Report : Middle East and Africa 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)

Alloy-based Segment is Expected to be Fastest Growing During Forecast Period for MEA Region

According to a new market research study on “MEA 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$ 3,849.32 million by 2028 from US$ 2,931.14 million in 2021. The market is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The report provides trends prevailing in the MEA industrial valve market along with the drivers and restraints pertaining to the market growth. Burgeoning application range in healthcare sector and rising popularity of IoT are the major factor driving the growth of the MEA industrial valve market. However, prolonged service life and risk of corrosion hinders the growth of MEA industrial valve market.           

In case of COVID-19, MEA is highly affected especially South Africa. The majority of economic operations in the region were suspended due to an increase in the number of COVID-19 cases. Many countries in Africa are still in the developing phase. Countries in the Middle East, especially the GCC (Gulf Cooperation Council) countries, witnessed a notable decline in the oil & gas sector due to a sharp decline in the demand for oil from major end-user countries across Asia, Europe, and North America. As a result, countries in MEA registered a lowered volume of oil & gas production and low storage and transportation of natural gas, which subsequently hampered the demand for cryogenic valves in the region. The MEA Countries, such as Saudi Arabia, the UAE, Qatar, and selected other OPEC countries, also observed similar trends during the first two quarters of 2020. However, the countries are expected to overcome the swift drop in demand as the prominent end user of oil & gas continue to open their economic activities, and oil & gas prices start to recover. Moreover, end users in the region are very dependent on international suppliers and experienced significant supply chain disruption during Q2 of 2020. However, with the beginning of Q3 of 2020, the demand for various manufacturing products, including industrial valves, started increasing among the end-users due to the operations' re-initiation.

The MEA 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 the UAE, Saudi Arabia, South Africa, and rest of MEA.       

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 MEA 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, RTK, a CIRCOR International brand, launched the RTK REflex QC Control Valve with balanced trim, which compensates for high differential pressures. This helps in saving costs by eliminating the need for a large and powerful actuator.      

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