Industrial Valves Market Overview
Industrial Valves Market Size is expected to reach USD 115.32 Billion by 2033. The Industrial Valves industry size accounted for USD 68.11 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 5.67% from 2023 to 2033.
Industrial valves are mechanical devices used to control and regulate the flow of fluids (liquids, gases, or slurries) within industrial processes. These valves are specifically designed and constructed to withstand the demanding conditions encountered in industrial settings, such as high pressure, high temperature, corrosive environments, or abrasive media. Industrial valves play a critical role in various industries, including oil and gas, chemical processing, power generation, water treatment, pharmaceuticals, and manufacturing. They are utilized to start, stop, or modulate the flow of fluids, as well as to control the direction, pressure, and volume of fluid flow. These valves consist of various components, including a body or casing, an actuator for controlling the valve’s position, a closure element (such as a disc, ball, or plug) that opens or closes the flow path, and sealing elements to prevent leakage. Valves can be classified into different types based on their design, such as gate valves, globe valves, ball valves, butterfly valves, check valves, and plug valves, each suited for specific Valve Types and operating conditions.
Global Industrial Valves Market Synopsis
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted the Industrial Valves market, causing disruptions and changes in demand patterns. The lockdown measures and restrictions imposed by governments worldwide resulted in reduced industrial activities and project delays, affecting the demand for industrial valves. Many industries, such as oil and gas, manufacturing, and construction, experienced slowdowns or temporary shutdowns, leading to a decline in new installations and maintenance projects. Additionally, supply chain disruptions, including raw material shortages and transportation challenges, further hampered the availability and delivery of valves. However, as economies gradually recover and industries resume operations, the Industrial Valves market is expected to regain momentum, driven by infrastructure development, increased investments in sectors like water treatment and renewable energy, and the need to upgrade existing facilities for enhanced efficiency and safety.
Global Industrial Valves Market Dynamics
The major factors that have impacted the growth of Industrial Valves are as follows:
Drivers:
Increasing global demand for industrial valves in key industries
The Industrial Valves Market is driven by the growing demand for valves in industries such as oil and gas, chemicals, water and wastewater treatment, and power generation. This demand is fueled by factors like infrastructure development, industrialization, and the need for efficient process control and safety measures.
Restraint:
- Volatility in raw material prices
The Industrial Valves Market faces the challenge of fluctuating raw material prices, particularly steel, and alloys. The cost of these materials directly impacts the production costs of valves. When raw material prices increase, it puts pressure on valve manufacturers’ profit margins, making it challenging to maintain competitive pricing.
Opportunity:
Technological advancements and the adoption of smart valves
The Industrial Valves Market presents opportunities through technological advancements. The development and adoption of smart valves, equipped with sensors, automation, and remote monitoring capabilities, offer improved efficiency, real-time data monitoring, predictive maintenance, and optimized performance. These smart valves enhance process control, reduce downtime, and enable better decision-making for industries that rely on industrial valves.
Industrial Valves Market Segment Overview
By Material Type
Based on the Material Type, the market is segmented based on Cast iron, Steel, Alloy based, and Others. The Cast iron segment was projected to hold the largest market share in the Industrial Valves market. Cast iron valves are widely used across various industries due to their excellent durability, cost-effectiveness, and resistance to corrosion and high temperatures. They are especially favored in applications where strength and reliability are critical, such as in the oil and gas, water and wastewater, and chemical industries. Additionally, cast iron valves are known for their ease of installation and maintenance, making them a popular choice among end-users. The projected dominance of the cast iron segment reflects the continued preference for these valves, driven by their reliable performance and suitability for a wide range of industrial applications.
By Valve Type
Based on the Valve Type, the market has been divided into Ball valves, Butterfly valves, Gate valves, Globe valves, Plug valves, Check valves, and Diaphragm valves. The Ball valves segment is expected to hold the largest market share in the Market. These valves are widely utilized across various industries, including oil and gas, water and wastewater, chemicals, and power generation, due to their versatility and reliability. Moreover, the growing adoption of ball valves in industrial processes, driven by their ease of operation and low maintenance requirements, further contributes to their dominant market position.
By Application
Based on Application, the market has been divided into Oil And Power, Water And Wastewater, Chemicals, Food And Beverage, and Others. The Water And Wastewater segment is projected to experience significant growth in the Industrial Valves market. This can be attributed to several factors driving the demand for valves in water and wastewater treatment applications. The increasing population, urbanization, and industrialization have led to a surge in the demand for efficient water management systems and wastewater treatment facilities.
Global Industrial Valves Market Regional Analysis
Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Industrial Valves, followed by those in Asia-Pacific and Europe.
North America Market
North America has consistently maintained the largest market share in the Industrial Valves market. This can be attributed to several factors such as the region’s robust industrial infrastructure, advanced manufacturing capabilities, and the presence of major industries like oil and gas, chemical, and power generation. Additionally, stringent safety regulations and environmental standards in North America have compelled industries to invest in high-quality valves for process control and efficiency. Moreover, ongoing investments in infrastructure development, including pipeline networks and water treatment facilities, further drive the demand for industrial valves in the region. The strong market position of North America in the Industrial Valves sector is expected to continue due to continuous technological advancements and the region’s focus on sustainable industrial practices.
Asia Pacific Market
The Asia-Pacific region has been witnessing a significant growth rate in the Industrial Valves industry, as indicated by its growing compound annual growth rate (CAGR). This can be attributed to several factors driving market expansion in the region. The rapid industrialization and urbanization in countries like China and India have created a surge in demand for industrial valves across various sectors, including oil and gas, chemicals, water and wastewater treatment, and power generation. Additionally, increasing investments in infrastructure development, such as the construction of new manufacturing plants, pipelines, and water supply systems, has further propelled the demand for industrial valves in the Asia-Pacific region. Moreover, the presence of emerging economies, favorable government initiatives, and a rising focus on sustainable practices are contributing to the continuous growth of the Industrial Valves market in the Asia-Pacific region.
Competitive Landscape
The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Emerson Electric Co, Flowserve Corporation, Crane Co, KITZ Corporation, and IMI plc are some of the leading players in the global Industrial Valves Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.
Key Market Players:
- Emerson Electric Co
- Flowserve Corporation
- Crane Co
- KITZ Corporation
- IMI plc
- Cameron International Corporation
- Tyco International Ltd
- Neway Valve (Suzhou) Co Ltd
- Metso Corporation
- Velan Inc
Key development:
In November 2022, IMI Saudi Industry, a subsidiary of IMI Critical Engineering, inaugurated a state-of-the-art facility spanning 5,000 m2 in Dammam. The facility aims to provide innovative valve solutions and enhance domestic manufacturing capabilities in alignment with the Saudi Arabian government’s strategy to localize essential products.
In November 2022, James Walker introduced the Supagraf HT valve stem seal designed specifically for molten salt media. This advanced seal is capable of withstanding extremely high temperatures and effectively handling chemically aggressive and corrosive substances like molten salts. It caters to the rigorous demands of valves, process equipment, and other sealing applications operating under such challenging conditions.
Scope of the Report
Global Industrial Valves Market, by Material Type
- Cast iron
- Steel
- Alloy based
- Others
Global Industrial Valves Market, by Valve Type
- Ball valves
- Butterfly valves
- Gate valves
- Globe valves
- Plug valves
- Check valves
- Diaphragm valves
Global Industrial Valves Market, by Valve Type
- Oil and Power
- Water and wastewater
- Chemical
- Food and beverage
- Others
Global Industrial Valves Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of Middle East & Africa
| Parameters | Indicators |
|---|---|
| Market Size | 2033: $115.32 Billion |
| CAGR | 5.67% CAGR (2023-2033) |
| Base year | 2022 |
| Forecast Period | 2023-2033 |
| Historical Data | 2021 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Material type, Valve type, Valve Type |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
| Key Vendors | Emerson Electric Co, Flowserve Corporation, Crane Co, KITZ Corporation, IMI plc, Cameron International Corporation, Tyco International Ltd, Neway Valve (Suzhou) Co Ltd, Metso Corporation, Velan Inc |
| Key Market Opportunities | • Rising focus on renewable energy sources like wind and solar power, driving the need for valves in power generation and distribution systems. • Increasing awareness and implementation of environmental regulations, leading to the replacement and upgrade of outdated valves with more efficient and eco-friendly alternatives. • Technological advancements |
| Key Market Drivers | • Increasing demand for industrial valves in the oil and gas industry. • Growing demand for industrial valves in the water and wastewater treatment sector. • Rising focus on renewable energy sources and the subsequent need for valves in the power generation industry. |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Industrial Valves Industry trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
- Historical market size for the year 2021, and forecast from 2023 to 2033
- Industrial Valves market share analysis for each segment
- Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
- To identify and understand the various factors involved in the global Industrial Valves market affected by the pandemic
- To provide year-on-year growth from 2022 to 2033
- To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
- Provide Total Addressable Market (TAM) for the Global Industrial Valves Market.
