The prosperity in the valve industry seems to be increasing in recent years as many trials have been done in an attempt to improve the manufacturing process of the valve and make it serve the industrial process or daily life better.
Valve casting manufacturers provide iron and steel cast products that are used in heavy industries such as automotive, mining, power generation, as well as in construction, manufacturing machinery, oil & gas, electricals, and industrial equipment.
This construction industry acts as a major market driver as their pieces of equipment need to incur low costs for maintenance as well as be sturdy, strong, long-lasting and withstand varying pressures and different climatic conditions which are provided by the high strength valve casting manufacturers.
There are various types of valves that are available in the market and are manufactured by valve casting manufacturers . These include Butterfly Valve, Ball Valve, Globe Valve, Gate Valve, Plug Valve, Pinch Valve, Check Valves and many more types of valves. These valves play a crucial role in binding industries together and in this market, a rise in demand is effectively observed.
Key Market Trends
The valve casting market expected to drive the market in the industrial segment due to some factors such as reviving world economy and industrial boom in China and India, along with various government initiatives. Here are some of the key market trends for valve casting:
There is an increase in the demand from the power industry as valves are used for various applications, such as boiler startups, steam conditioning, feed pump recirculation, turbine bypass, and much more.
In the mainstream systems, the valves are used for superheater bypass, super-heaters, turbine bypass and also a modulating valve is used for controlling the pressure.
The usage of industrial valves is increasing in countries such as China, India, and Japan, where the oil and gas industrial activities are growing and thus the need for water treatment is also growing as well. This will increase the demand for valve casting manufacturers as the demand for valves will increase.
With the focus on increasing the capacity additions of power plants, it will prove to be a boosting factor for cooling water treatment chemicals, which will, in turn, increase the demand for valves in the power industry.
Market Overview
During the forecast period of 2019 to 2024, the market for industrial valves is expected to grow at a compound annual growth rate (CAGR) of around 5 percent. Although in developed countries, due to the stagnant industrial growth, the growth of the valve market is expected to get hindered.
The growing demand from the power and chemical industries are the major factors which are driving this high strength valve casting market. With the oil and gas industry dominating 2017 and 2918, is expected to grow during the forecast period and thus increase the efficiency of valve casting manufacturers.
There will be an increase in demand for the automatic valves and the Asia-Pacific dominated the market across the globe will be the largest consumers.