According to our latest research study on “Industrial Valves Market Forecast to 2031 – Global Analysis – by Valves Type, Ball Valve Type, Size, Class, Industry, Butterfly Valve Disc Closure Type, Construction Type, Control Valve Type, and Check Valve Type,” the market was valued at US$ 64,335.89 million in 2023 and expected to reach US$ 89,331.32 million by 2031; it is estimated to record a CAGR of 4.2% from 2023 to 2031.
Ball valves have a simple construction that features a ball mounted within a pipe. The ball valves are majorly known for their high durability, damage resistance, and low service requirements. They can be repaired easily without the need for intense workmanship. Furthermore, these valves do not require lubrication while offering a bubble-tight seal with low torque. Ball valves are also affordable and easy to use. In addition, they can handle and regulate high volume, pressure, and flow at elevated temperatures, which makes them suitable for operations involving various gases and liquids. In November 2022, FITOK Group announced the launch of its new BGP series ball valves for applications in specialty gas, semiconductor, and chemical industries. Growing oil and gas industry sector across the globe have created massive demand for the industrial valves market growth. With the growing demand for crude oil and natural gas, the Gulf countries are increasing the production capacity of crude oil and natural gas, thereby driving the industrial valves market in the Middle East & Africa. Countries such as Iran and Nigeria are actively focusing on increasing oil production, which is expected to create lucrative opportunities for the industrial valves market players across the region during the forecast period. Moreover, Venezuela and Brazil are among the largest crude oil producers, and they are emphasizing increasing their production capacities owing to increased demand for oil and gas and natural gas across South America, which led to increased demand for industrial valves from these industries. Thus, these factors are propelling the adoption of ball valves in industries such as oil & gas, water & wastewater, and chemicals & petrochemicals.
Industrial Valves Market Size – by Region, 2023
Industrial Valves Market Size and Forecast (2021-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Valves Type (Ball Valve, Butterfly Valve, Safety Valve, Control Valve, Check Valve, Plug Valve, and Others), Ball Valve Type (Top Entry, Fully Welded, and Side Entry), Size (Up-to 5 Inches, 6 to 15 inches, 16 to 24 inches, Above 25 Inches), Class (Below 150, 300, 400, 600, 800, 900, 1500, 2500), and Industry (Oil and Gas, LNG, Water Treatment, Power and Energy, Chemical and Petrochemical, and Others), Butterfly Valve Disc Closure Type (Centric or Concentric, and Eccentric), Construction Type (Wafer, Flanged, Welded, Lug), Control Valve Type (2 Way Control Valves, 3 Way Control Valves), Check Valve Type (Swing Check Valves, Wafer Check Valves, Tilted Disc Check Valves, and Others)
Industrial Valves Market Drivers and Opportunities [2021-2031]
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Source: The Insight Partners Analysis
Butterfly valves are also among the most used valves in the industrial sector. The body of the valves is lightweight and available in disc and wafer form; it requires significantly less structural assistance than other types of valves such as ball valves. Further, they are cost-efficient and easier to install. Butterfly valves are well-known for their ability to effectively handle slurries and corrosive liquids. Thus, with rising urbanization, coupled with increasing deployment of wastewater treatment plants, the industrial valves market players are witnessing a huge demand for butterfly valves.
The butterfly valves subsegment is further segmented into wafer, flanged, welded, and lug. Wafer butterfly valves are most commonly used in industrial applications owing to their simplicity of operation and high performance. Wafer butterfly valves are either manually operated or automatically operated by using various sources of power. Wafer butterfly valves are available in different styles, sizes, configurations, and standards to meet the rise in demand from various industries, including oil & gas, water & wastewater treatment, chemical processing, and LNG, among others. The wafer subsegment accounted for the largest market share with revenue of US$ 2,933.54 million in 2023 and is expected to maintain its dominance owing to the abovementioned features and the advantages associated with them.
Safety valves are the types of industrial valves that handle liquids and gases under pressure in various industrial applications and prevent over-pressurization of the system. Types of safety valves include pressure relief valves, gas and vapor valves, vacuum relief valves, and others. Safety valves consist of components, including adjusting screw, spring, spindle, disc, and nozzle. It is crucial in protecting the equipment and workers. It is subjected to regulations and standards, including the American Society of Mechanical Engineers (ASME), the Canadian Standards Association (CSA), TUV, and ISO 4126, among others. Safety valves are highly used in applications such as steam boilers, pressure vessels, and piping systems, as well as in manufacturing facilities, refineries, chemical processing, oil & gas and power plants, and pharmaceutical and food processing. A rise in investment toward power generation, oil & gas, and other industrial infrastructure across the globe is expected to fuel the industrial valves market growth during the forecast period.
A control valve is one of the highly demanded valves across industries. Different types of control valves analyzed in the industrial valves market include gate valves and globe valves. Control valves are used to control the flow of fluids in industries such as chemicals & petrochemicals, oil & gas, pharmaceuticals, food & beverages, and thermal power; as a result, product demand is expected to boost significantly over the next decade. In addition, these industries are incorporating valve technology embedded with advanced processors and networking ability to sync with sophisticated monitoring technology coordinated through a central control station. These factors are expected to boost the control valve segment growth in the industrial valves market over the forecast period. Hence, the rising use of ball valves and control valves across the oil & gas industries fuels the industrial valves market growth.
The global industrial valves market analysis is based on valves type, size, industry, ball valve type, size, class, industry, butterfly valve disc closure type, construction type, control valve type, check valve type, and geography. Based on valves type, the industrial valves market is classified into ball valve, butterfly valve, safety valve, control valve, check valve, plug valve, and others. Based on ball valve type, the market is categorized into top entry, fully welded, and side entry. Based on size, the market is segmented into upto 5 inches, 6 to 15 inches, 16 to 24 inches, and above 25 inches. Based on class, the market is categorized into 150, 300, 400, 600, 800, 900, 1500, and 2500. In terms of industry, the market is segmented into oil & gas, LNG, water treatment, power & energy, chemical & petrochemicals, and others. Based on butterfly valve disc closure type, the market is divided into centric or concentric and eccentric. Based on construction type, the market is segmented into wafer, flanged, welded, and lug. In terms of control valve type, the market is divided into 2 way control valves and 3 way control valves. Based on check valve type, the market is segmented into swing check valves, wafer check valves, tilted disc check valves, and others. By geography, the industrial valves market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
Crane Co., Emerson Electric Co., Flowserve Corporation, Kitz Corporation, and Schlumberger Limited are among the prominent players profiled in the industrial valves market report. During this study, several major industrial valves market players were analyzed to get a holistic view of the global market and its ecosystem.
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