OTTAWA, Feb. 2, 2021 (GLOBE NEWSWIRE) — The global industrial valves market size was valued at USD 87.23 billion in 2019, according to a new report by Precedence Research.
Industrial valves are widely used in the process industry for the regulation, guidance and control of slurries, gases, steam, liquids, etc.Industrial valves are often manufactured using stainless steel, cast iron, carbon steel and other high performance metal alloys for effective flow control in a wide range of industries including petroleum and power, water and wastewater, chemicals, food and beverages, and more.In addition, the valve is mainly composed of stem, body and seat, and is mainly manufactured using various materials, including metal, rubber, polymer, etc., to avoid wasting the liquid flowing through the valve.Valves are mainly differentiated according to their operating mechanism.Some of the most widely used valves in industry are butterfly, globe, gate, diaphragm, ball, pinch, plug, and check valves.
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The food and beverage processing industry is a highly saturated industry in many developed countries including the US, EU countries and China.In addition to this, the increasing demand for food in developing countries such as India and Brazil has boosted the development of the agricultural industry, which in turn has contributed to the growth of the food and beverage industry.This is expected to further drive the demand for industrial valves.
In addition, governments closely monitor water supplies to provide safe drinking water and sanitation.In addition, the outbreak of the new coronavirus in early 2020 created a sense of insecurity.In this context, the increased focus on clean water and sanitation is driving the demand for industrial valves in the industry.
North America accounted for the largest market value share of the global industrial valves market in 2019.With the growing demand for safety applications, research and development (R&D) activities related to the implementation of actuators in valves for automation are increasing in the region.Some of the key factors driving the growth of the North American market.Industry-level R&D expands the application of industrial valves in various industries such as chemical, energy and power in the United States.Control valves are widely used in the energy and power, oil and gas, and water and wastewater treatment industries to regulate the flow of media through a system, as well as stop, start or throttle, ensuring efficient and safe process automation.
On the other hand, Asia Pacific offers lucrative growth opportunities during the analysis period.This is attributed to the increasing demand for water treatment plants in Asian countries such as India, China, and Japan, driving the demand for industrial valves in the region.Furthermore, the boom in chemicals is another most prominent factor triggering the growth of industrial valves in the region.
The major industry players in the global industrial valves market are involved in inorganic growth strategies to enhance their position and strengthen their foothold in the global market.For example, in August 2019, the Bonomi Group signed an agreement to acquire FRA.BO.SpA, an Italian manufacturer of stainless steel, copper, bronze and brass fittings for plumbing applications.Likewise, in June 2019, Crane Co. signed an agreement to acquire all equity in Circor International Corporation, a US manufacturer of motion and flow control products.It also offers actuators, valves, pumps and many other products for industrial applications.The acquisition helped Crane Co. improve its U.S. operations.
Some of the key players in the market include Avcon Controls Private Limited, AVK Holding A/S, Crane Co., Metso Corporation, Schlumberger Limited, Flowserve Corporation, Emerson Electric Co., IMI plc, Forbes Marshall and The Weir Group plc among others.
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Post time: Jan-17-2022
