Industrial Valves Market
Industrial Valves Market Analysis, By Valve Type (Dual Plate, Piston Lift, Swing Check, Parallel, Wedge, Tee, Angle, Trunnion, Lined, Lubricated, Butterfly, Safety Relief), By Valve Material (Cast Steel, Carbon Steel, Stainless Steel, Bronze), By Function (Manual, Automatic)
Global Industrial Valves Market Insights
The global industrial valves market is projected to witness sluggish growth at 3.3% and slated to create an absolute $ opportunity of more than US$ 22.3 billion. It is projected to be valued at more than US$ 79.4 billion by the end of the forecast period (2020 – 2030), predicts Fact.MR.
Investments in pipeline infrastructure in the oil & gas sector in downstream applications are expected to boost the installation of industrial valves. ASEAN countries are witnessing an increase in water supply and sanitation projects by governments, which is likely to propel the sales of industrial valves for domestic and agricultural applications. Installation of high-pressure pipelines will drive the demand for valves for the transmission of chemical products, steam, etc.
However, stringent lockdowns imposed across countries to contain the spread of COVID-19 has had a serious impact on the global refinery sector. Stringent travel restrictions have disturbed the supply chain for transportation fuel.
This is leading to a decline of products such as gasoline and jet fuel due to which stocks are piling up and refiners are witnessing high inventory costs. However after the restrictions are eased, growth is anticipated to rebound and follow the originally predicted growth trajectory in the forecast period.
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Industrial Valves Market Share by Valve Type
According to Fact. MR’s recently published report, the industrial gate valves segment is expected to gain 19 BPS from its market share to be valued at US$ 17.9 billion by the end of the forecast period. This is attributed to rising investments in the up-gradation of obsolete water infrastructure.
Furthermore, industrial valves manufacturers in emerging economies such as China, India, Indonesia, and Saudi Arabia are adopting modern technologies for the treatment of water and effluents, which is driving the demand for industrial gate valves.
The rising construction of new power plants and investments in upgrading aging power plants will surge the demand for industrial gate valves. However, the COVID-19 outbreak has compelled power stations to delay repairs. Thermal plants are moving to halt or delay maintenance as companies are unable to import the spare parts required. Utilities and power generators globally are alternating their business practices and developing strategies for dealing with the COVID-19 crisis.
Industrial Valves Market Share by End Use
The oil & gas industrial valves are estimated to create an absolute dollar opportunity worth US$ 7.7 billion and are expected to grow at a CAGR of 3.5% by end of the forecast period. This is attributed to a rise in the consumption of oil and gas in developed and developing regions.
Thus, industries are focusing on expanding their production facilities through onshore and offshore pipelines exploration of oil & gas to cater to the increasing demand and supply of the same. Industrial valves are installed and fitted in equipment and on pipelines.
Thus, an upsurge in the oil & gas industry enhances the sales of these industrial valves. In the U.S., there are more than 130 ongoing projects of natural gas exploration and transportation pipelines that shall be completed shortly.
The coronavirus has impacted midstream service companies, interstate pipeline operators as well as those involved in LNG production and export. A Calgary-based pipeline operator has announced it will cut US$ 700 million which is around 43% of its annual budget which was previously set at more than US$ 1.5 billion.
Industrial Valves Market Share by Region
The Asia-Pacific excluding Japan (APEJ) region is anticipated to be the fastest-growing region during the forecast period, owing to investments in oil & gas, and an increase in demand for water treatment. The increasing production in the downstream sector will raise the production capacity of petrochemical products, thus stimulating the consumption of industrial valves in the region. The rising demand for oil & gas in APEJ has made the region a leading producer of industrial valves.
Due to the COVID-19 pandemic, demand for oil & gas has fallen, owing to restrictions on air travel, road transportation, and manufacturing. The construction of new pipelines or maintenance of aging oil & gas pipelines will be on halt due to lowered demand for oil & gas production.
APEJ is estimated to create an absolute dollar opportunity worth US$ 11.2 billion, through the forecast duration. Furthermore, the European industrial valves are estimated to account for more than one-fourth of the overall absolute dollar opportunity created in the global market by the end of 2030.
Industrial Valves Manufacturer Insights
The global industrial valves market is highly competitive in nature. Prominent manufacturers are focusing on strategic acquisitions and geographic expansion to maintain their market position. For instance, In November 2018, Baker Hughes, a GE company, inaugurated a new steam test facility in Naples, Italy to focus on the scope and capacity of the plant, which includes a full range of consolidated safety valves and Masoneilan control valves.
Key Companies Profiled
- Emerson Electric
- KITZ Corporation
- Schlumberger Limited
- Flowserve Corporation
- Watts Water Technologies
- Weir Group Plc.
- Technip FMC Plc.
- KSB SE & Co. KGaA
- Alfa Laval Corporate
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COVID-19’s Impact on the Global Industrial Valves Market
The COVID-19 pandemic has caused economic instability across various industries in the world. Stringent lockdowns imposed across countries has led to a decline in the production of industrial valves. Mandatory social distancing measures have prompted people to avoid air or road travel, thus leading to a falling demand for gasoline and jet-fuel.
The European oil refineries are slashing output by 1.3 million barrels per day. In Turkey, refiner Tupras has decreased production by 20-50% as demand for fuel deteriorates. This in turn is causing limitations in exports from these regions.
Governments of emerging economies in the Asia Pacific are focusing on improving drinking water facilities in urban as well as rural areas to combat the pandemic. Desalinization projects are also expected to contribute to the adoption of valves, as most parts of the globe still lack the basic facility of running water.
Nevertheless, the global market is poised to remain stagnant for the next couple of financial quarters. After the COVID-19 pandemic is brought under control, the global industrial valves market is expected to create an absolute dollar opportunity of US$ 22.3 billion during the forecast period
Due to the ongoing COVID-19 pandemic, the production of industrial valves stands thwarted, registering slow growth rate in 2020. However, new projects of water & wastewater treatment plants and increase in demand of oil & gas will create opportunities for the manufacturers during the forecast period.
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Global Industrial Valves Market Report Scope
The recent global industrial valves market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities, and threats to the expansion of the global industrial valves market. A detailed segmental analysis, based on valve type, valve material, function, and end-use, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global industrial valves market. In addition, a separate section on the market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the industrial valves market.
Key Segments of the Industrial Valves Market
Fact.MR’s study on the Industrial Valves market offers information divided into four key segments— valve type, valve material, function, end use and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
By Valve Type :
- Check Valve
- Dual Plate
- Piston Lift
- Spring Loaded Disk
- Swing Check
- Tilting Check
- Y Pattern
- T Pattern
- Threaded Series
- Safety Relief
- Check Valve
By Valve Material :
- Cast Steel
- Carbon Steel
- Stainless Steel
- Other Alloys
By Function :
By End Use :
- Oil & Gas
- Water & Wastewater Treatment
- Power Plants
- Paper & Pulp
By Region :
- North America
- Latin America
- Eastern Europe
- Western Europe
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