Industrial Valves Market is anticipated to reach around USD 91.78 billion by 2027 – Credence Research
The market for Industrial Valves is expected to grow from US$ 56.81 billion in 2020 to US$ 91.78 billion by 2027 with a CAGR of over 5.83% during the forecast period from 2021 to 2027. While, cumulative growth value of industrial valves market is estimated at around USD 552 billion between 2021 and 2027.
Global Industrial Valves Market, 2020 – 2027 (USD Million)
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Industrial valves are one of the most important devices and most commonly used across oil & gas, pharmaceuticals, chemicals, food & beverage, gas, waste water treatment, etc. Industrial valves are used to regulate flow of liquid, gases and slurries. Valves are mounted in-line pipe in order to control the flow of materials.
Stainless Steel to Dominate
Major materials used in the manufacturing of industrial valved include, Cast Iron, Steel, Alloy-Based and Others. Stainless steel is most sought after material by the manufacturers of industrial valves. It held over 30% share in the total revenue generated by the global industry in 2020. While, cast iron is steel predominantly used material in the manufacturing of industrial valves.
Ball Valves to Held Prominent Share
Ball Valves, Butterfly Valves, Gate Valves, Globe Valves, Plug Valves, Check Valves and Diaphragm Valves are some of the major types of valves used in industrial manufacturing operation. Ball wall held the largest share of over 20% in total revenue generation in 2020. While, globe valves are expected to exhibit rapid CGR over the forecast period.
Industrial Valves Demand is Dominated by Oil & Gas Industry
Oil & Power, Water & Wastewater, Chemical, Food & Beverage, Building & Construction, Pulp & Paper, Pharmaceuticals & Healthcare, Metals & Mining, Agriculture, etc. are major industrial application of industrial valves. Among all, oil & gas industry rule the demand for industrial valves market. While, food & beverages along with pharmaceutical and chemicals makes on of the most attractive vertical for the industrial valves. On the other hand, water and waste water treatment industry is expected to grow at a rapid pace over the forecast period.
Key players involved in industrial vales market include AVK Holding A/S, Avcon Controls Private Limited, Schlumberger Limited, Crane Co., Emerson Electric Co., Flowserve Corporation, Forbes Marshall, IMI plc, Metso Corporation and The Weir Group plc.
Strong Demand from Oil & Gas Industry and Huge Industrial Growth in Asia Pacific
Oil & gas is one of the largest end-user industries for industrial valves. Secondly, chemicals, pharmaceuticals and food & beverage is also holding considerable stake in the global industrial valves industry. With growing industrialization of Asia Pacific, the demand for industrial valves is growing at a rapid pace.
Market Segmentation
Global Industrial Valves Market by Material, 2015 – 2027
- Cast Iron
- Steel
- Alloy-Based
- Cryogenic
- Others
Global Industrial Valves Market by Valve Type, 2015 – 2027
- Ball Valves
- Butterfly Valves
- Gate Valves
- Globe Valves
- Plug Valves
- Check Valves
- Diaphragm Valves
Global Industrial Valves Market by Application, 2015 – 2027
- Oil & Power
- Water & Wastewater
- Chemical
- Food & Beverage
- Building & Construction
- Pulp & Paper
- Pharmaceuticals & Healthcare
- Metals & Mining
- Agriculture
- Others
Global Industrial Valves Market by Company
- AVK Holding A/S
- Avcon Controls Private Limited
- Schlumberger Limited
- Crane Co.
- Emerson Electric Co.
- Flowserve Corporation
- Forbes Marshall
- IMI plc
- Metso Corporation
- The Weir Group plc
Browse the full report at https://www.credenceresearch.com/report/industrial-valves-market
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