The global industrial valves market size was valued at USD 48.1 billion in 2020 and is projected to reach USD 85.7 billion by 2025. It is expected to grow at a CAGR of 12.3% during the forecast period. Increasing demand for valves from the pharmaceuticals industry due to the outbreak of the COVID-19 pandemic, growing focus on the development of smart cities globally, rising need for connected networks to maintain and monitor industrial equipment, and surging requirement for establishing new nuclear power plants and revamping existing ones are the key driving factors for the industrial valves market.
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On-off/Isolation valves to account for a larger share of the industrial valves market by 2025
On-off/isolation valves are one of the most basic and indispensable components of the present modern technological society. It is essential to virtually all manufacturing processes and every energy production and supply system. It is one of the oldest products, with a history of thousands of years. The valve industry is truly broad-shouldered, with segments varying from water distribution to nuclear power to upstream and downstream oil and gas. Each of these end-user industries uses some basic types of valves, such as ball, butterfly, gate, globe, plug, diaphragm, check, and safety. However, the construction methods and materials used for these valves, along with their size, often depend on their diverse applications in varieties of end-user industries. On-off/isolation valves fulfill stringent shut-off requirements across various industries; therefore, these valves account for a larger share of the overall industrial valves market.
Steel industrial valves accounted for the largest market share in 2019
Steel industrial valves accounted for the largest market share in 2019. The rising demand for high-quality industrial valves in food & beverages, chemicals, pharmaceuticals, and metals & mining industries to mitigate the threat of contamination drives the demand for steel industrial valves at present, and a similar trend is likely to be observed during the forecast period. Additionally, the rising concern for sanitation will further boost the market for stainless steel valves in water & wastewater treatment plants as longer-lasting stainless steel valves can withstand harsh temperatures, chemicals, and pressures, along with hard water conditions, owing to its corrosion resistance quality. Stainless steel is tougher than other materials such as cast iron, ductile iron, brass, and copper in accordance with pressure rating and temperature tolerance. Stainless steel is preferred over carbon steel in applications where corrosion resistance is of utmost importance. Hence, stainless steel ball valves are typically in demand from industries such as pharmaceuticals, chemicals, oil & gas, and food & beverages. However, the amplified focus on cleaner fuels will boost the market for natural gas production and transportation, which, in turn, will boost the demand for cryogenic valves during the forecast period.
Globe valves to account for the largest market share during the forecast period
Globe valves are among the most popular valves used to control the flow in a pipeline, and they regulate by the position of a movable disk in relation to the stationary ring seat. The major advantage of the globe valve is that it does not leak as much as other valves. Owing to various benefits such as better full-closing characteristics, shorter opening and closing time, positive shut-off, these valves are adopted across various industries. They can also be used as stop check valves.
Oil & gas to account for the largest market share during the forecast period
The oil & gas industry accounted for the largest share of the industrial valves market in 2019 owing to the growing transportation sector, increasing energy demand, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the outbreak of the COVID-19 pandemic. The onset of this epidemic has affected the oil & gas industry badly, with oil prices slashing like never before. Similarly, on the one side, major oil-producing companies are running out of space to store extracted oil. In contrast, the oil demand has declined drastically, which has created a huge demand-supply gap. Oil & gas is one of the key industries for industrial valves, but the pandemic has adversely affected the industrial valves market in 2020 to a greater extent.
North America to witness the highest CAGR in the industrial valves market during the forecast period
The market in North America has been classified into the US, Canada, and Mexico. North America is a key market for industrial valves as the region is home to a few of the largest multinational corporations, such as Emerson (US), Cameron-Schlumberger (US), Flowserve Corporation (US), Crane Co. (US). The increasing R&D activities in the region pertaining to the use of actuators in the valves for automation and the rising demand for safety applications are among the crucial factors driving the market in North America. R&D at industry levels is broadening the application areas of industrial valves in different industries, such as energy & power and chemicals, in the US. Control valves are used in the oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.
A few of the key players in the industrial valves market are Emerson (US), Cameron – Schlumberger (US), Flowserve (US), IMI Plc. (UK), Metso (Europe), Spirax Sarco (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (UK), and BRAY International (US).
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