Industrial Valves Market Size Report and Growth Analysis 2028

Industrial Valves Market Forecast to 2028 - Global Analysis by Material Type (Cast Iron, Steel, Cryogenic, Alloy-based, and Others), Valves Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, Piston RAM Valves, Gate Valves, and Control Valves), and Industry (Oil & Gas and Chemicals & Petrochemical)

Publication Month : Apr 2023

  • Report Code : TIPMC00002517
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 265
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[Research Report] The industrial valves market is expected to grow from US$ 33.16 billion in 2023 to US$ 43.12 billion by 2028; it is estimated to grow at a CAGR of 5.4% from 2023 to 2028.

Analyst Perspective:

The industrial valves market is a significant global manufacturing and industrial sector component. Industrial valves are mechanical devices designed to control fluid flow, pressure, and direction (liquids, gases, or slurries) in various industrial processes. They ensure efficient and safe operations across various industries, including oil and gas, chemical, power generation, water treatment, pharmaceuticals, and manufacturing. Several factors drive the market for industrial valves. Firstly, the increasing demand for energy and resources has led to expanding industries such as oil and gas, power generation, and water treatment, which rely heavily on industrial valves for fluid control. The growth of these industries directly contributes to the expansion of the industrial valves market. Secondly, ongoing industrialization and infrastructure development projects worldwide have created a higher demand for industrial valves. As countries invest in new infrastructure, including pipelines, refineries, power plants, and water distribution networks, the need for valves to control fluid flow increases. These projects drive market growth as valves are integral to infrastructure development. Thirdly, stringent regulatory requirements and safety standards imposed by governments and industry bodies have compelled companies to prioritize using high-quality valves. These advancements offer enhanced performance, reduced maintenance requirements, and improved safety features, making them attractive to industries seeking advanced valve solutions.

Market Overview:

Industrial valves are created to regulate gases, liquids, and slurries. A main body, a stem, trim, disc, packing, end connectors, sealing rings, a bonnet shell, union bolts, a yoke and a yoke nut, operators, and actuators are all included. They are made of various materials, including rubber, alloys, polymers, cast iron, steel, and polymers. They are readily accessible in various sizes and shapes, like gates, globes, butterflies, balls, check, and plug valves. They help to stop the flow rate through the pipe when necessary, are inexpensive to maintain, and are cost-effective. In addition, they help shield equipment from overpressure risks and prevent flow return to the pressurized side.

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Industrial Valves Market: Strategic Insights

Market Size Value inUS$ 33.16 billion in 2023
Market Size Value byUS$ 43.12 billion by 2028
Growth rateCAGR of 5.4% from 2023 to 2028
Forecast Period2023-2028
Base Year2023
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Market Driver:

Increasing Industrialization to Drive Growth of Industrial Valves Market

The driver of increasing industrialization plays a crucial role in driving the growth of the industrial valves market. As industrialization expands across various regions and economies, there is a growing need for industrial valves to support the fluid control needs of different sectors. Industrialization involves establishing and growing manufacturing facilities, factories, and industrial plants in sectors such as oil and gas, power generation, chemical processing, water treatment, and many more. These industries rely on industrial valves to regulate fluid flow, pressure, and direction within their processes. Valves are essential for controlling the movement of liquids, gases, and slurries in pipelines, tanks, and other systems. Expanding industrial activities lead to an increased requirement for valves in various applications. For instance, in the oil and gas industry, valves are used in exploration, production, refining, and distribution processes. Similarly, power plants utilize valves for steam control; water treatment plants rely on valves for fluid regulation, and chemical processing facilities use valves to control chemical reactions precisely. As industrialization progresses, the demand for industrial valves grows in parallel. Expanding existing industries and establishing new manufacturing facilities drive the need for valves to support efficient and safe operations. Industrial valves ensure the proper functioning of equipment, prevent leaks, and enable precise fluid flow control, thereby enhancing process efficiency and productivity. Moreover, as industrialization occurs in emerging economies, there is an increasing focus on infrastructure development and modernization. This includes the construction of pipelines, refineries, power plants, and water distribution networks, all of which require a significant number of valves for fluid control. The demand for industrial valves further increases in these infrastructure projects, creating growth opportunities for valve manufacturers and suppliers.

Segmental Analysis:

Based on valves type, the industrial valves market is classified into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. The ball valves segment held the largest share of the industrial valves market in 2020, whereas the safety valves segment is anticipated to register the highest CAGR in the market during the forecast period. Ball valves have emerged as a dominant force in the industrial valves market, holding the largest market share. Their success can be attributed to their advantageous features, including excellent sealing capabilities, low torque requirements, and quick quarter-turn operation. The versatility of ball valves, allowing them to handle diverse applications and operating conditions, further contributes to their market dominance. The simplicity of their design, technological advancements, and competitive pricing have also played a significant role in their widespread adoption. These factors have positioned ball valves as the preferred choice for industries seeking reliable and efficient fluid control solutions, leading to their substantial market share.

Regional Analysis:

The Asia Pacific industrial valves market was valued at US$ 15.12 billion in 2023 and is projected to reach US$ 20.77 billion by 2028; it is expected to grow at a CAGR of 6.6% during the forecast period. The Asia Pacific region has the largest share of the industrial valve market due to several key factors. Firstly, the region has experienced rapid industrialization, with countries like China, India, Japan, and South Korea witnessing significant growth in oil and gas, power generation, and manufacturing. This industrial expansion has resulted in a substantial demand for industrial valves to support fluid control needs across various sectors. Secondly, the region's emphasis on infrastructure development has played a crucial role. Asia Pacific countries have invested heavily in infrastructure projects, including constructing power plants, refineries, pipelines, and water treatment facilities. These projects require various valves for applications such as flow regulation, pressure control, and system isolation. The robust infrastructure development in the region creates a significant demand for industrial valves.

Moreover, Asia Pacific has emerged as a global manufacturing hub, attracting industries worldwide. The region's manufacturing sector, particularly automotive, electronics, and consumer goods, has grown substantially. Industrial valves are essential in manufacturing processes, contributing to the increased demand for valves in the Asia Pacific region. The surging energy demand in the Asia Pacific also contributes to the region's dominance in the industrial valve market. With countries like China and India experiencing rapid population growth and urbanization, there is a significant need for energy resources. This drives the demand for industrial valves in oil and gas exploration, production, refining, and distribution. Government initiatives and investments further support the growth of the industrial valve market in the Asia Pacific. Governments in the region have implemented favorable policies, incentives, and funding to encourage industrial growth, infrastructure development, and energy security. These initiatives provide a conducive environment for industry players to invest in projects and drive the demand for industrial valves. Lastly, the growing focus on water and wastewater treatment in the Asia Pacific region presents opportunities for the industrial valve market. As water scarcity and pollution challenges persist, there is an increasing need for effective water and wastewater treatment solutions. Valves play a critical role in these processes, contributing to the demand for industrial valves in the water treatment sector.

Key Player Analysis:

The industrial valves market analysis consists of the players such as Velan Inc, Crane Co, CIRCOR International Inc, Flowserve Corp, Emerson Electric Co, KITZ Corporation, Neway Valve (Suzhou) Co Ltd, Spirax Sarco Engineering Plc, Schlumberger Ltd, and Weir Group PLC. Among the players in the industrial valves Schlumberger Ltd and CIRCOR International Inc are the top two players owing to the diversified product portfolio offered.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the industrial valves market. A few recent key market developments are listed below: 

  • In November 2022, IMI Saudi Industry, a subsidiary of IMI Critical Engineering, unveiled a new 5,000 m2 facility in Dammam that will supply innovative valve solutions and strengthen national manufacturing capabilities in line with the Saudi Arabian government's plans to localize key products.
  • In November 2022, James Walker introduced the Supagraf HT valve stem seal for molten salt media. It can bear ultra-high temperatures combined with chemically aggressive and corrosive media such as molten salts, providing some of the most demanding conditions for valves, process equipment, and products used to seal such applications.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Material Type, Valves Type, and Industry

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What are the future trends of the global industrial valves market?

Rising advancements in microprocessor processing capabilities and high-speed connectivity technologies have paved the way for the wide-scale deployment of the Internet of Things (IoT). With the growing emphasis on digitalization and automation, manufacturers are increasing their demand for smart valves to achieve higher efficiency across production processes. As a result, this growing digitalization trend is expected to fuel the industrial valves market growth during the forecast period.

Which are the key players holding the major market share of global industrial valves market?

The key players, holding majority shares, in industrial valves market includes Schlumberger Ltd, Emerson Electric Co, KITZ Corporation, Flowserve Corp, and Crane Co.

Which is the fastest growing regional market?

APAC is anticipated to grow with the highest CAGR over the forecast period.

What are the driving factors impacting the global industrial valves market?

With the growing use of valves in the oil & gas industry expected to drive the market, oil acts as an important base raw material for deriving various chemicals such as organic, analytical, physical, inorganic, and biochemistry industrial valves are used across the oil & gas industry for the seamless transportation of oil and gas from one process to another and other distribution purposes. Thus, the growing oil & gas industry is boosting growth in the global industrial valves market.

Which is the leading material type segment in the global industrial valves market?

The steel segment led the Industrial valves Market with a significant share in 2022 and it is also expected to grow with the highest CAGR.

What will be the global market size for industrial valves market by 2028?

The industrial valves market is expected to reach USD 43.12 billion by 2028.

What is the incremental growth of the global industrial valves market during the forecast period?

The incremental growth, expected to be recorded for the industrial valves market during the forecast period, is USD 9.96 billion.

What is the estimated global market size for the global industrial valves market in 2022?

The global industrial valves market was estimated to be USD 31.70 billion in 2022 and is expected to grow at a CAGR of 5.4% during the forecast period 2023 - 2028.

The List of Companies - Industrial Valves Market 

  1. Velan Inc
  2. Crane Co
  3. CIRCOR International Inc
  4. Flowserve Corp
  5. Emerson Electric Co
  6. KITZ Corporation
  7. Neway Valve (Suzhou) Co Ltd
  8. Spirax Sarco Engineering Plc
  9. Schlumberger Ltd
  10. Weir Group PLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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