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, 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)
Steel Segment to Dominate North America Industrial Valve Market During 2021–2028
According to a new market research study on “North America 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$ 17,529.97 million by 2028 from US$ 11,679.61 million in 2021. The market is estimated to grow at a CAGR of 6.0% from 2021 to 2028. The report provides trends prevailing in the North America industrial valve market along with the drivers and restraints pertaining to the market growth. Rising use of valve in oil and gas industry and growing use of ball valves and butterfly valves are the major factor driving the growth of the North America industrial valve market. However, lengthy service life and risk of corrosion hinders the growth of North America industrial valve market.
In case of COVID-19, North America is highly affected specially the US. The manufacturing sector experienced noticeable losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the oil & gas, power & energy, and the chemical & petrochemical industries. Moreover, the social or physical distancing measures had put limitations on the operations of logistics and other service providers. Component shortages, quarantine mandates, and travel restrictions were key restraints in the production of industrial valves. As per the BP Statistical Review of World Energy 2020, the US is the world's largest country to produce natural gas products and the largest consumer of this product. However, the country has experienced a nationwide lockdown in the mid of 2020 due to COVID-19 safety measures, which resulted in a considerable decline in global oil prices that further restricted the oil & gas-related projects, such as storage and transportation activities of liquid gasses. Due to this, industrial valve manufacturing companies faced revenue losses and slow growth. However, during the Q3 of 2020, the industries started to open, and once again, the supply chain resumed its operations. However, the effects of the COVID-19 pandemic had weakened North America's industrial valve market. However, the market witnessed a positive impact as the demand for industrial valves started rising in the US, Canada, and Mexico as the end user industries started their operations from Q3 of 2020.
The North America 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 US, Canada, and Mexico.
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 North America 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 2020, CIRCOR announced that it has agreed to sell CIRCOR Instrumentation & Sampling to Crane Co. CIRCOR Instrumentation & Sampling brands included in the deal consist of Gyrolok fittings, Hoke valves, Go regulators, etc.
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