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Metal Valve Market Report 2024-2033 - Size, Growth & Competitive Analysis
Metal Valve Market Report
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According to The Business Research Company's, The metal valves market size has grown strongly in recent years. It will grow from $287.78 billion in 2023 to $304.07 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrialization, oil and gas industry growth, water and wastewater infrastructure development, energy production, manufacturing sector expansion.
The metal valves market size is expected to see steady growth in the next few years. It will grow to $369.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to green energy transition, smart and iot-enabled valves, water scarcity solutions, environmental regulations, global infrastructure upgrades. Major trends in the forecast period include energy-efficient valves, digital twin technology, valve materials innovation, customization and specialization, remote valve control.
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Market Drivers and Trends:
The growth of the chemical industry is expected to propel the growth of the metal valves market going forward. Metal valves such as butterfly valves, ball valves, gate valves, check valves, globe valves, plug valves, and actuated valves perform an essential role in chemical processing, thereby contributing to the growth of the metal valves market. For instance, according to a report published by the American Chemistry Council (ACC), a US-based industry trade association for American chemical companies, the output of chemicals in the US is strong, and all chemical businesses are expanding. The ACC anticipates that output will increase by 2.4% in 2023, with the amount spent on capital projects increasing by 5.5% in 2023. Thus, the growth of the chemical industry is expected to drive the growth of the metal valves market going forward.
Product innovations are the key trend gaining popularity in the metal valve market. Major companies operating in the metal valves sector are focused on introducing new products with innovative technology and features to gain a competitive advantage. For instance, in 2022, Warren Controls, a US-based manufacturer of valves for commercial, industrial, and other industries, launched the industrial control valves Series 2900. These valves have applications in industries such as food and beverages as well as other manufacturing purposes. The distinctive qualities and innovative qualities of these products include a rugged cast iron body and a selection of trim materials, including bronze, 300 stainless steel, 17-4PH stainless steel, and Alloy 6 amongst other materials.
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Major Key Players of the Market:
Parker-Hannifin Corporation, Emerson Electric Co, IMI plc, Atlas Copco AB, The Flowserve Corporation, The Crane Company, KITZ Corporation, Metso Oyj, Spectrum Brands Holdings Inc, Globe Union Industrial Corp., Parker Hannifin Corporation, The Weir Group PLC, Cameron International, Rotork plc, Velan Inc., Curtiss-Wright Corporation, Neway Valve (Suzhou) Co. Ltd., Spirax-Sarco Engineering plc, Forum Energy Technologies, CIRCOR International Inc., Apollo Valves (Conbraco Industries), Bonney Forge Corporation, Watts Water Technologies Inc., Dwyer Instruments Inc., Bray International Inc., Leslie Controls Inc., SAMSON Controls Inc., Swagelok Company, Marwin Valve, Sun Hydraulics Corporation, MOGAS Industries Inc., Ayvaz, VAG Group, Nihon KOSO Co. Ltd.
Metal Valve Market 2024 Key Insights:
• The metal valves market size is expected to see steady growth in the next few years. It will grow to $369.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Chemical Industry Expansion Driving Growth In The Metal Valves Market
• Cutting-Edge Products And Innovation Drive Transform The Metal Valve Market
• The Asia-Pacific was the largest region in the metal valve market in 2023
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