Industrial Valves Market by Material Type (Cast Iron, Steel, Cryogenic, Alloy Based), Size, Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Industry (Oil & Gas, Water & Wastewater, Energy & Power), and Geography – Global Forecast to 2023
The overall industrial valves market is expected to grow from USD 70.53 billion in 2018 to USD 85.19 billion by 2023, at a CAGR of 3.96% during the forecast period.
The key factors driving the growth of the industrial valve market are the increased need for industrial valves from oil and gas production-related facilities in GCC countries, elevated energy demand in APAC, smart city development initiative across the world, high demand for predictive maintenance techniques from manufacturing industries, and stringent environmental and safety regulations to make the energy sector more resilient.
Leading players adopt strategies such as agreements, contracts, joint ventures, product launches and developments, acquisitions, and expansions to consolidate their position in the market.
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Industrial valves are finding increasing use in oil & gas, water & wastewater treatment, energy & power, chemicals, food & beverages, pharmaceuticals, construction, metals & mining, agriculture, pulp & paper, and others. The “others” segment includes textiles, glass, and semiconductor manufacturing industries.
The industrial valve market growth is driven by the rising demand for industrial valves in the oil & gas industry in North America, Latin America, and Africa. Increasing urbanization in developing countries in Asia Pacific and the Middle East is creating greater demand for valves in municipal and sanitation applications, which, in turn, is boosting the industrial valve market growth.
The industrial valve market for plug valves will grow at the highest CAGR during the forecast period. Ball valves, owing to their tight sealing with low torque feature, are increasingly being adopted in the oil & gas and water & wastewater treatment industries, will fuel the growth of the ball valve market during the forecast period.
The industrial valve market for sizes ranging from 1” to 6” will grow at the highest CAGR during the forecast period. This growth is attributed to the increasing demand for transportation and energy & power-based applications; as a result, there is an increase in the use of 1–6” valves in the oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
The industrial valve market for cryogenic valves will grow at the highest CAGR during the forecast period. Oil & gas, energy & power, and chemicals industries are likely to have high demand for cryogenic ball valves due to their ability for quarter turn on-off operation, minimal lubrication, and capability to provide tight sealing with low torque in cryogenic fluid handling applications. Cryogenic plug valves will be highly installed in the oil & gas and chemicals industries for the isolation application, that is, to separate cryogenic media from other media and will drive the market for these valves during the forecast period.
The industrial valve market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Major factors driving the growth of the valve market in APAC include increasing population and rising focus of emerging economies on investing in energy & power, oil & gas, water & wastewater treatment, chemicals, and construction industries in which industrial valves are used.
