Market Size of Global Valves Industry in Chemical Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Chemical Industry Valves Market Analysis
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.
