Steel and Alloy Casting Valves Market Soars: 12.55% CAGR
Evolve Business Intelligence has published a research report on the Global Steel and Alloy Casting Valves Market, 2023–2033. The global Steel and Alloy Casting Valves market is projected to exhibit a CAGR of around 12.55%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Steel and Alloy Casting Valves Market: AZ Armaturen GmbH, Schlumberger Limited, Chemtrols Industries Pvt. Ltd., Franklin Valve Company, Galli & Cassina, Ghatge Patil Industries Ltd., G M Engineering, Hawa Valves, Hitech, Horizon Polymer Engineering Pvt. Ltd.
More Information: https://evolvebi.com/report/steel-and-alloy-casting-valves-market-analysis/
Market Highlights
The Global Steel and Alloy Casting Valves market is projected to be valued at USD 65.33 Billion by 2033, recording a CAGR of around 12.55% during the forecast period. The Steel and Alloy Casting Valves Market focuses on the production and distribution of valves made from steel and various alloys, offering superior strength, durability, and resistance to extreme conditions. These valves are crucial for controlling the flow of liquids, gases, and slurries in industries such as oil and gas, power generation, chemical processing, and water treatment. Their high performance in high-pressure and high-temperature environments makes them indispensable in industrial applications where reliability and longevity are critical. The market is driven by increasing industrialization and the demand for robust, corrosion-resistant valves.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Steel and Alloy Casting Valves market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
Segmental Analysis
The global Steel and Alloy Casting Valves market has been segmented based on Type, Size, Material, End Use
Based on the Type, the market is segmented based on Plug Valves, Gate Globe Check Valves, Butterfly Valves, Ball Valves. Ball Valves often dominate due to their reliable performance, ease of operation, and suitability for a wide range of applications, including high-pressure and high-temperature environments.
Based on Size, the market has been divided into 2” & Below, 2-6’’, 6-25’’, 25-50’’, 50’’ & Above. the 6-25’’ size segment typically dominates, as it caters to a broad range of industrial applications requiring mid-sized valves for various operational needs.
Based on the Material, the market has been divided into Cast Iron, Carbon Steel, Alloy Steel, Austenitic Steel, Nickel Alloy Steel, Ductile Steel, Duplex Stainless Steel. Carbon Steel often dominates due to its cost-effectiveness and versatile performance across a wide range of industrial applications, making it a preferred choice for many valve manufacturers.
Based on End Use, the market has been divided into Oil Exploration, Cracking & Refining, Pipelines & Oil Transports, LPG Marketing Terminals & Bottling Plants, Liquefied Natural Gas, Petrochemicals, Chemicals , Fertilizer, Mining, Food, Pharmaceutical, Cement, Others. the Oil Exploration segment often dominates due to its high demand for durable and reliable valves that can withstand harsh conditions in exploration and extraction processes. This sector’s need for robust equipment drives significant market share compared to other end-use segments.
More Information: https://evolvebi.com/report/steel-and-alloy-casting-valves-market-analysis/
Regional Analysis
The Steel and Alloy Casting Valves market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The North American region holds a dominant position in the Steel and Alloy Casting Valves market. In North America, the Steel and Alloy Casting Valves Market is driven by robust industrial activity, including oil and gas extraction, power generation, and chemical processing. The region’s focus on infrastructure upgrades, energy sector advancements, and stringent safety regulations boosts demand for high-quality valves. Additionally, North America’s emphasis on technological innovation and advanced manufacturing processes supports the growth of the market. The presence of major valve manufacturers and a well-established supply chain further strengthens the market in this region. The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Steel and Alloy Casting Valves industry. In the Asia-Pacific region, the Steel and Alloy Casting Valves Market is propelled by rapid industrialization, infrastructure development, and growing energy needs. Countries like China and India drive demand through extensive investments in oil and gas exploration, power generation, and water treatment facilities. The region’s expanding manufacturing base and increasing urbanization also contribute to the market’s growth.
