Industrial Valves Market Size Report and Growth Analysis 2028

[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 in	US$ 33.16 billion in 2023
Market Size Value by	US$ 43.12 billion by 2028
Growth rate	CAGR of 5.4% from 2023 to 2028
Forecast Period	2023-2028
Base Year	2023

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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.