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Asia-Pacific Industrial Valves Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Asia-Pacific Industrial Valves Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • February 2022
  • 168 pages
  • ID: 6241320
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Asia-Pacific industrial valves market was valued at USD 19,122.90 million in 2021 and it is expected to register a CAGR of more than 5% during the forecast period (2022-2027).

Key Highlights
The factors driving the market are surging demand for valves for establishing new nuclear power plants and revamping existing ones? and increasing demand for valves in the oil and gas industry?.
China accounts for the largest share in the market studied.

Key Market Trends

Growing Demand in Oil and Gas Industry

The upstream oil and gas industry is the largest user of valves to outfit the millions of wellhead ’Christmas trees’ that usually include 3 to 5 valves per tree in sizes of 2” to 8”, as well as to segment and control flow through millions of miles of gathering pipelines (2” to 20” valves) and cross-country trunk pipelines (up to 60” or larger) required to bring the crude oil and gas to refineries, and the refined product (gasoline, diesel, natural gas) to end-user markets. ?
Moreover, with the increasing pipeline across the countries, the need for storage terminals also increases to store the hydrocarbons. Therefore, to meet the storage demand, Asia-Pacific countries are planning to invest in storage terminals in the future.
Asia-Pacific has dominated the oil and gas downstream market, with the majority of the demand coming from China, Southeast Asian countries, and India. The energy demand is anticipated to grow by 50-60% in the next two decades.
Several petrochemical projects are planned to be constructed in the region. For e.g., China is expected to witness 512 petrochemical projects commence operations during 2021-2025. According to a petrochemicals report published by the International Energy Agency (IEA), nearly all regions except Europe may increase the production of primary chemicals by 2050. However, the largest capacity growth is seen in the Asia-Pacific.
Such factors are expected to augment the demand for the industrial valves. ?

India to Register Fastest Growth

India is one of the fastest-growing country in terms of growth of manufacturing sectors and machinery, giving rise to the need of industrial valves. The government provides benefits to companies setting manufacturing units and frame various policies to boost the manufacturing sector. For instance, India outlined a plan in August 2021 to reach its goal of USD 1 trillion manufactured goods exports.
India is among the five largest producers of electricity worldwide. The national electric grid in India has an installed capacity of 388.134 GW, as of September 2021.?
India also nurtures a robust mining industry. As of FY21, the number of reporting mines in India were estimated at 1,229, of which reporting mines for metallic minerals were estimated at 545 and non-metallic minerals 684.
According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India’s domestic pharmaceutical market was estimated at USD 42 billion in 2021 and is likely to reach USD 65 billion by 2024 and further expand to USD 120-130 billion by 2030. ?
All these factors are likely to increase the demand of industrial valves in the country during the forecast period.?

Competitive Landscape

The Asia-Pacific industrial valves market is fragmented in nature, with no player capturing a significant share in the market. Some of the major players in the market include (not in any particular order) Emerson Electric Co., KITZ Corporation, Flowserve Corporation, Baker Hughes, and IMI Critical Engineering, among others.

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