Market Size of Global Valves Industry in Chemical Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chemical Industry Valves Market Analysis
The Global Valves Market in Chemical Industry is expected to register a CAGR of above 4.2%, during the forecast period (2022-2027). The growing process automation is attributed to increasing application of different types of valves in chemical industry.
- The increase in the investment in pipeline and infrastructure development in the chemical processing operations is expected to augment the demand for valves in the chemical industry over the forecast period.
- The growth in the chemical manufacturing sector to cater to immensely increasing demand for different types of chemicals and the imperative requirement to automate chemical production processes, valves are inducing demands for process automation in the chemical industry in the global market. However, the lack of standardized policies among the regions is hindering the valves market's growth.
- The key manufacturers in the industry are continuously focusing on introducing new products that are equipped with advanced technology to remain competitive in the market. For instance, in June 2021, Oceaneering International's Rotator business has launched a new high-performance Topside Chemical Throttle Valve (T-CTV) for multiple industries for oil and gas and other industries. The T-CTV is designed to leverage existing field-proven technology to address operational requirements for efficient topside chemical dosing.
- The COVID-19 pandemic has affected the chemical market. The consumer demand of chemicals and chemical products has declined following the continued spread of the virus and its negative impact on the economy. All these factors have led to a decrease in the demand of the valve in chemical industry.
Chemical Industry Valves Industry Segmentation
Valves are mechanical devices and a critical element in the industry where the movement of liquid or gas through the piping systems while controlling the flow, protecting the equipment, and providing safety in emergency situations. The Valves Market in Chemical Industry is segmented By Type (Ball, Butterfly, Gate/Globe/Check, Plug, Control) and Geography.
Global Valves Market in Chemical Industry Size Summary
The global valves market in the chemical industry is poised for significant growth, driven by the increasing demand for process automation and the expansion of chemical manufacturing sectors. The rise in investments in pipeline and infrastructure development is expected to bolster the demand for various types of valves used in chemical processing operations. Despite challenges such as the lack of standardized policies across regions, key manufacturers are focusing on innovation and the introduction of advanced technology products to maintain competitiveness. The COVID-19 pandemic has temporarily impacted the market, leading to a decline in consumer demand for chemicals and related products, which in turn affected valve demand. However, the ongoing recovery and growth in sectors such as textiles, oil and gas, construction, food, and cosmetics are anticipated to drive the market forward.
The Asia Pacific region stands out as a major hub for demand in the chemical industry, with countries like China, India, and Japan leading in innovation and investment. The increasing need for specialty chemicals, driven by sectors such as construction and cosmetics, is propelling the demand for valves in the region. Initiatives like India's 'Aatmanirbhar Bharat' and China's focus on quality and innovation are further expected to enhance the market landscape. The establishment of new manufacturing units and strategic partnerships, such as those by Indian Oil Corporation and Agilyx, are set to boost the production capacity of specialty chemicals, thereby increasing the demand for valves. The market remains highly fragmented, with key players like Emerson Electric Co., Schlumberger Limited, and Alfa Laval Corporate AB actively engaging in product innovation and strategic expansions to capture a larger market share.
Global Valves Market in Chemical Industry Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porters Five Force Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Industry Value Chain Analysis
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1.4 Assessment of Impact of COVID-19 on the Market
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Global Valves Market in Chemical Industry Market Size FAQs
What is the current Global Valves Market in Chemical Industry size?
The Global Valves Market in Chemical Industry is projected to register a CAGR of 4.20% during the forecast period (2024-2029)
Who are the key players in Global Valves Market in Chemical Industry?
Emerson Electric Co., Schlumberger Limited, Alfa Laval Corporate AB, Flowserve Corporation and Crane Holdings, Co. are the major companies operating in the Global Valves Market in Chemical Industry.
