Report : South 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)
Safety Valves Segment is Expected to be Fastest Growing During Forecast Period for SAM Region
According to a new market research study on “SAM 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$ 2,015.46 million by 2028 from US$ 1,588.71 million in 2021. The market is estimated to grow at a CAGR of 3.5% from 2021 to 2028. The report provides trends prevailing in the SAM industrial valve market along with the drivers and restraints pertaining to the market growth. Expanding application range in healthcare sector and growing popularity of IoT are the major factor driving the growth of the SAM industrial valve market. However, long service life and risk of corrosion hinders the growth of SAM industrial valve market.
In case of COVID-19, SAM is highly affected especially Brazil, followed by Chile, Ecuador, Peru, and Argentina in 2020. To curb the spread of the COVID-19 virus, various economic activities in the region were partially halted. The COVID-19 outbreak adversely affected the mining in SAM's oil & gas sectors. In the wake of the crisis, manufacturing & construction, mining, and oil & gas activities have been severely disrupted, which subsequently restrained the growth of the industrial control valve market in the region. In SAM, Argentina and Brazil are two prime natural gas-producing countries that account for approx. 40% of the entire region. However, during the COVID-19 pandemic, these countries witnessed a significant decline in their oil & gas-related activities due to the collapsed oil and gas prices. The decline restricted activities related to the storage and transportation of liquid gas products, which lowered the demand for industrial valves in the region. However, since late 2020, economies in SAM have been resuming slowly, and oil & gas companies have subsequently started their operations. This development is expected to drive the growth of the SAM industrial valve market in the coming years.
The SAM 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 others segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into Brazil, Argentina, and rest of SAM.
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 SAM 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, Spirax Sarco expanded its product portfolio by including the new Spira-trol Steam-Tight control valve, which helps the customers to minimize downtime, maximize the output, and improve product quality.
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