Asia-Pacific Industrial Valves Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 21.98 Billion |
| Market Size (2029) | USD 28.95 Billion |
| CAGR (2024 - 2029) | 5.67 % |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Industrial Valves Market Analysis
The Asia-Pacific Industrial Valves Market size is estimated at USD 21.98 billion in 2024, and is expected to reach USD 28.95 billion by 2029, growing at a CAGR of 5.67% during the forecast period (2024-2029).
- The factors driving the market are increasing demand for valves from water treatment plants and from the oil and gas industry.
- The COVID-19 pandemic was a major challenge for the industrial valves market as it directly affected the manufacturer's supply chain across the globe and shut down the production facilities to minimize the risk of virus spread.
- Further, the need for enabling valves for a wider range of applications in the downstream market is contributing to the growth of the Asia-Pacific valves market.
- China accounts for the largest share of the Asia-Pacific industrial valves market.
Asia-Pacific Industrial Valves Market Trends
This section covers the major market trends shaping the APAC Industrial Valves Market according to our research experts:
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, Asia-Pacific countries are planning to invest in storage terminals to meet the storage demand.
- 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.
- China is expected to build 23 gas storage facilities by 2030, with an investment of around USD 8.5 billion. Completing the storage facilities and the upcoming gas pipelines in the country are expected to boost the midstream sector. As a result, the demand for petroleum products is expected to cross 650 MT by the mid-decade, with the transportation sector having the highest demand of nearly 370 MT.
- 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 most significant capacity growth is seen in Asia-Pacific.
- SapuraOMV announced an FID on the Jerun project offshore Sarawak in April 2021 and awarded the engineering, procurement, construction, installation, and commissioning contract for the project's central processing platform to the Malaysia Marine and Heavy Engineering (MMHE). The development is worth USD 1.5 billion in Greenfield.
- Such factors are expected to augment the demand for industrial valves.
India is Expected 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.
- The oil and gas sector is among the eight core industries in India, playing a major role in influencing decision making for all the other important sections of economy. India's oil demand is projected to rise at the fastest pace in the world to reach 10 million barrels per day by 2030.
- According to the International Energy Agency (IEA), consumption of natural gas in India is expected to grow by 25 billion cubic metres (bcm), registering an average annual growth of 9% until 2024.
- India also nurtures a robust mining industry. As of FY21, the number of reporting mines in India were estimated at 1,229, of which reporting mines for metallic minerals were estimated at 545 and non-metallic minerals 684. According to the official data published by the Indian Brand Equity Foundation (IBEF), in the first quarter of FY22, iron ore exports reached USD 1.7 billion, registering an increase of 168% YoY.
- All these factors are likely to increase the demand for industrial valves in India during the forecast period.
Asia-Pacific Industrial Valves Industry Overview
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.
Asia-Pacific Industrial Valves Market Leaders
Emerson Electric Co.
KITZ Corporation
Flowserve Corporation
Baker Hughes
IMI Critical Engineering
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Industrial Valves Market News
- March 2022: Flowserve announced a partnership with Gradiant to accelerate growth in the water technology market. Gradiant develops and delivers advanced water and wastewater treatment facilities with a primary focus in the Asia Pacific.
- February 2022: Emerson announced the opening of a new integrated manufacturing facility at Mahindra World City in Chennai, Tamil Nadu. At its new Chennai facility, Emerson has integrated manufacturing under one roof to leverage production synergies for some of its industry-leading products. This facility will manufacture fluid control and pneumatics products, including solenoid valves, air preparation units, cylinders, pneumatic valves and manifolds, position monitoring, and high-pressure regulators for Emerson's field-proven brand ASCO, AVENTICS, TopWorx, and TESCOM. The facility also makes Emerson pressure management products, including pressure regulators, cryogenic service valves, tank safety products, and blow-off/blow-down valves for its Fisher, Jeon, Enardo, Varec, Cash, and Yarway brands.
Asia-Pacific Industrial Valves Market Report - Table of Contents
1. INTRODUCTION
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 Increasing Demand for Valves from Water Treatment Plants
4.1.2 Increasing Demand for Valves in the Oil and Gas Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Impact of the COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Revenue)
5.1 By 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 By Product
5.2.1 Quarter-turn Valve
5.2.2 Multi-turn Valve
5.2.3 Other Products (Control Valves)
5.3 By Application
5.3.1 Power
5.3.2 Water and Wastewater Management (Including Desalination)
5.3.2.1 Metal, Mineral, and Mining
5.3.2.2 Others
5.3.3 By Chemicals
5.3.4 Oil and Gas
5.3.4.1 Upstream
5.3.4.2 Mid-stream
5.3.4.3 Downstream
5.3.5 Food Processing
5.3.6 Pulp and Paper
5.3.7 Other Applications
5.4 By 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
5.4.7 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Market Ranking Analysis
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Alfa Laval
6.3.2 AVK Holding AS
6.3.3 Baker Hughes
6.3.4 CIRCOR International Inc.
6.3.5 Crane Co.
6.3.6 Curtiss-Wright Corporation
6.3.7 Danfoss AS
6.3.8 EBRO ARMATUREN Gebr. Brer GmbH
6.3.9 Emerson Electric Co.
6.3.10 Flowserve Corporation
6.3.11 Georg Fischer Ltd
6.3.12 Hitachi Metals Ltd
6.3.13 Honeywell International Inc.
6.3.14 IMI Critical Engineering
6.3.15 ITT Inc.
6.3.16 KITZ Corporation
6.3.17 NIBCO
6.3.18 Okano Valve Mfg. Co. Ltd
6.3.19 PARKER HANNIFIN CORP.
6.3.20 SAMSON AKTIENGESELLSCHAFT
6.3.21 Schlumberger Limited
6.3.22 The Weir Group PLC
6.3.23 Valvitalia SpA
6.3.24 Velan Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Industrial Valves Industry Segmentation
Industrial valves are mechanical devices that control the flow and pressure of liquids, gases, and slurries within a system. They are also known as regulators and are used in various applications. Valves vary greatly in size, design, function, and operation. The Asia-Pacific industrial valves market is segmented by type, product, application, and geography. By type, the market is segmented into butterfly valve, ball valve, globe valve, gate valve, plug valve, and other types. The market is segmented by quarter-turn valve, multi-turn valve, and other products. By application, the market is segmented into power, water and wastewater management, chemicals, oil and gas, food processing, pulp and paper, and other applications. The report also covers the market sizes and forecasts for the Asia-Pacific industrial valves market in six countries across the region. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| By Type | |
| Butterfly Valve | |
| Ball Valve | |
| Globe Valve | |
| Gate Valve | |
| Plug Valve | |
| Other Types |
| By Product | |
| Quarter-turn Valve | |
| Multi-turn Valve | |
| Other Products (Control Valves) |
| By Application | |||||
| Power | |||||
| |||||
| By Chemicals | |||||
| |||||
| Food Processing | |||||
| Pulp and Paper | |||||
| Other Applications |
| By Geography | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Australia and New Zealand | |
| ASEAN | |
| Rest of Asia-Pacific |
Asia-Pacific Industrial Valves Market Research FAQs
How big is the Asia-Pacific Industrial Valves Market?
The Asia-Pacific Industrial Valves Market size is expected to reach USD 21.98 billion in 2024 and grow at a CAGR of 5.67% to reach USD 28.95 billion by 2029.
What is the current Asia-Pacific Industrial Valves Market size?
In 2024, the Asia-Pacific Industrial Valves Market size is expected to reach USD 21.98 billion.
Who are the key players in Asia-Pacific Industrial Valves Market?
Emerson Electric Co., KITZ Corporation, Flowserve Corporation, Baker Hughes and IMI Critical Engineering are the major companies operating in the Asia-Pacific Industrial Valves Market.
What years does this Asia-Pacific Industrial Valves Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Industrial Valves Market size was estimated at USD 20.80 billion. The report covers the Asia-Pacific Industrial Valves Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Industrial Valves Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Industrial Valves Industry Report
Statistics for the 2024 Asia-Pacific Industrial Valves market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Industrial Valves analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
