Market Overview
Market Research Future (MRFR) anticipates that the industrial valve market 2020, since attaining a valuation of USD 70.53 billion in 2017, can now touch USD 90.77 billion by 2023-end. The market can also possibly advance at a rate of 4.53% over the forecast period (between 2018 and 2023). We will provide COVID-19 impact analysis with the report, detailing the key developments that followed the coronavirus disease outbreak.
Key Boosters and Main Restraints
The COVID-19 outbreak has compelled governments to uptake stringent measures to reduce the impact of the pandemic. This means imposition of lockdown and curfew in developing as well as developed nations across the globe. The situation has been unfavorable for the manufacturing plants along with malls, restaurants and retail stores as they had to be closed down, resulting in a huge revenue loss and weakened product demand. Production of industrial valves has been discontinued, translating into a significant gap between supply and demand. SARS-CoV-2 has also disrupted the supply chain network of the industrial valves manufacturers, with a number of firms facing liquidity issues.
MRFR expects the novel coronavirus to reduce the demand for industrial valves in the coming months. However, despite the COVID-19 impact, there are certain types of industrial valves that can observe sustained demand, such as globe and check valves, gate, industrial butterfly valves, automated valves and ball valves. Most of the demand for these valves could come from industries like oil gas, power generation, iron steel, pulp paper and petroleum refining. Further, the surge in industrialization across emerging countries like India and the vigorous efforts given industrial valve manufacturers to boost the output within the process manufacturing units could also benefit the industrial water valve market in the following years.
Speaking of efforts, some of the leading contenders are actively pursuing major strategies such as mergers, acquisitions, partnerships and product launches that not only helps expand their product portfolio but also elevate their market position. To cite an instance, in July 2020, the Energy Products Company launched API 6D Swing Check Valve, which contains an advanced stainless-steel trim and is best used for preventing backflow in gas and oil pipelines. It is set to gain favor among those sectors that demand ease of maintenance and affordability.
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Segmental Analysis
Industrial valves market research by MRFR highlights the key segments in the report, namely type, material, size and end-user verticals.
The types of industrial valves are butterfly valves, pinch valve, check valves, ball valves, globe valves, plug valves and gate valves. Over the next few years, the plug valve type can gain the highest expansion rate given the soaring demand for these in the chemical industry of Asia Pacific as well as Europe.
The key materials available in the market include cast iron, cryogenic, stainless steel, alloy-based, brass, and others. The highest expansion rate can be of the cryogenic material segment in the coming years, on account of the high demand for cryogenic plug valves in the chemicals and oil gas industries for isolation applications.
The size-based market categories include less than 1”, 1" to 25", 25" to 50", and 50" and more.
Some of the significant end-use verticals mentioned in the study are construction, food and beverages, energy power, pulp and paper, chemicals, water and wastewater treatment, oil gas, and more. The oil and gas end-user can take the lead in the market, as a result of the increasing spending on capacity expansion within the oil gas industry in Africa as well as the Middle East. Another reason could be the escalating demand for better maintenance processes in the refineries across the oil gas industry. But, it is expected that the energy power sector can accrue the fastest growth rate during the appraisal period.
Regional Insight
The regional consideration of the industrial valve market by MRFR covers Europe, North America, APAC/Asia Pacific, and the rest of the world/RoW.
Ever since procuring the top position in 2017, the APAC market has maintained its lead in the industrial valve market and is also projected to advance at the highest rate between 2018 and 2023. The market here has gained traction backed by the rapid infrastructural development, rising industrialization, and the high investments in industries like oil gas, energy power, chemicals, construction and water wastewater treatment. All this, coupled with the increasing backing from the government, contribute to the demand for industrial valves in the region.
Considering the growing demand for high performance and quality equipment along with the rapid transition towards power generating using renewable energy such as wind turbine energy, hydroenergy and solar panels, the market outlook in North America seems quite promising. The industrial valves market in the region is quickly advancing, strongly supported by the frequent technological innovations. With industries like metalworking, water treatment and chemical constantly demanding advanced equipment fulfill their requirements, industrial valves manufacturers are focusing on redefining their tactics to facilitate optimized asset utilization while exploring the latest technologies. This gives North America the edge over other regions, in terms of revenue generation.
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Key Industry Contenders
The key industry contenders profiled in the study include IMI PLC (US), Samson AG (Germany), Weir Group (UK), AVK Holding A/S (Denmark), Emerson (US), PR Valves LLC (US), Avcon Controls (India), Dwyer Instruments Inc. (US), Dwyer Instruments (US), Schlumberger Limited (US), Velan Inc. (Canada), Danfoss A/S (Nordborg), Conbraco Industries Inc. (US), Flowserve Corporation (US), Forbes Marshall (India), Crane Co. (US), Kitz Corporation (Japan), Neway Valve (Suzhou) Co., Ltd (China), to name a few.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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