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, Piston RAM Valves, Gate Valves, and Control Valves), and Industry (Oil & Gas and Chemicals & Petrochemical)
At 6.6% CAGR, the Asia Pacific Industrial Valve Market is speculated to be worth US$ 20,772.94 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific industrial valve market was valued at US$ 15,124.43 million in 2023 and is expected to reach US$ 20,772.94 million by 2028, registering a CAGR of 6.6% from 2023 to 2028. Growing use of valves in oil and gas industry and increasing use of ball valves and butterfly valves are the critical factors attributed to the Asia Pacific industrial valve market expansion.
Over the years, several companies operating in the Asia Pacific industrial valve market have been focused on small valves. However, several other industries have showcased a rise in demand for large valves owing to the installation of large pipelines, as they offer higher flexibility compared to small valves. This has influenced the Asia Pacific industry valve market players to focus on new product development and strategic partnerships with clients to deliver products as per customer needs. For instance, in May 2022, Neway Valve announced its partnership with an anonymous oil company to supply gate valves of 88 inches and 72 inches. These valves are experiencing a rise in demand across various oil & gas companies owing to their high anti-leak features. Similarly, in February 2023, ARMATURY Group a.s. supplied 60 pieces of 43.5 inches gate valves to Gaz System for its Gustorzyn-Wronów-Dolna Odra project. Thus, the rising demand for large gate valves across industries is expected to offer lucrative business opportunities to the Asia Pacific industry valve market players over the forecast period. This is expected to drive the Asia Pacific industrial valve market during the forecast period.
On the contrary, long service life and risk of corrosion hurdles the growth of Asia Pacific industrial valve market.
Based on material type, the Asia Pacific industrial valve market is categorized into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held 39.1% market share in 2023, amassing US$ 5,907.71 million. It is projected to garner US$ 8,412.40 million by 2028 to expand at 7.3% CAGR during 2023–2028.
Based on valve type, the Asia Pacific industrial valve market is categorized into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. The ball valves segment held 25.7% market share in 2023, amassing US$ 3,886.41 million. It is projected to garner US$ 5,347.86 million by 2028 to expand at 6.6% CAGR during 2023–2028.
Based on industry, the Asia Pacific industrial valve market is bifurcated into oil & gas and chemicals & petrochemical. The oil & gas segment held 51.7% market share in 2023, amassing US$ 7,816.64 million. It is projected to garner US$ 10,350.64 million by 2028 to expand at 5.8% CAGR during 2023–2028.
Based on country, the Asia Pacific industrial valve market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 34.3% share of Asia Pacific industrial valve market in 2023. It was assessed at US$ 5,191.76 million in 2023 and is likely to hit US$ 7,293.43 million by 2028, exhibiting a CAGR of 7.0% during the forecast period.
Key players dominating the Asia Pacific industrial valve market are Velan Inc.; Crane Co.; Circor International Inc.; Flowserve Corp; Emerson Electric Co.; KITZ Corporation; Neway Valve (Suzhou) Co., Ltd; Spirax Sarco Engineering Plc; Schlumberger Ltd; and Weir Group PLC among others.
- In Oct 2022, Schlumberger Explores $800 Million Valves Business Sale.
- In Oct 2021, KITZ had been displaying its advanced valve technology in FC-EXPO at Tokyo Big site in Tokyo.
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