Industrial Valves Market Size to reach $93,664.9 Million in 2028 | Valuates Reports

The global industrial valves market size is expected to reach $93,664.9 million in 2028, from $58,547.9 million in 2020, growing at a CAGR of 6.0% from 2021 to 2028. The industrial valves market is a saturated market with slow organic growth. However, under ‘Industry 4.0,’ major industries are switching toward automation of industrial processes, which is likely to create a demand for industrial valves globally. The automated regulation and control of valves in industrial applications can upgrade the global industrial valves market substantially during the forecast period.

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Industrial valves are used in process industries for direction, regulation, and control of gases, slurries, liquids, vapors, and others. Industrial valves are mainly manufactured using carbon steel, cast iron, stainless steel, and other high functioning metal alloys to obtain efficient flow control in industries such as water & waste water, oil & power, food & beverages, chemicals, and others.

The COVID-19 pandemic has hindered the demand for industrial valves in North America and Europe, however, China exhibited significant growth in demand during the outbreak of COVID-19 pandemic.

Moreover, a valve mainly consists of a main body, a stem, and a seat that are generally manufactured using different materials including polymers, rubber, metals, and others to avoid wastage of liquid flowing through the valve. Valves are mainly differentiated by their operating mechanisms. The most widely used valves in industries are globe valves, butterfly valves, ball valves, gate vales, plug valves, pinch valves, diaphragm valves, and check valves.

This is expected to create massive demand for industrial valves, which in turn will boost the growth of the market.

Furthermore, the oil & gas industry is the largest consumer of industrial valves globally, and includes the use of industrial valves in downstream, midstream, and upstream process applications. Rise in demand for industrial valves in North America boosts the need for importing industrial valves from other countries; thereby, driving the industrial valves market growth. Moreover, the food & beverages processing industry is largely saturated in the developed countries, including the European Union countries, the U.S., and China.

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However, rise in demand for food from developing nations such as Brazil, India, and others boosts the agriculture industry, which in turn fuels the growth of the food & beverage processing industry. This is further expected to drive the demand for industrial valves; thereby, fostering the growth of the industrial valves industry.

However, the U.S. administration increased the tariffs on derivative aluminum and steel imports, effective from February 8, 2020. This hike includes 25% surge on steel and 10% surge on aluminum imports, which has negatively affected the U.S. manufacturing sector. Although the tariff is aimed at gaining more revenues from imports, the global trade for industrial valves has been affected negatively. Industrial valves manufacturing utilizes steel on a large scale, and the tariff on steel is anticipated to hinder the growth of the market.

Asia-Pacific is the largest contributor in the industrial valves industry with the highest share during 2020. The industrial valves market has lucrative growth opportunities in China and India, which are likely to exhibit significant growth during the forecast period. This is due to the low material costs and extensive growth in industrial infrastructure during the past years.

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Industrial Valves Market by Material Type

o Cast Iron
o Steel
o Alloy-Based
o Others

Industrial Valves Market by Valve Type

o Ball Valves
o Butterfly Valves
o Gate Valves
o Globe Valves
o Plug Valves
o Check Valves
o Diaphragm Valves

Industrial Valves Market by Application

o Oil & Power
o Water & Wastewater
o Chemical
o Food & Beverage
o Others

Similar Reports :

Industrial Valves and Actuators Market: https://reports.valuates.com/market-reports/QYRE-Othe-3Q299/industrial-valves-and-actuators

Industrial Ball Valves Market: https://reports.valuates.com/market-reports/QYRE-Auto-35N3008/global-industrial-ball-valves

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This release was published on openPR.