APAC Valves Market Size

APAC Valves Market Analysis

The Asia-Pacific Valves Market is expected to register a CAGR of 5.1% during the forecast period 2022-2027. With the sudden onset of the COVID-19 outbreak, market participants have seen an exponential increase in the adoption of valves due to the increased number of hospitalizations across the region. To address the issue of hospital facility scarcity, governments began to deploy modular and mobile healthcare facilities during the pandemic, which increased the demand for medical equipment. As a result, the COVID-19 pandemic created significant growth opportunities for players in the APAC valve market.

• The valve market is expected to grow primarily due to investments in the oil and gas industry and pharmaceutical infrastructure. For instance, India has heavily invested in oil and gas exploration and is building natural gas infrastructure to meet its energy needs. For instance, in July 2021, the Indian Oil Corporation (IOC) announced to establish India's first green hydrogen plant at Mathura refinery to introduce green hydrogen conditioning and projects in the oil and gas sector in the country.
• Furthermore, governments in the region are investing in municipal water treatment infrastructure to protect natural water bodies from contamination and promote water reuse. This is increasing sales of butterfly valves in the area. Also recently, Prime Minister Narendra Modi ji announced that the newly formed Jal Jeevan Mission will spend INR 3.5 lakh crore over the next five years to provide piped water ('Har Ghar Jal') to all rural households by 2024.
• As demand for fuel rises, various countries in the region begin new oil and gas exploration projects that are expected to increase demand for advanced valve technology. Similarly, different water treatment plants are being built to meet the rising demand for freshwater. As a result, the valve market will expand rapidly in the coming years.
• For instance, In September 2021, the Indian administration approved oil and gas projects in Northeast India worth INR 1 lakh crore (USD 13.46 billion). These projects will be completed by 2025.
• Further, the pandemic has severely impacted several countries, including India, Australia, China, and Japan, according to the Organization for Economic Cooperation and Development (OECD). Government limitations imposed to control the spread of COVID-19 in these countries during the initial period of the outbreak have hampered production due to the limited availability of the workforce during the pandemic period. Furthermore, China has imposed strict lockdown and social isolation, which halted exploration and reduced the country's demand for oil and other power commodities. As a result, China's natural gas storage and transportation activities have decreased significantly, resulting in low demand for ball and butterfly valves.