fuel the demand for industrial valves.
Furthermore, governments of various countries closely monitor the water utilities to provide safe drinking water and sanitation. Additionally, the outbreak of corona virus in start of the year 2020 has created insecurity among the people. During this situation, people are more concerned about clean water and sanitation, thereby propelling the demand of industrial valves in the sector.
Report Highlights
- In 2019, North America dominated the global industrial valves market owing to replacement of inefficient and old valves with more efficient valves for gas transportation.
- The Asia Pacific exhibits the fastest growth over the analysis period owing to booming consumption of chemicals coupled with escalating construction activities.
- By material, steel valves garnered the largest value share in the year 2019 due to rising demand for high-quality valves in pharmaceuticals, chemicals, food & beverages, and metals & mining industries
- By valve type, ball valves led the global market and predicted to continue same trend during the forecast period
- Oil & gas sector accounted for the largest market value share in the year 2019 pertaining to increasing demand of energy along with flourishing growth of transportation sector.
- Based on application, water & wastewater industry encountered the fastest growth close to 6% over the forecast period.
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Regional Snapshots
North America captured the largest market value share in the global industrial valves market in the year 2019. Rising research & development (R&D) activities in the region related to the implementation of actuators in the valves for automation along with the rising demand for safety applications are some of the crucial factors that fuel the growth of North America market. R&D at industry levels has expanded the application of industrial valves in various industries that include chemicals and energy & power, in the United States. Control valves are significantly used in the energy & power, oil & gas, and water & wastewater treatment industries to regulate the flow of media through a system, as well as to stop, start, or throttle the flow and ensure efficient and safe process automation.
On the other hand, the Asia Pacific offers lucrative growth opportunity during the analysis period. This is attributed to the increasing need for water treatment plants in the Asian countries, such as India, China, and Japan, thereby fuelling the demand for industrial valves in the region. In addition, booming consumption of chemicals is the other most prominent factor to trigger the growth of industrial valves in the region.
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Key Players & Strategies
Key industry players in the global industrial valves market are involved in the inorganic growth strategies to upgrade their position and strengthen their foothold in the global market. For instance, in August 2019, Bonomi Group entered into an agreement to acquire FRA.BO.S.p.A, a Italy-based manufacturer of stainless steel, copper, bronze, and brass fittings for plumbing applications. Similarly, in June 2019, Crane Co. signed an agreement to acquire all the stakes of Circor International Corporation, a U.S.-based manufacturer of motion and flow control products. It also provides products such as actuators, valves, pumps, and many others for industrial applications. The acquisition has helped Crane Co. to improve its footprint in the United States.
Some of the key players operating in the market are Avcon Controls Private Limited, AVK Holding A/S, Crane Co., Metso Corporation, Schlumberger Limited, Flowserve Corporation, Emerson Electric Co., IMI plc, Forbes Marshall, and The Weir Group plc among others.
Market Segmentation
By Valve
- Butterfly Valves
- Ball Valves
- Globe Valves
- Gate Valves
- Check Valves
- Plug Valves
- Diaphragm Valves
By Material
- Cast Iron
- Alloy-Based
- Steel
- Others
By Application
- Water & Wastewater
- Oil & Power
- Food & Beverages
- Chemical
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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