CHICAGO, July 26, 2022 /PRNewswire/ -- Ball Valve Market is projected to reach USD 16.2 billion by 2027 from USD 13.0 billion in 2022, growing at a CAGR of 4.5% from 2022 to 2027, according to a new report by MarketsandMarkets. The market growth is mainly attributed to the factors such as utilization of IIoT and digital transformation in industrial plants, application of 3D printing technology in valve manufacturing, and focus of industry players on offering improved customer services. These factors are expected to create high growth opportunities for the market.
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Stainless steel to account for the largest share of ball valves market from 2022 to 2027.
Stainless steel is composed of iron alloys, chromium, and nickel. The chemical composition of stainless steel makes these valves highly corrosion-resistant and robust. Most common types of steels used in the manufacturing of valves are ferritic, austenitic, martensitic, duplex, and others. For instance, 329 series stainless steel's micro-structure is a mixture of austenite and ferrite. 329 stainless steel is used as a stem material for ball valves. These valves work well in oil & gas, water & wastewater, pharmaceuticals, building & construction, and pulp and paper industries, more corrosion resistance is often required for these challenging service conditions.
Oil & gas accounted for the largest share of the ball valves market in 2021.
The oil & gas industry accounted for the largest share of the ball valves market in 2021 owing to the growing transportation sector, increasing energy demand, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. Tthe increasing demand for maintenance operations in oil & gas sector would create lucrative opportunities for companies. Furthermore, as most of the existing oil and gas refineries are aging, the requirements for maintenance operations would create more opportunities for maintenance services providers in oil & gas industries, thereby boosting the demand for valves.
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Asia Pacific to account for the largest share of the ball valves market.
Asia Pacific accounted for the largest share of the overall ball valves 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, Japan, and India, have led to the growth of the energy & power, water & wastewater treatment, building & construction, chemical, pharmaceutical, and oil & gas industries.
Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI plc (US), Valmet (Neles Corporation) (Finland), Spirax Sarco Limited (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US), and Velan, Inc. (Canada) are the key players in the ball valves market. These top players have strong portfolios of products and services and presence in both mature and emerging markets.
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