Market study: Ball valves to lead global valves and manifolds market until 2020
The global valves and manifolds market is expected to grow at a CAGR of 6.56% from 2016 to 2020, according to the latest market study released by Technavio.
The market research firm predicts the global ball valves market to lead the development, reaching $432.9 million (€385.8m) by 2020 compared to $320.8 million in 2015.
Ball valves are capable of withstanding corrosive substances and operating temperatures range from as low as -200°C to 500°C.
Ball valves find extensive application in the oil and gas industry, specifically for FPSO, pipelines, offshore production platforms, gas storage applications, tank farms, specialized LNG applications, and emergency shut down situations.
According to Anju Ajaykumar, a lead analyst at Technavio for research on tools and components, increase in the construction of new industrial plants, especially in the oil and gas and process industries, and the capacity expansion of existing plants have led to a growing demand for ball valves.
“Industries worldwide are upgrading their existing plants to increase production efficiency and reduce labour costs, which has led to the increased installation of such valves. Also, the availability of new and innovative quarter-turn valves has enabled end-users to carry out production more efficiently,” Ajaykumar said.
The global needle valves market, on the other hand, is expected to grow at a CAGR of 6.31% to reach $288.4 million by 2020.
The market is seeing increased demand from the food and beverages and pharmaceutical industries, where needle valves are used for filtration purposes.
The development of new products and the constant upgrading of existing lines will create demand for needle valves in these industries.
“The presence of several food and beverages and pharmaceutical industries in Asia-Pacific (APAC) has contributed to the growth of the market in the region. APAC has the largest number of consumers of multi-turn valves,” added Ajaykumar.
Check and relief valves
The global check and relief valves market was worth $221.3 million in 2015, and Technavio predicts the market to reach $312.1 million by 2020.
The major end-users of check and relief valves are oil and gas production, petrochemicals, steel/primary metals, pulp and paper, marine, and food processing industries.
Check and relief valves offer leak-free and secure connections and incur low cost, and the increased adoption of these valves in many other end-user applications will drive the market.
For instance, check and relief valves are used extensively in medical facilities, as they have their own special requirements such as reliability, safety, cleanliness, quiet operation, and need to replace components quickly.
The valves that are used in medical facilities are medical gas ball valves, medical gas check valves, and vacuum and pressure relief valves for vacuum.
The top vendors highlighted by Technavio’s research analysts are Circor Instrumentation (US), DK-Lok (South Korea), Ham-let (Israel), SSP (US), and Swagelok (US).