Ball Valves Market to Witness the Highest Growth in Asia Pacific Region

The ball valve market is projected to reach USD 16.2 billion by 2027 from USD 13.0 billion in 2022, growing at a CAGR of 4.5% from 2022 to 2027. The market growth is mainly attributed to the factors such as utilization of IIoT and digital transformation in industrial plants, application of 3D printing technology in valve manufacturing, and focus of industry players on offering improved customer services. These factors are expected to create high growth opportunities for the market.

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Market for stainless steel ball valves to grow at highest CAGR during the forecast period
Stainless steel is preferred over carbon steel in applications where corrosion resistance is of utmost importance. Stainless steel ball valves typically experience demand from pharmaceuticals, chemicals, oil & gas, and food & beverages industries. In the chemical industry, valves are required to tolerate challenging conditions ranging from high toxicity to medium to aggressive chemical compound ingression due to the corrosive environment found in chemical processing. While carbon steel and basic stainless steel, such as 316s, 329s, and 400s, work well in oil & gas, water & wastewater treatment, pharmaceuticals, building & construction, and pulp and paper industries, more corrosion resistance is often required for these challenging service conditions.

Trunnion-mounted ball valves to dominate ball valves market during the forecast period.
Market for Trunnion-mounted ball valves to account for largest market share during the forecast period. The trunnion-mounted stem absorbs the thrust from the line pressure, avoiding excess friction between the ball and seats. Thus, the operation torque remains low at full pressure. Hence, trunnion-mounted ball valves are preferred over the floating and rising stem ball valves in several applications. This in turn, is expected to drive the growth of the market.

1"- 5" ball valves market to grow at significant rate during the forecast period.

Ball valves of size between 1" and 5" are the most widely manufactured valves. These valves are selected based on flow pressure, noise, media, and vibration. Flowserve Corporation (US), Velan Inc. (Canada), and Neway Valves (China), among others, manufacture these ball valves and supply them to various verticals such as oil & gas, water and wastewater, building and construction, and other general industries such as food & beverages, and pharmaceuticals.

Asia Pacific to account for the largest share of the ball valves market.

Asia Pacific accounted for the largest share of the overall ball valves market in 2021. The growth of the market in APAC can be mainly attributed to the numerous initiatives undertaken by regional governments to encourage the implementation of IoT in the industrial sector in APAC. Rapid population growth and urbanization in developing economies, such as China, Japan, and India, have led to the growth of the energy & power, water & wastewater treatment, building & construction, chemical, pharmaceutical, and oil & gas industries.

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Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI plc (US), Valmet (Neles Corporation) (Finland), Spirax Sarco Limited (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US), and Velan, Inc. (Canada) are the key players in the ball valves market. These top players have strong portfolios of products and services and presence in both mature and emerging markets.

News also covered: https://www.prnewswire.com/news-releases/ball-valves-market-worth-16-2-billion-by-2027--exclusive-report-by-marketsandmarkets-301593236.html

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This release was published on openPR.