Report : North America 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 3.8% CAGR, the North America Industrial Valve Market is speculated to be worth US$ 9,153.51 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America industrial valve market was valued at US$ 7,588.00 million in 2023 and is expected to reach US$ 9,153.51 million by 2028, registering a CAGR of 3.8% 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 North America industrial valve market expansion.
Growing Use of Valves in Oil & Gas Industry oil acts as an important base raw material for deriving various chemicals such as organic, analytical, physical, inorganic and biochemistry. With the increasing rate of industrialization, the demand for oil and gas has surged substantially across the North America. The crude oil production of the Organization of the Petroleum Exporting Countries (OPEG) has increased steadily from ~400,000 b/d in January 2016 to ~800,000 b/d by the end of Q2 of 2021. The US is showcasing huge demand for crude oil due to the continuous growth in their manufacturing sectors, supported by favorable economic conditions and government policies and investments. Petróleo Brasileiro S.A. has also announced an investment of US$ 68 billion for managing production at the offshore fields in the subsea pre-salt area from 2022 to 2026. Moreover, with the growing emphasis on curtailing carbon emissions, governments of various countries are also favoring gas-powered power plants over coal-powered power plants, as natural gas emits less carbon than coal. This factor is propelling the demand for natural gas. Further, industrial valves are used across the oil & gas industry for the seamless transportation of oil and gas from one process to another and for other distribution purposes. Thus, the growing oil & gas industry is boosting the North America industrial valve market growth. This is expected to drive the North America industrial valve market during the forecast period.
On the contrary, long service life and risk of corrosion hurdles the growth of North America industrial valve market.
Based on material type, the North America industrial valve market is categorized into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held 39.3% market share in 2023, amassing US$ 2,979.90 million. It is projected to garner US$ 3,741.03 million by 2028 to expand at 4.7% CAGR during 2023–2028.
Based on valve type, the North America 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 24.6% market share in 2023, amassing US$ 1,868.55 million. It is projected to garner US$ 2,240.97 million by 2028 to expand at 3.7% CAGR during 2023–2028.
Based on industry, the North America industrial valve market is bifurcated into oil & gas and chemicals & petrochemical. The oil & gas segment held 50.8% market share in 2023, amassing US$ 3852.55 million. It is projected to garner US$ 4485.49 million by 2028 to expand at 3.1% CAGR during 2023–2028.
Based on country, the North America industrial valve market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 68.6% share of North America industrial valve market in 2023. It was assessed at US$ 5,203.47 million in 2023 and is likely to hit US$ 6,297.03 million by 2028, exhibiting a CAGR of 3.9% during the forecast period.
Key players dominating the North America 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 Dec 2021, Crane Fluid Systems - New General Valves Catalogue.
- In Jan 2023, CIRCOR Showcases Valve Solutions at 2023 Hydrogen & Fuel Cell Seminar.
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