Specialty Valves Market Size SWOT analysis and Key Business Strategies, Demand & Forecast - 2028 | L&T Valves, Kirloskar Brothers, Emerson, Flowserve

Specialty Valves Market, by Product type (Pressure Reducing Valves, Safety/Relief Valves, Control Valves, Globe Valves, Plug Valves, Gate Valves, Ball Valves, Butterfly Valves, Diaphragm Valves and Other Valves), by Industry(Oil & Gas,(LNG, Petroleum (Upstream, Midstream, Downstream,(Petrochemical)), Power(Fossils(Coal & Oil, Natural Gas, Nuclear Power, Other Power)),Chemicals, Marine, Construction, Pulp & Paper, Mining, Water & Waste Water Treatment and Others), by Screen Size (below 8" and 8" and above), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Market Overview:

A valve is a device that regulates the flow of fluid (liquid or gas) by the action of opening and closing gateways. It is also used to control the water supply for household applications. Water and sewage water, food and beverages, oil and power, chemicals, and other industries use specialty valves made of carbon steel, stainless steel, cast iron and other high-functioning metal alloys to achieve efficient flow control

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Competitive Landscape:

L&T Valves, Kirloskar Brothers, Emerson, Flowserve, Hawa Valves, KSB, Cameron, Kitz, AVK, and IMI.

Key Market Drivers:

Growing number of oil &gas exploration activities is propelling growth of the specialty valves market. According to the India Brand Equity Foundation, Crude oil production stood at 4.9 MMT in FY22 (April-May 2021) and was 30.5 MMT for FY21. In FY20, crude oil import increased to 4.54 mbpd from 4.53 mbpd in FY19. Natural Gas consumption is forecast to reach 143.08 million tons (MT) by 2040. India's LNG import stood at 33.68 bcm during FY20.

Increasing pipeline across developing and developed countries is driving growth of specialty valves market. According to the U.S. Energy Information Administration, in 2020, this natural gas transportation network delivered about 27.7 trillion cubic feet (Tcf) of natural gas to about 77.3 million customers.

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Covid-19 Impact Analysis

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on specialty valves industry.

Key Takeaways:

The specialty valves market is expected to exhibit a CAGR of % over the forecast period owing to the rapid growth in oil &gas industry.
North America is expected to gain significant growth over the forecast period owing to the increasing demand for crude oil in the region.

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