The Valve Manufacturers Association of America (VMA) is predicting 1.45% growth for valve shipments in 2018, valued at $4.615 billion (€3.793 billion). 2017 valve shipments were valued at $4.549 billion (€3.739 billion).
VMA president William Sandler said that while growth from 2017 to 2018 was ‘not huge’, the $66 million increase in the value of annual valve shipments was a positive sign for the industry. The valve industry has seen consistent growth since a fall in the petroleum and power sectors in 2009.
“The increasing tailwinds in capital spending should create growth opportunities for valve manufacturers, not only domestically, but also abroad,” said Mark Nahorski, president of PBM and chairman of VMA.
“One of those areas is the refining and petrochemical industry, where existing facilities are being upgraded to meet process efficiencies and emissions standards.”
The association sees largest area of growth in the petroleum production industry, with an anticipated increase of $42 million in 2018, raising its share in the valve market to 11.4% compared to 10.5% in 2017.
The chemical industry is the biggest valve end-user industry. It occupies 18.3% of the market according to VMA numbers, but this didn’t change significantly in 2017.
Automatic valves are the most-shipped type of valve at the moment: “Automatic valves are outpacing conventional manually operated versions, as end users seek to remove variability and human error from the process,” Nahorski said. “Automation and controls continue to play a major role in the valve industry—the segment represents 31% of VMA industrial valve shipments for 2018 compared to 18% for ball valves.”
See the original press release here.