Key Market Overview:
The Industrial Valves Market was valued at USD 65 Billion in 2022, registering a CAGR of 5.60% during the forecast period (2023-2030), and the market is projected to be worth USD 100.72 Billion by 2030.
Industrial valves refer to mechanical components that close, open, or partly obstruct passageways in order to regulate the flow of gas, liquid and slurry within a system. Industrial valves offer a range of benefits such as ease of assemble, prevention of leakage, enhanced safety, and lower risk of contamination in industrial systems. The aforementioned benefits of industrial valves are the major aspects increasing its adoption in the oil and gas, wastewater treatment, chemical, energy, and other industries.
Factors such as the rising trend toward the adoption of industrial valves in power generation plants and oil & gas sectors are the key factors driving the growth of the industrial valves market. Additionally, the growing demand for industrial valves in wastewater treatment facilities will create lucrative opportunities for the growth of the market.
In August 2022, Orbinox launched its new range of high pressure gate valves that are primarily developed for industrial and water treatment applications. The gate valve is composed of an iron body while its design focuses on delivering an ideal solution for water treatment applications along with general industrial processes that require high pressure performance and reliability. Thus, the rising development of industrial valves for its utilization in wastewater treatment and other industrial applications will further drive the growth of the market in the upcoming years.
Industrial Valves Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||100.72 billion|
|CAGR (2023-2030)||5.6 %|
|By Product Type||Butterfly Valve, Ball Valve, Globe Valve, Gate Valve, Plug Valve, and Others|
|By Material||Steel, Cast Iron, Plastic, Aluminum, Bronze, and Others|
|By End User||Oil and Gas, Water and Wastewater Treatment, Chemical, Energy and Utilities, Pharmaceutical, and Others|
|By Geography||Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] |
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
|Key Players||Emerson Electric Co., Schlumberger, Flowserve Corporation, IMI Plc, Neles Corporation, Spirax Sarco Limited, Crane Co., KITZ Corporation, Trillium Flow Technologies, Bray international, and CIRCOR International Inc.|
Industrial valves are mainly utilized in power generation plants to withstand high pressure and temperature and control the flow of liquid, gas, or slurries within the piping system of the power plant. Moreover, the deployment of industrial valves in power generation plants enables its piping system to adapt to the sudden changes in media flow, thereby, preventing leakage and risk of contamination.
Factors such as the rising demand for electricity, increasing investments in the energy and utilities sector, expansion of power generation facilities, and the rising trend towards the adoption of industrial valves in power plants are major factors driving the growth of the market.
In October 2022, the Indian government launched a new 800-MW thermal power plant in Andhra Pradesh, India. The newly launched thermal power plant has an overall power generation capacity of around 2,400 MW. Thus, the rising development of new power generation plants is driving the utilization of industrial valves to regulate the flow of liquid, gas, or slurries within the piping system of the plant. The above-mentioned factors are further fueling the growth of the industrial valves market.
The overall cost of industrial valves is primarily dependent on the cost of production, followed by the cost of raw materials including steel, aluminum, plastic, copper, and others used in the manufacturing of industrial valves. Additionally, the fluctuating prices of raw materials further impact the cost of production of industrial valves, which is a prime factor restricting the growth of the market.
For instance, according to MEPS International Ltd. the average global price of steel reached approximately USD 4,693 per ton in May 2022, witnessing an increase of 13.9% in comparison to March 2022. Meanwhile, the average annual price of copper per metric ton reached around USD 6,221 in 2020, and USD 9,322 in 2021 respectively. Likewise, the average price of copper in the first half of 2022 reached around USD 9,438 per metric ton, representing an increasing trend in the price of copper. Additionally, the price of aluminum reached USD 2,534 per metric ton in 2021, which was the highest recorded price since 2018.
Therefore, the instability in the prices of raw materials including steel, aluminum, copper, and other materials that are used in the production of industrial valves impacts the overall pricing of valves, which in turn is restraining the growth of the market.
Industrial Valves Market Segmentation:
By Product Type
The product type segment is divided into butterfly valve, ball valve, globe valve, gate valve, plug valve, and others.
The globe valve segment contributed to the largest market share, owing to its increasing adoption in various industrial applications. Globe valves refers to linear motion valves that utilizes a globe-shaped disc to start, stop, or regulate flow in pipelines. The major benefits of globe valves include its shorter opening-closing time and higher leak-proof capability in comparison to other valves. The above benefits of globe valves are increasing its adoption in high-temperature applications such as wastewater plants, power generation plants, and food processing plants among others.
In January 2021, Warren Controls launched its new series of high-quality, linear, and modulating industrial globe control valves. The new series of globe valve is primarily designed for application in energy, chemical, food and beverage, refining, pharmaceutical, paper and pulp, and other industries. Further, factors such as the rising development of power generation plants, oil refineries, and chemical plants along with the growing demand for high performance motion control valves in the above-mentioned end users are the key factors driving the growth of the segment.
Additionally, the butterfly valve segment is expected to grow steadily during forecast period. A butterfly valve comprises of a rotating metal disc which is often positioned in perpendicular to the stream of fluid when closed. The intermediate rotations of the disc enables the butterfly valves to precisely regulate the amount of liquid flowing through a system. The benefits of butterfly valves such as ease of installation, maintenance, and repair, high accuracy, lightweight, and high reliability are increasing its adoption in various industrial applications including pharmaceutical, wastewater treatment, chemical, and food processing among others.
In July 2022, Valworx launched its new range of stainless steel butterfly valves. The newly launched butterfly valves are ideal for deployment in pharmaceutical, food & beverage, and other related industries. Thus, the rising development of butterfly valves for its application in pharmaceutical, food & beverage, and waste water treatment among others is a prime factor boosting the growth of the segment.
By End User
The end user segment is divided into oil and gas, water and wastewater treatment, chemical, energy and utilities, pharmaceutical, and others.
The energy and utilities segment is expected to account for largest share in the industrial valves market. Industrial valves are primarily deployed in the energy and utilities sector, particularly in power generation plants to control the flow of liquid, gas, or slurries and to withstand high pressure and temperature within the piping system of the power plant.
The growing demand for electricity, increasing development of power generation plants and projects, along with the rising trend towards the adoption of industrial valves in power generation plants are major factors driving the energy and utilities segment. In 2022, the Department of Energy of Unites States invested over USD 28 million to support the research, development, and deployment of hydroelectric power plants, which plays a significant role in incorporating variable renewable energy sources on the electric grid. Thus, the increasing investment in the development of power generation plants will foster the demand for industrial valves for its application in the power plants, which will further boost the market growth in the upcoming years.
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia-Pacific region is considered to contribute the largest revenue share in the year 2022. The rapid pace of industrial development in the Asia-Pacific region is creating lucrative opportunities for the growth of the market in the region. Additionally, factors such as the increasing investments in oil & gas projects along with the growth of the power generation, and pharmaceutical industries are driving the market growth in the region. Moreover, the rising trend for adoption of industrial valves in the above-mentioned industries in the Asia-Pacific region are fueling the growth of the market in the region. For instance, according to the India Brand Equity Foundation (IBEF), India ranked third in terms of pharmaceutical production by volume in 2021. IBEF further states that the local pharmaceutical industry in India comprise of approximately 10,500 pharmaceutical manufacturing units, and 3,000 drug companies. Hence, the growth of the pharmaceutical industry will further foster the demand for industrial valves for its utilization in pharmaceutical processing plants, thus, contributing to the growth of the market in the Asia-Pacific region.
The North American region is anticipated to witness substantial growth during the forecast period. The growth of the market in the North American region is attributed to the presence of several leading industrial valve providers in the region such as Emerson Electric Co., Schlumberger, Flowserve Corporation, CIRCOR International Inc., and others. Moreover, factors such as the rising investments in the expansion of wastewater treatment and chemical plants is further promoting the deployment of industrial valves in the region.
Industrial Valves Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Industrial Valves Market. Key players in the market include-
• Emerson Electric Co.
• Flowserve Corporation
• IMI Plc
• Neles Corporation
• Spirax Sarco Limited
• Crane Co.
• KITZ Corporation
• Trillium Flow Technologies
• Bray international
• CIRCOR International Inc.
• In November 2022, FITOK Group launched its BGP and BRP series, which consist of high purity ball valves. The ball valves are optimized for utilization in oil and gas, chemical, and semiconductor industries.
• In November 2022, Valworx launched its new range of ball valves. The valves are designed for use in various applications including pharmaceuticals, food & beverages, and other applications.