An industrial valve is a mechanical device used for regulating or obstructing the flow of gas or liquid within a system. Industrial valves were initially developed using metals; however, valves made of various polymers are also offered in the market. Ball valves, gate valves, and butterfly valves are among the most used valves across the industrial sector. The continuously rising demand for the above-mentioned valves across industries is one of the critical parameters for the growth of the industrial valves market. The growing rate of industrialization has led to an increase in demand for oil and gas, owing to which the development of new oil refineries is rising across the globe. This, in turn, is driving the industrial valves market.
Valves are used to control the flow of liquid and gas in various industrial applications in industries such as oil & gas, water & wastewater treatment, power generation, LNG, chemical & petrochemicals, etc. Industrial valves are developed to handle high pressure, high temperature, and flow rate and can be used in harsh environments. Most industries, including chemical & petrochemicals, oil & gas, and power generation, require high-strength industrial valves. Different types of valves such as ball valves, butterfly valves, safety valves, control valves, check valves, and plug valves are used in these industries.
The increasing emphasis on sustainability and curtailing pollution of water bodies by governments of various countries across the globe has led to a rise in the deployment of wastewater treatment plants, which is boosting the sales of industrial valves. Moreover, the chemical industry across the globe is constantly growing owing to a significant rise in the use of several chemicals across industries such as agriculture, manufacturing, construction, plastic products, textiles, and pulp & paper, which is further driving the demand for industrial valves. The launch of new chemical production facilities across the globe by global chemical manufacturers is expected to offer lucrative opportunities to the global industrial valves market in the coming years. For instance, in August 2022, Baker Hughes announced the opening of its new chemical production plant in Singapore.
Raw material providers, industrial valves manufacturers, and end users are stakeholders of the industrial valves market ecosystem. Raw material providers supply connected systems, polymers, metals, and other materials used to produce industrial valves. Industrial valves manufacturers carry out processes such as designing and assembling, as well as production, to transform raw material into the finished product. The manufacturers sell their products to different end users. This helps them gain high revenues, which contributes to the growth of the industrial valves market.
Regional Analysis
Europe witnessed an economic loss and a decline in business activities across the oil & gas sector due to a reduction in oil prices in the first quarter of 2020. Many countries across Europe imposed stringent regulations on imports and exports and the shipment of goods by temporarily closing their borders. These measures declined the demand for energy in various industry verticals, which, in turn, hindered the industrial valves market growth in Europe.
Asia Pacific accounted for the largest industrial valves market share in 2023 and is expected to maintain its dominance during the forecast period, owing to the presence of key industries in the region, including chemical & petrochemicals, water treatment, oil & gas, and power generation, among others. Industrial growth in China, India, Japan, and South Korea resulted in a rise in demand for industrial valves across the region. In addition, a surge in investment toward the development of oil and gas infrastructure, power generation, and LNG is expected to be the key factor fueling the growth of the global industrial valves market during the forecast period. Further, the increasing emphasis on sustainability and curtailing pollution of water bodies by governments of various countries has led to a rise in the deployment of wastewater treatment plants, which is further boosting the sales of industrial valves.
Industrial Valves Market Analysis: Valve Type Overview
Industrial valves are mechanical devices that open, close, or partially block passages to regulate, direct, or control the flow of liquid or gas within a system. Industrial valves have evolved into different types with specialized designs and functions to meet a range of application-specific requirements. Industrial valves are used for water, air, and all types of liquid and gaseous media. The main types of industrial valves include ball valves, butterfly valves, safety valves, control valves, check valves, and plug valves, among others. Other types of industrial valves consist of needle valves, pinch valves, gate valves, and globe valves. These types of valves are used in various industrial applications, including chemical, oil & gas, power plants, water supply, wastewater treatment, and process industries, among others. The key factors fueling the growth of the industrial valves market from 2023 to 2031 include a rise in industrialization across various sectors, expansion of existing facilities, and technological advancements in valve design and materials.
A ball valve is a 90-degree valve that starts or stops fluid flow using a hollow, spherical insert. With a 90-degree turn of the valve handle, the valve can be opened or closed quickly. Due to their relatively simple design, ball valves are low-maintenance, long-lasting, and record minimal leakage when used properly. These valves are commonly used in liquid, gas, and steam applications that require bubble-tight shutoffs. Although primarily used for low-pressure applications, ball valves with metal seats are suitable for high-pressure and high-temperature applications.
Increasing investment toward the development of power generation and oil & gas infrastructure across the globe is expected to boost the demand for ball valves, which, in turn, is anticipated to fuel the market growth during the forecast period. For instance, in November 2021, Rusco announced the launch of a smart, automated ball valve for home filtration, well water, and commercial and municipal applications, which can be paired with smartphones for program automation and control sediment flushing and flow shutoff.
Industrial Valves Market Analysis: Competitive Landscape and Key Developments
Crane Co., Emerson Electric Co., Flowserve Corporation, Kitz Corporation, and Schlumberger Limited are a few key industrial valves market players operating across the globe. During this study, several other market players were analyzed to get a holistic view of the industrial valves market and its ecosystem.
In 2023, Circor announced to showcase its Hale Hamilton brand valves for the hydrogen economy at the 2023 Hydrogen & Fuel Cell Seminar on February 7-9 in Long Beach, California.