Table of Contents
US demand to rise 4.9% annually through 2018
Demand for industrial valves in the US is forecast to increase 4.9 percent per year to $19.8 billion in 2018. Gains will be supported by favorable conditions in most of the industries and sectors that utilize these products. Demand will be bolstered by solid increases in nonresidential fixed investment and process manufacturing industry output. A robust rebound in construction (nonresidential, residential, and utility) will also provide new sales opportunities for valve manufacturers. Ongoing growth in US oil and gas production will continue to support related valve revenues, as will a return to positive trends in mining.
Construction to be fastest growing valve market
The construction market for valves will post the strongest gains, growing 9.3 percent annually to $2.3 billion in 2018. This will be a considerable improvement from the declines posted during the 2008- 2013 period. Market expansion will be the result of a major turnaround in both residential and nonresidential construction, which is forecast to register annual gains of 11 percent through 2018. The valves used in construction applications are generally lower value, commodity type products, and US manufacturers serving this market will continue to face intense competition from imports. Process manufacturing applications will remain the largest market for valves
through 2018, when it will account for 37 percent of the sales total. Ongoing gains in output will support demand increases through 2018.
Automatic valves to outpace standard valves
Automatic valve sales are expected to outpace standard valve sales through 2018, with expected yearly growth of 6.0 and 4.4 percent respectively. This will be the result of ongoing efforts by process manufacturers to improve operational efficiencies. Technological advances in automatic valves will also support value gains. However, standard valves will continue to make up the majority of the market total in 2018, as these products are less expensive and sufficient for most valve applications.
Shipments of valves from US manufacturers are forecast to increase 5.0 percent per annum to $18.0 billion in 2018, an improvement from the 2008-2013 period. Growth will be aided by rising domestic demand and the reshoring of some valve manufacturing operations. However, domestic suppliers will continue to face intense competition from producers in regions with lower labor costs, particularly at the lower end of the market. Both imports and exports are forecast to grow at the same rate through 2018, and the US trade deficit will expand.
This upcoming industry study, Industrial Valves presents historical demand data (2003, 2008, 2013) plus forecasts (2018, 2023) by primary valve material, product and market. The study also considers market environment factors, examines industry structure, evaluates company market share and profiles 34 competitors in the US industry.
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