Report : Asia Pacific Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston RAM Valves), and Industries (Oil and Gas, Water Treatment, Power and Energy, Chemicals and Petrochemical, Food and Beverage, Healthcare and Pharmaceutical, and Others)

Oil and Gas Segment to Dominate APAC Industrial Valve Market During 2021–2028   

According to a new market research study on “APAC Industrial Valve Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Material Type, Valve Type, and Industries” is expected to reach US$ 61,826.88 million by 2028 from US$ 37,099.02 million in 2021. The market is estimated to grow at a CAGR of 7.6% from 2021 to 2028. The report provides trends prevailing in the APAC industrial valve market along with the drivers and restraints pertaining to the market growth. Accentuating application range in healthcare sector and accelerating popularity of IoT are the major factor driving the growth of the APAC industrial valve market. However, extended service life and risk of corrosion hinders the growth of APAC industrial valve market.         

In case of COVID-19, APAC is highly affected specially India. Various economies in Asia Pacific witnessed a sharp decline in their gross domestic product (GDP) in 2020 due to the sudden closedown of most economic activities across the country. The region consists of prominent oil and gas producing countries. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has severely affected several countries, such as India, Australia, China, and Japan. India is the worst-hit country by the pandemic in this region. Limitations imposed by governments to control the spread of COVID-19 during the initial time frame of the outbreak in these countries have affected the production process due to the limited workforce. Further, China has imposed strict lockdown and social isolation, which stopped exploration activities and resulted in shrinking the country's demand for oil and other energy commodities. Thus, natural gas storing and transportation activities across China plummeted significantly and resulted in weak demand for ball and butterfly valves. Similarly, Iran and Australia (the two major natural gas-producing countries of the region) imposed a nationwide lockdown to control the growing number of COVID-19 cases. Thus, the overall decline of E&P activities in the oil & gas industries hampered the demand for globe and check valves across APAC during the first two quarters of 2020. However, as the economies reopened and industries began their operations, the requirement for industrial valves from various end users has gradually risen. India registered a record count of vaccinations. Also, with ease in earlier restrictions, companies are beginning to work with high workforce capacity.

The APAC industrial valve market has been segmented into material type, valve type, industries, and country. Based on material type, the market has been segmented into cast iron, steel, cryogenic, alloy-based, and others. The steel segment dominated the market in 2020 and alloy-based segment is expected to be fastest growing during forecast period. Based on valve type, the market has been segmented into ball valves, butterfly valves, diaphragm valves, safety valves, and piston RAM valves. The ball valves segment dominated the market in 2020 and safety valves segment is expected to be fastest growing during forecast period. Based on industries, the market has been segmented into oil and gas, water treatment, power and energy, chemicals and petrochemical, food and beverage, healthcare and pharmaceutical, and others. The oil and gas segment dominated the market in 2020 and healthcare and pharmaceutical segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.       

CIRCOR International, Inc.; Crane Co.; Emerson Electric Co.; Flowserve Corporation; IMI Critical Engineering; KITZ Corporation; Neway Valve (Suzhou) Co., Ltd; Schlumberger Limited; Spirax-Sarco Engineering plc; and Velan Inc. are among the leading companies in the APAC industrial valve market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Emerson launched the ASCO Series 062 Rocker Isolation Valve, which is designed particularly for the most demanding fluid control manifolds in the clinical laboratory such as immunoassay analyzers, hematology, sample preparation and pre-analytical, and DNA sequencing instruments.       

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