Valves are mechanical devices that regulate, direct or control the flow of gases, fluids, slurries, and powdered solids by opening, closing, or partially obstructing various passageways. Valves find applications across wide range of industries such as oil & gas, power, chemicals, mining, water & wastewater treatment and others. The growing oil & gas industry is driving the demand for valves owing to their vital role in upstream, midstream and downstream activities including drilling rigs, transportation pipelines and refineries.
The global Valves Market is estimated to be valued at US$ 83 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Growing exploration activities around the globe to meet rising energy demand is estimated to fuel the valves market growth over the forecast period. Oil & gas companies are investing heavily in exploration of unconventional resources such as shale gas, tight oil and oil sands which require valves for extraction, production, processing and transportation applications. For instance, investments in upstream shale exploration and production in the United States have grown substantially over the past decade. This increasing exploration of oil and gas is estimated to boost the valves market growth as valves are crucial for offshore and onshore oil drilling rigs as well as oil and gas transportation networks.
Porter's Analysis
Threat of new entrants: Low barriers to entry and threat of new entrants in the valves market is moderate. It needs significant investment for manufacturing facilities and equipment for valves manufacturing.
Bargaining power of buyers: The bargaining power of buyers in the valves market is high. There are many domestic as well as international players offering valves at competitive prices. Buyers can easily switch from one supplier to another.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The raw materials required for valves manufacturing such as iron, steel, and plastic are available with many suppliers globally.
Threat of new substitutes: Substitute threat for valves is low as there are limited alternative products for flow control applications.
Competitive rivalry: Market competitive rivalry is high as the valves market is fragmented with the presence of numerous domestic and international players.
SWOT Analysis
Strengths: Valves have applications across industries such as oil & gas, chemicals, power, etc. Leading manufacturers have strong distribution network.
Weaknesses: Fluctuating raw material prices impact profit margins. Dependence on few industries makes the market vulnerable.
Opportunities: Growing demand from emerging economies due to industrialization. Development of novel valves with advanced features.
Threats: Competition from local manufacturers impacting pricing. Trade policies and political instability affect exports.
Key Takeaways
The Global Valves Market Demand is expected to witness high growth driven by increased infrastructure development and industrialization worldwide. The global Valves Market is estimated to be valued at US$ 83 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024 to 2031.
Regional analysis: The Asia Pacific region dominates the global valves market and accounted for over 35% of the overall valves demand in 2024. China holds the major share of the regional market owing to the presence of vast manufacturing sector in the country. India is projected to be the fastest growing market in the region on account of rapid urbanization, infrastructure development and government focus on manufacturing sector growth.
Key players: Key players operating in the valves market are Tyson Foods, Inc., JBS S.A., Pilgrim's Pride Corporation, Wens Foodstuff Group Co. Ltd., BRF S.A., Perdue Farms, Sanderson Farms, Baiada Poultry, Bates Turkey Farm, and Amrit Group. Tyson Foods and JBS S.A. are the largest players dominating the global and regional markets.
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