The India industrial Valve Casting is valued at USD 2,731.45 million. 2022 is expected to grow at a CAGR of 5.65% during the forecast period due to government policies and rapid growth in the product space. Industrial valves are devices that open, close or partially seal passages to allow the flow of liquids or gases through tanks, pipes or other objects.
There are so many other valves on the market that finding a suitable valve can take time. On the other hand, the need for standards and global standards in valve manufacturing is hindering market growth.
Material Type Insights
Industrial steel valves will account for most global sales sales by 2022. The risk of oil contamination has decreased due to the increasing demand for high-performance valves in the medical, pharmaceutical, food and mining industries.
The analysis predicts parallel development in the demand for steel pipes and the supply of steel in industrial pipes. Stainless steel can withstand heat and pressure significantly better than other valve materials, including copper, malleable steel, and brass.
Therefore, the demand for stainless Valve Casting in water and wastewater treatment plants is likely high due to their durability. In addition, they can withstand harsh chemicals, heat and pressure under heavy water due to their corrosion-resistant properties.
- Application Insights
The oil and gas sector will account for most of the market value by 2022, thanks to rising energy demand and growth in transportation. In addition, the growth of this segment is primarily driven by the increasing mining activity in the Persian Gulf countries.
In addition, improvements in production, refining and transportation technologies, longer pipelines, increasing demand for deeper wells and falling production costs contribute to the increase in oil prices.
The number of pipelines and the need to control and monitor these plants in a central location has increased the need for safety valves in the oil and gas industry.
The height of the waste disposal facilities requirements and equipment storage and piping requirements are expected to match the requirements for industrial equipment in this segment.
- Regional Insights
By 2022, North America will lead the global industrial valve market by replacing older, inefficient valves with more efficient ones to transport industrial gases. In addition, increased shale gas and oil sand production offer significant market growth potential in this region.
The region is undergoing a revolution in the oil and gas industry, increasing investment in the intelligent conversion of old pipelines into new pipelines.
On the other hand, the growth in the Asia-Pacific region was the fastest during the review period due to the increase in chemical consumption and construction activity.
Key Companies & Market Share Insights
Major manufacturers in the global industrial valve market are applying the strategy of mergers and acquisitions, partnerships, and product innovations to strengthen their presence in the global market.
For example, in August 2019, IMI Oyj signed an agreement to purchase a particular valve manufacturer, PBM Inc., which supplies various industrial valves and other flow control products. Some of the key features of the Industrial Valves market are:
- IMI plc
- Forbes Marshall
- The Weir Group plc.
Segments Covered in the Report
This study includes an in-depth analysis of market revenue using popular quantitative and qualitative data and applying a marketing perspective. This report provides a classification of the market into key segments and speciality applications.
This study also measuresValve Casting, market revenue and trends from 2020 to 2032 at global, regional and country levels. This report categorizes market segmentation and revenue forecasts by valve type, material type, application, and region:
- Ball Valves
- Globe Valves
- Gate Valves
Regulations and certifications for industrial filters vary from state to state, resulting in different needs for industrial filters. They are widely used in different industries, including food and beverages, oil and gas, pharmaceuticals, energy and power, chemicals and construction.
Diverse product offerings make it difficult for Valve Casting to obtain optimal installation costs, limiting the market growth.