|Fastest Growing Market:||Asia-Pacific|
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The Global Valves Market in Chemical Industry is expected to register a CAGR of above 4.2%, during the forecast period (2022-2027). The growing process automation is attributed to increasing application of different types of valves in chemical industry.
- The increase in the investment in pipeline and infrastructure development in the chemical processing operations is expected to augment the demand for valves in the chemical industry over the forecast period.
- The growth in the chemical manufacturing sector to cater to immensely increasing demand for different types of chemicals and the imperative requirement to automate chemical production processes, valves are inducing demands for process automation in the chemical industry in the global market. However, the lack of standardized policies among the regions is hindering the valves market's growth.
- The key manufacturers in the industry are continuously focusing on introducing new products that are equipped with advanced technology to remain competitive in the market. For instance, in June 2021, Oceaneering International’s Rotator business has launched a new high-performance Topside Chemical Throttle Valve (T-CTV) for multiple industries for oil and gas and other industries. The T-CTV is designed to leverage existing field-proven technology to address operational requirements for efficient topside chemical dosing.
- The COVID-19 pandemic has affected the chemical market. The consumer demand of chemicals and chemical products has declined following the continued spread of the virus and its negative impact on the economy. All these factors have led to a decrease in the demand of the valve in chemical industry.
Scope of the Report
Valves are mechanical devices and a critical element in the industry where the movement of liquid or gas through the piping systems while controlling the flow, protecting the equipment, and providing safety in emergency situations. The Valves Market in Chemical Industry is segmented By Type (Ball, Butterfly, Gate/Globe/Check, Plug, Control) and Geography.
Key Market Trends
Growing Expansion of Specialty Chemical Manufacturing Companies Owing to Increasing Demand
- The demand for specialty chemicals by the manufacturing industries such as textile, oil and gas, construction, food, and cosmetics is rapidly increasing as the chemical composition of these specialty chemicals determines their use. With the growing concern about health and safety, the sales of industrial and institutional cleaners and disinfectants have grown rapidly.
- Market participants are concentrating on expanding their production capacity and developing unique specialty chemical production units to cater to the rapidly growing demand. For instance, in January 2021, LANXESS Specialty chemicals company signed an agreement with French company INTACE SAS to expand its business to gain the competitive edge to become a leading manufacturer of antimicrobial biocides and fungicides for the packaging industry.
- In addition, in November 2021, Indian Oil Corporation (IOCL) announced plans to invest INR 3,681 crore (USD 495.22 million) to set up India’s first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat Refinery in Haryana.
- Furthermore, according to IBEF, specialty chemicals constitute 22% of the total chemicals and petrochemicals market in India and the demand for these chemicals is expected to rise at a CAGR of 12% in 2019-2022.
- All such favorable factors of business capacity expansion to cater the rapidly growing demand for specialty chemicals are expected to drive the demand for the valves market for processing operations in chemical industry during the forecast period.
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Asia Pacific is Expected to Hold Major Growth
- The Asia Pacific region is known as the major demanding region in the chemical industry around the globe. The demand for specialty chemicals in the region is continuously rising owing to the growth of the construction sector, demand for cosmetic products, and growing investment and production in adhesives.
- To cater to this demand, the regional chemical manufacturers are planning to invest in specialty manufacturing and strengthening “Aatmanirbhar Bharat” the mission of the Indian government. For instance, in November 2021, The Indian Oil board approved INR 3,681 crore plan to set up India’s first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat refinery at Haryana. Such establishment of manufacturing units is further expected to propel the demand for different types of valves for chemical industry applications.
- According to International Chemical Trade Association (ICTA), in June 2021, China set its chemical industry policy direction for five years and focused on building the domestic market by emphasizing quality. Further, with innovation as a prime emphasis, China is focusing on sectors including aerospace, electronics, energy, environmental protection, medical, and defense to supply a variety of chemical products.
- Furthermore, in January 2021, Agilyx, a technology company that enables customers to recycle the most challenging post-use plastics to high-value, virgin-equivalent products, and Toyo Styrene Co., LTD (Toyo Styrene), an affiliate of Denka Company Limited, Nippon Steel Chemical & Material Co., Ltd. and Daicel Co., Ltd., announced that they are entering into the construction phase of a 10 ton per day chemical recycling facility in Japan, enabled by Agilyx depolymerization technology.
- The countries such as China, India, and Japan are taking center stage for innovation in several industries that are the clients of chemical industries. Thus, such developments initiative and growth factors in the chemical industry are further projected to propel the demand for valves in the chemical industry for their operations in the Asia Pacific region during the forecast period.
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The global valve market in chemical industry is highly fragmented as the demand for valves is increasing in the chemical industry. The key players that are contributing to the growth of the global market include Emerson Electric Co., Schlumberger Limited, Alfa Laval Corporate AB and others, are continuously innovating new products and rising activities such as mergers and acquisitions and capacity expansion, further increasing the competition.
- July 2022 - Valmet launched Neles Q-Disc, a unique solution to improve process performance in demanding control valve applications. The launch complements the offering of the modular Neles Neldisc and Jamesbury Wafer-Sphere butterfly valve platform that was introduced to the market in June 2021. “Q-Disc” is specifically designed for control applications, and it helps to avoid oversized actuators for control valve packages, and thus provides a solution that is more cost and energy-efficient.
- June 2022 - GF Piping Systems introduced a new ball valve 543 Pro at IFAT 2022 designed for applications in the chemical process industry, desalination and water treatment with a variety of new features. This valve improves usability and adds sensors and actuators that offer new possibilities for process automation.
- May 2021- Hitachi launched its Class150 Flanged double offset ball valve for fluid handling including solids, such as wastewater, slurry, powders, ashes, etc. The company has supplied the JIS10K and 20K type valves with successful installation in many wastewaters treatment and chemical plants. The Class 150 valve’s double offset structure provides a no pocket design, resulting in no stagnated flow and light torque movements to achieve stable valve operation.
- January 2021 - DeZURIK, Inc., one of the market-leading valve manufacturer in the municipal and industrial markets, announced plans to acquire Red Valve, one of the prominent player for innovative elastomers, pinch valves, check valves and engineered mixing systems effective January 1, 2021.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porters Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Demand for Process Safety
5.1.2 Growing Adoption of Process Automation
5.2 Market Challenges
5.2.1 Lack of Standardized Policies
6.1 By Type
6.1.6 Other Types
6.2 By Geography
6.2.1 North America
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Emerson Electric Co.
7.1.2 Schlumberger Limited
7.1.3 Alfa Laval Corporate AB
7.1.4 Flowserve Corporation
7.1.5 Crane Holdings, Co.
7.1.6 Rotork Plc
7.1.7 KITZ Corporation
7.1.8 IMI Critical Engineering
7.1.9 Samson Controls Inc.
7.1.10 Valmet Oyj
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Valves Market in Chemical Industry market is studied from 2020 - 2027.
What is the growth rate of Global Valves Market in Chemical Industry?
The Global Valves Market in Chemical Industry is growing at a CAGR of 4.2% over the next 5 years.
Which region has highest growth rate in Global Valves Market in Chemical Industry?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Valves Market in Chemical Industry?
Asia-Pacific holds highest share in 2021.
Who are the key players in Global Valves Market in Chemical Industry?
Emerson Electric Co., Schlumberger Limited, Alfa Laval Corporate AB, Flowserve Corporation, Crane Holdings, Co. are the major companies operating in Global Valves Market in Chemical Industry.