Report : Europe 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 5.5% CAGR, the Europe Industrial Valve Market is speculated to be worth US$ 9,295.25 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe industrial valve market was valued at US$ 7,112.59 million in 2023 and is expected to reach US$ 9,295.25 million by 2028, registering a CAGR of 5.5% 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 Europe industrial valve market expansion.
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 gasses and liquids. Thus, these factors are propelling the adoption of ball valves in industries such as oil & gas, water & wastewater, and chemicals & petrochemicals. For instance, in November 2022, FITOK Group announced the launch of its new BGP series ball valves for specialty gas, semiconductor, and chemical industry applications.
Butterfly valves are also among the most used valves in the industrial sector. The body of the valve 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 valve market players are witnessing huge demand for butterfly valves. Hence, the rising use of ball valves and butterfly valves are fueling the industrial valve market growth. This is expected to drive the Europe industrial valve market during the forecast period.
On the contrary, long service life and risk of corrosion hurdles the growth of Europe industrial valve market.
Based on material type, the Europe industrial valve market is categorized into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held 37.1% market share in 2023, amassing US$ 2,640.03 million. It is projected to garner US$ 3,556.96 million by 2028 to expand at 6.1% CAGR during 2023–2028.
Based on valve type, the Europe 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 26.7% market share in 2023, amassing US$ 1,898.34 million. It is projected to garner US$ 2,513.97 million by 2028 to expand at 5.8% CAGR during 2023–2028.
Based on industry, the Europe industrial valve market is bifurcated into oil & gas and chemicals & petrochemical. The oil & gas segment held 54.1% market share in 2023, amassing US$ 3,850.24 million. It is projected to garner US$ 4,846.84 million by 2028 to expand at 4.7% CAGR during 2023–2028.
Based on country, the Europe industrial valve market has been categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 24.4% share of Europe industrial valve market in 2023. It was assessed at US$ 1,735.87 million in 2023 and is likely to hit US$ 2,360.77 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players dominating the Europe 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 Mar 2021, Flowserve Supports Pfizer In Producing Covid-19 Vaccines.
- In Oct 2021, Emerson Introduces New Miniature Rocker Isolation Valve For Clinical Laboratory Instruments.
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