Global Plug Valve Market Size

Plug Valve Market Analysis

The Global Plug Valve Market is expected to grow by registering a CAGR of 4.6% during the forecast period (2022 - 2027). Due to increasing demand, especially from oil and gas, water treatment, and other industrial sectors, the plug valve market is expected to exhibit substantial growth over the forecast period.

• The plug valves are among the earliest used valves. These valves' key features include a simple structure, low fluid resistance, and fast switching. Plug valves are important industrial components used to regulate gases and fluids. Furthermore, these valves can be available in different sizes and designs depending on their application.
• Plug valves are widely used across various end-user industries. These valves are mainly used for directional flow control in water supply and wastewater treatment plants. The increasing investment being made by the governments across various parts of the world to prevent wastage of water is supporting the growth of the studied market. For instance, in July 2021, the United States Department of Agriculture (USDA) announced an investment of USD 307 million to modernize rural drinking water and wastewater infrastructure in 34 states and Puerto Rico.
• Additionally, factors such as strict government restrictions and measures to address the problem of water scarcity are further driving the demand for plug valves. For instance, in March 2022, the Saudi Arabian government announced over 60 water projects worth SR35 billion to increase water desalination capacity as well as strategic water reserves of the country.
• However, Standard plug valves are sealed by direct contact between the valve body and machined metal plug. As a result, the sealing is relatively poor, the opening and closing force is large, and it is easy to wear. Additionally, because of high friction, these valves' first movement (opening-closing) requires a large amount of force.
• The outbreak of COVID-19 had a notable impact on the studied market. Owing to the strict measures taken by governments across the world, manufacturing plants were either temporarily closed or were operating with limited capacity. Hence, the production of industrial valves was disrupted, resulting in a gap between demand and supply. However, with the industrial activities and demand returning to the pre-pandemic level across the majority of the world, the market is expected to gain traction during the forecast period.