CHICAGO, July 26, 2022 /PRNewswire/ — ball valve market should reach $16.2 billion by 2027 from $13.0 billion in 2022, growing at a CAGR of 4.5% from 2022 to 2027, according to a new report from MarketsandMarkets™. The growth of the market is mainly attributed to factors such as the use of IIoT and digital transformation in industrial factories, the application of 3D printing technology in the manufacturing of valves and the concentration of players in the industry. industry on providing enhanced customer service. These factors are expected to create high growth opportunities for the market.
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Stainless steel will account for the largest share of the ball valve market from 2022 to 2027.
Stainless steel is made up of alloys of iron, chromium and nickel. The chemical composition of stainless steel makes these valves highly corrosion resistant and robust. The most common types of steels used in the manufacture of valves are ferritic, austenitic, martensitic, duplex and others. For example, the microstructure of 329 series stainless steel is a mixture of austenite and ferrite. 329 stainless steel is used as the stem material for ball valves. These valves work well in the oil and gas, water and wastewater, pharmaceutical, building and construction, and pulp and paper industries, greater corrosion resistance is often required for these difficult service conditions.
Oil and gas accounted for the largest share of the ball valve market in 2021.
Oil and gas industry accounted for the largest share of the ball valve market in 2021 owing to growth in transportation sector, increase in energy demand and increase in drilling activities in Gulf Cooperation Council (GCC) countries. The growing demand for maintenance operations in the oil and gas sector would create lucrative opportunities for companies. Additionally, as most of the existing oil and gas refineries are aging, the requirements for maintenance operations would create more opportunities for maintenance service providers in the oil and gas industries, thereby driving the demand for valves. .
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Asia Pacific to account for the largest share of the ball valve market.
Asia Pacific accounted for the largest share of the overall ball valve market in 2021. The growth of the market in APAC can be mainly attributed to the numerous initiatives undertaken by regional governments to encourage the implementation of IoT in the industrial sector in APAC . Rapid population growth and urbanization in developing economies, such as China, Japanand Indialed to the growth of the energy and power, water and wastewater, building and construction, chemical, pharmaceutical, and oil and gas industries.
Emerson Electric Co. (USA), Schlumberger (USA), Flowserve Corporation (USA), IMI plc (USA), Valmet (Neles Corporation) (Finland), Spirax Sarco Limited (UK), Crane Co. (USA), KITZ Corporation (Japan), Trillium Flow Technologies (USA), Bray International (USA) and Velan, Inc. (Canada) are the major players in the ball valve market. These leading players have strong product and service portfolios and are present in mature and emerging markets.
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