Product Code: 72535
The Asia-Pacific industrial valves market was valued at USD 19,122.90 million in 2021, and it is expected to register a CAGR of more than 5% during the forecast period (2022-2027).
- The factors driving the market are surging demand for valves to establish new nuclear power plants and revamp the existing ones and increasing demand for valves in the oil and gas industry.
- China accounts for the largest share of the Asia-Pacific industrial valves market.
Key Market Trends
Growing Demand in the Oil and Gas Industry
- The upstream oil and gas industry is the largest user of valves to outfit millions of wellhead 'Christmas trees' that usually include 3 to 5 valves per tree in sizes of 2" to 8", as well as to segment and control flow through millions of miles of gathering pipelines (2" to 20" valves) and cross-country trunk pipelines (up to 60" or larger) required to bring the crude oil and gas to refineries, and the refined product (gasoline, diesel, natural gas) to end-user markets.
- With the increasing pipeline across the countries, the need for storage terminals to store the hydrocarbons also increases. Therefore, to meet the storage demand, Asia-Pacific countries are planning to invest in storage terminals in the future.
- Asia-Pacific has dominated the oil and gas downstream market, with most of the demand coming from China, Southeast Asian countries, and India. The energy demand is anticipated to grow by 50-60% in two decades.
- Several petrochemical projects are planned to be constructed in the region. For example, China is expected to witness 512 petrochemical projects commence operations during 2021-2025. According to a petrochemicals report published by the International Energy Agency (IEA), nearly all regions except Europe may increase the production of primary chemicals by 2050. However, the largest capacity growth is seen in Asia-Pacific.
- Such factors are expected to augment the demand for industrial valves.
India to Register the Fastest Growth
- India is one of the fastest-growing countries in terms of manufacturing sectors and machinery, giving rise to the need for industrial valves. The government provides benefits to companies setting up manufacturing units. It also outlines various policies to boost the manufacturing sector. For instance, India outlined a plan in August 2021 to reach its goal of USD 1 trillion in manufactured goods exports.
- India is among the five largest producers of electricity worldwide. As of September 2021., the national electric grid in India had an installed capacity of 388.134 GW.
- India also nurtures a robust mining industry. As of FY 2021, the number of reporting mines in India was estimated at 1,229, of which reporting mines for metallic minerals were estimated at 545 and non-metallic minerals at 684.
- According to the Indian Economic Survey 2021, the domestic market is expected to grow three-fold in the next decade. India's domestic pharmaceutical market was estimated at USD 42 billion in 2021. It is likely to reach USD 65 billion by 2024 and further expand to USD 120-130 billion by 2030.
- All these factors are likely to increase the demand for industrial valves in the country during the forecast period.
The Asia-Pacific industrial valves market is fragmented, with no player capturing a significant share in the market. Some of the major players in the market include (not in any particular order) Emerson Electric Co., KITZ Corporation, Flowserve Corporation, Baker Hughes, and IMI Critical Engineering.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Surging Demand of Valves for Establishing New Nuclear Power Plants and Revamping Existing Ones
- 4.1.2 Increasing Demand of Valves in Oil and Gas Industry
- 4.2 Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Butterfly Valve
- 5.1.2 Ball Valve
- 5.1.3 Globe Valve
- 5.1.4 Gate Valve
- 5.1.5 Plug Valve
- 5.1.6 Other Types
- 5.2 Product
- 5.2.1 Quarter-turn Valve
- 5.2.2 Multi-turn Valve
- 5.2.3 Other Products (Control Valves)
- 5.3 Application
- 5.3.1 Power
- 5.3.2 Water and Wastewater Management (Including Desalination)
- 188.8.131.52 Metal, Mineral, and Mining
- 184.108.40.206 Others
- 5.3.3 Chemicals
- 5.3.4 Oil and Gas
- 220.127.116.11 Upstream
- 18.104.22.168 Mid-stream
- 22.214.171.124 Downstream
- 5.3.5 Food Processing
- 5.3.6 Pulp and Paper
- 5.3.7 Other Applications
- 5.4 Geography
- 5.4.1 China
- 5.4.2 India
- 5.4.3 Japan
- 5.4.4 South Korea
- 5.4.5 Australia and New Zealand
- 5.4.6 ASEAN Countries
- 5.4.7 Rest of Asia-Pacific
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Alfa Laval
- 6.4.2 AVK Holding AS
- 6.4.3 Baker Hughes
- 6.4.4 CIRCOR International Inc.
- 6.4.5 Crane Co.
- 6.4.6 Curtiss-Wright Corporation
- 6.4.7 Danfoss AS
- 6.4.8 EBRO ARMATUREN Gebr. Brer GmbH
- 6.4.9 Emerson Electric Co.
- 6.4.10 Flowserve Corporation
- 6.4.11 Georg Fischer Ltd
- 6.4.12 Hitachi Metals Ltd
- 6.4.13 Honeywell International Inc.
- 6.4.14 IMI Critical Engineering
- 6.4.15 ITT Inc
- 6.4.16 KITZ Corporation
- 6.4.17 NIBCO
- 6.4.18 Okano Valve Mfg. Co. Ltd
- 6.4.19 Parker Hannifin Corp
- 6.4.20 Samson Aktiengesellschaft
- 6.4.21 Schlumberger Limited
- 6.4.22 The Weir Group PLC
- 6.4.23 Valvitalia SpA
- 6.4.24 Velan Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS