The global industrial valve market was analyzed by Market Research Future (MRFR) and a projected CAGR of 4.53% was reported to be attained over the forecast period of 2018 to 2023. Furthermore, the industrial valve market was estimated to reach a valuation of USD 90.77 billion by the end of the forecast period, jumping from its 2017 valuation of USD 70.53 billion.
The global industrial valve market is expected to grow during the forecast period at a decent pace primarily due to the ongoing industrialization in developing economies like India. Add to this, the continuous adoption of the latest technology valves in process manufacturing units across the developed nations of the world is further driving the growth of the global market.
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The global industrial valve market has been segmented in terms of type, material, end-user, and size.
By type, the market breaks down into check valves, ball valves, globe valves, butterfly valves, gate valves, pinch valves, and plug valves.
By material, the market segments into brass, stainless steel, cryogenic, cast iron, alloy based, and others.
By size, the market includes 25″ to 50″, less than 1”, 50″ and above, and 1″ to 25″.
By end-user, the market divides into chemicals, pulp & paper, energy & power, construction, oil & gas, water & wastewater treatment, food & beverages, others.
The global industrial valve market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Asia Pacific led the global industrial valve market with the highest share back in 2017 and is further projected to exhibit the highest CAGR over the ongoing forecast period. The growth of the regional market can be primarily attributed to factors like the fast-paced industrialization, current infrastructural developments, and the increasing investments being made in the end-user industries like oil & gas, energy & power, chemicals, water & wastewater treatment, and construction. Moreover, the demand for the market is expected to remain high in the Middle East & Africa region, under the Rest of the World regional segment, due to the rising rate of production of industrial valves.
The global industrial valve market comprises a host of key players. This includes major players like Flowserve Corporation (US), Kitz Corporation (Japan), Emerson (US), Neway Valve Co., Ltd (China), Weir Group (UK), IMI PLC (US), AVK Holding A/S (Denmark), Schlumberger Limited (US), Crane Co. (US), and Conbraco Industries Inc. (US). The major players in the global industrial valve market are stretching their focus on applying various growth strategies to cement their positioning and expand their reach, like mergers, product launches, strategic collaborations and acquisitions.
Some of the other prominent players include Avcon Controls (India), Forbes Marshall (India), Samson AG (Germany), PR Valves LLC (US), Velan Inc. (Canada), Danfoss A/S (Nordborg), Dwyer Instruments, Inc. (US), and others.
June 2019, XHVAL, a leading manufacturer of industrial valves for over 3 decades, introduced its one-on-one customer service. The company has majorly contributed to the enhancement of material flow operations for different types of gas and liquid. The organization continues to strive in attaining excellence in both customer service and sales. XHVAL realizes that clients now prefer one-on-one consultation services to gain proper knowledge about the type of valve they are willing to purchase and they have duly created a system for the same.
July 2019, XHVAL announced the introduction of another one of its versatile range of valve type, the GOST Gate Valve. These kind of valve are extremely common in the petrochemical sector. However, it is also highly useful for other applications in the chemical, power, and oil & gas industries.