Global Industrial Valves Market Overview, 2023-28

Industrial valves are essential pieces of equipment used in a wide range of industrial processes because they silently and accurately regulate the flow of liquids, gases, and even granular solids. Industrial valves, with their diverse designs and materials tailored to specific applications, guarantee the safe and efficient functioning of machinery and systems. Industrial valves are crucial for a wide range of applications in the manufacturing, energy, petrochemical, and water treatment sectors, among others. Because of their adaptability and flexibility, they are essential in a given context. Casting is the process used to make industrial valves. Several major market players have emerged as industry leaders in the highly competitive global industrial valve market, and they have all made substantial contributions to the expansion and innovation of the industry. The market is dominated by the international corporation Emerson Electric Corporation, which provides a wide range of industrial valves, automation systems, and control solutions. Notable in the oilfield services sector, Schlumberger NV is also a major player in the valve market, especially for uses in the oil and gas industry. To keep their competitive edge and offer cutting-edge valve solutions, these industry leaders and many more make constant investments in R&D, technology advances, and strategic acquisitions. As more industries develop, they need valves for regulating and controlling fluid flow, which expands the market. Control valves, actuation systems, and smart valve solutions are required by the trend toward automation and Industry 4.0 in manufacturing processes to maximize production effectiveness.

According to the research report," Global Industrial Valves Market Overview, 2028" the market is anticipated to cross USD 104 Billion market size by 2028, increasing from USD 74.79 Billion in 2022. The industry has seen a sharp rise in the adoption of smart valves in recent years, which incorporate advanced sensors and automation functions. These smart valves increase operational efficiency and enable predictive maintenance, which reduces maintenance costs and downtime, because they can monitor and analyze data in real-time. Improving performance and safety has fundamentally altered how industries manage their operations. Another noteworthy new advancement in valve manufacturing is the application of 3D printing technology. Due to additive printing techniques, it is now feasible to create complex and distinctive valve designs that were previously unattainable. This not only reduces lead times but also provides reasonably priced options for companies seeking specifically engineered valve solutions for their particular needs. Environmental sustainability is also becoming more and more significant in the valve market. Nowadays, companies are focusing on developing energy-efficient and pollutant-free ecologically friendly valves. The use of low-emission valves is growing, especially in industries like the oil and gas sector that adhere to strict environmental regulations. Composite materials and high-performance polymers are becoming more common materials utilized in the manufacture of valves. Under difficult operating conditions, valve dependability is increased by these materials' increased durability and corrosion resistance. Furthermore, fresh advancements in control technology are visible in the marketplace. Proportional-integral-derivative (PID) control is one such technology that makes precise and dynamic control over fluid flow possible. Because of these developments, industrial processes to function more precisely and effectively.

On the basis of geography, the market is segmented in North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia-Pacific region has demonstrated impressive growth and a commanding presence in this key industry, solidifying its position as the main force in the worldwide industrial valve market. The region's prominence in the sector is ascribed to a variety of variables that work together to produce this supremacy. Industrial valve demand is rising as a result of Asia-Pacific's growing industrialization, urbanization, and infrastructure development, especially in industries like manufacturing, energy generation, and water management. The region's wide range and depth of industries - such as manufacturing, petrochemicals, oil and gas, power generation, water treatment, and water treatment - have greatly boosted the demand for industrial valves. North America also holds a significant market share in the global industrial valve market, primarily owing to its well-established industrial base, a high degree of technological advancement, and a strong emphasis on infrastructure development. The continent's relentless pursuit of technological innovation and sustainability has led to the widespread adoption of advanced valve technologies, such as smart valves and eco-friendly valve materials. Moreover, stringent regulatory frameworks and a strong commitment to safety and environmental standards have encouraged industries in North America to invest in high-quality, reliable valve solutions.

The industrial valve market is intricately segmented based on the various types of valves used across a multitude of industries, each playing a specific role in controlling the flow of fluids and gases within complex systems. Among these valve types, globe valves are particularly prominent and widely utilized. Globe valves are known for their precise flow control and have applications in various industries, including oil and gas, petrochemicals, and water treatment. Their popularity stems from their ability to offer excellent throttling capability, allowing for fine adjustments in flow rates, making them suitable for applications where precise control is paramount. However, while globe valves are a significant player, the industrial valve market is not limited to a single type. Various other valve types also make substantial contributions to the overall growth of the market. For instance, ball valves are known for their durability and reliability in shut-off applications, and they are commonly used in the oil and gas industry. Butterfly valves are appreciated for their versatility and cost-effectiveness, often found in applications where quick and efficient control is needed. Gate valves are well-suited for applications that require on-off control with minimal pressure drop. Check valves, plug valves, diaphragm valves, pinch valves, needle valves, and pressure relief valves each have their unique applications and advantages in different industrial settings. Check valves prevent backflow, ensuring the fluid flows in one direction only, while diaphragm valves are excellent for applications where contamination control is essential. Needle valves provide precise control in low-flow situations, and pressure relief valves play a crucial role in safeguarding systems from overpressure.

The industrial valve market, when segmented by the materials used for valve manufacturing, reveals a diverse landscape in which the choice of material significantly influences the performance, durability, and suitability of valves for various applications. Among these materials, steel-based valves stand out as the dominant force in the market. Steel valves are prized for their robustness, corrosion resistance, and versatility, making them the material of choice for numerous industries and applications. Stainless steel, in particular, is a preferred material for valves due to its exceptional corrosion resistance, strength, and durability. These qualities make stainless steel valves highly reliable in demanding environments, such as those in the petrochemical, oil and gas, and chemical processing industries. Additionally, stainless steels hygienic properties make it indispensable in food and pharmaceutical manufacturing where contamination control is paramount. In the industrial valve market, cast iron valves also hold a significant share, with their strength and durability making them suitable for applications that require robust shut-off and control. These valves are often used in water and wastewater treatment facilities, HVAC systems, and other utilities, where their longevity and cost-effectiveness are advantageous. Alloy-based valves are gaining momentum, particularly in industries where extreme conditions are a challenge. Alloys like Monel, Inconel, and Hastelloy offer exceptional resistance to corrosion, high temperatures, and harsh chemicals, making them ideal for offshore drilling, aerospace, and chemical processing applications. While steel-based valves dominate the market, other materials also play a crucial role in fulfilling specialized requirements. Cryogenic valves, for example, are designed to withstand extremely low temperatures and are essential in industries like LNG (liquefied natural gas) production and storage. Brass and bronze valves are valued for their malleability and resistance to dezincification, finding applications in plumbing, firefighting systems, and maritime settings. Plastic valves, commonly made from materials like PVC (polyvinyl chloride) and polypropylene, are popular in industries where corrosion resistance and affordability are essential. They are frequently used in chemical handling, water treatment, and semiconductor manufacturing.

On the basis of Applications, globally the industrial valves are mostly used in water & wastewater, oil & gas, energy & power / utilities, chemical, food & beverages, pharmaceuticals, agriculture, and others (automotive, marine, metals & mining, construction, pulp & paper). The oil and gas sector, comprising exploration, drilling, refining, and transportation, indeed has a voracious appetite for industrial valves. Valves are essential for controlling the flow of crude oil, natural gas, and various refined products. They are deployed in wellheads, pipelines, processing facilities, and even offshore platforms, playing a pivotal role in ensuring safety, operational efficiency, and environmental compliance. Along with this the industrial valves play a crucial role in the treatment and distribution of water and the management of wastewater. These valves regulate the flow and pressure within treatment plants, pipelines, and distribution networks, ensuring clean water supply to communities while efficiently handling sewage and wastewater. The power generation industry, including both conventional fossil fuel and renewable energy plants, relies on industrial valves for precise control of steam, cooling water, and various fluids in boilers, turbines, and other systems. These valves help maintain the efficiency and safety of power generation operations. The chemical and petrochemical industries depend heavily on industrial valves for handling corrosive and hazardous materials. Valves play a role in processes like chemical manufacturing, refining, and the transportation of chemicals, ensuring safety and preventing leaks or spills. These diverse industrial applications collectively contribute to the global industrial valve market, emphasizing the versatility and indispensable role of valves in ensuring the efficient and safe functioning of a wide array of industrial processes across the globe.

Key Developments

• In 2023, PetrolValves, a leading provider of valve maintenance and repair services, has completed a major overhaul project at the Kollsnes gas processing plant in Norway. The project involved the inspection, repair, and refurbishment of over 1,000 valves, including butterfly valves, gate valves, and check valves.
• MRC Global, a leading distributor of pipe, valves, and fittings, has been selected as a key valve provider for the Preem Lysekil refinery biofuel project in Sweden. The project is part of Preem's efforts to reduce its greenhouse gas emissions and produce more renewable fuels.
• Emerson has announced the release of its new Fisher™ FIELDVUE™ DPC2K digital process controller (DPC2K). The DPC2K is a single-loop controller that is designed to be simple, flexible, and reliable. It can be used to control a wide range of industrial processes, including flow, pressure, temperature, and level.

Drivers

Focus on Environmental Sustainability: Environmental regulations and sustainability concerns are exerting a significant influence on the industrial valve market. Both governments and industries are increasingly emphasizing environmentally friendly practices and the reduction of emissions. Industrial valves play a vital role in achieving these objectives as they ensure precise control over fluid and gas flows, which in turn minimizes wastage and energy consumption. Consequently, there is a growing demand for valves specifically designed to meet stringent environmental standards and help industries reduce their ecological footprint. This focus on sustainability is pushing manufacturers to develop more eco-conscious valve solutions.

Expansion of Oil and Gas Exploration: The global energy demand, particularly in the oil and gas sector, remains robust. To meet this demand, the oil and gas industry is continuously expanding its exploration and production activities. Industrial valves are indispensable in upstream, midstream, and downstream operations, enabling the safe and efficient extraction, transportation, and refining of hydrocarbons. As a result, the ongoing expansion of the oil and gas sector, coupled with increased investment in pipeline infrastructure, drives the demand for industrial valves in this market segment. The global industrial valve market is intrinsically tied to the dynamics of energy production, thus making it a key driver for the industry.

Challenges

Stringent Regulatory Compliance: Meeting international and regional standards and regulations is crucial for the industrial valve market. Ensuring compliance with these standards requires significant investments in research and development to guarantee the safety and reliability of valve products. Adapting to evolving regulations, especially those related to environmental and safety concerns, remains a constant challenge for manufacturers as they strive to keep their products aligned with changing compliance requirements.

Supply Chain Disruptions: The complexity of the industrial valve manufacturing process involves a global supply chain that sources raw materials and components from various regions. Disruptions in the supply chain, such as trade disputes, natural disasters, or unforeseen events like the COVID-19 pandemic, can significantly impact the availability of materials and components, causing production delays and increased costs. Managing these supply chain disruptions and ensuring a stable flow of inputs is a persistent challenge for the industry, necessitating agile and resilient supply chain strategies.

Trends

Increased Use of 3D Printing: The adoption of 3D printing technology is on the rise for manufacturing valve components. This trend allows for more flexibility and cost-effectiveness in production, enabling rapid prototyping and customization of valve parts. Furthermore, 3D printing permits the creation of complex and lightweight designs, leading to improved valve performance and efficiency. It provides manufacturers with innovative opportunities for producing high-quality valve components while reducing production lead times.

Environmental Sustainability: Environmental concerns continue to influence the development of eco-friendly valve solutions. Manufacturers are increasingly focused on using low-emission materials, improving energy efficiency, and designing valves that minimize leaks and fugitive emissions. This trend aligns with the growing emphasis on environmental responsibility and sustainability across industries, encouraging valve manufacturers to develop and promote environmentally conscious valve solutions that contribute to a more sustainable industrial valve market.

Competitive landscape: Emerson Electric Co. (U.S., Flowserve Corporation (U.S.), Crane Company (U.S.), IMI (U.K.), Velan Inc. (Canada), KITZ Corporation (Japan), Neway valve (China), AVK Holding A/S (Denmark), Metso (Finland), Spirax Sarco Limited. (U.K.), Johnson Controls (Ireland), Powell Valves (U.S.), Curtiss-Wright. (U.S.), Mueller Co. LLC. (U.S.), Crane Co., CRANE ChemPharma & Energy Corp (U.S.), The Weir Group PLC (U.K.), Wärtsilä (Finland), Bray International (U.S.), Dwyer Instruments LTD (U.S.), Watts. (U.S.), Bonney Forge Corporation (U.S.), NIBCO Inc. (U.S.).

Considered in this report:

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:

• Global Industrial Valves market Outlook with its value and forecast along with its segments
• Country-wise Industrial Valves market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report

• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa

By Type:

• Globe Valve
• Ball Valve
• Butterfly Valve
• Gate Valve
• Check Valve
• Pressure Relief Valve
• Plug Valve
• Needle Valve
• Pinch Valve
• Diaphragm Valve
• Others

By Materials:

• Steel
• Cast Iron
• Alloy based
• Others

By Application:

• Water & Wastewater
• Oil & Gas
• Energy & Power/ Utilities
• Chemical
• Food & Beverages
• Pharmaceuticals
• Agriculture
• Others (automotive, marine, metals & mining ,construction, pulp & paper)

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Industrial Valves industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.