According to the new market research report on "Instrumentation Valves and Fittings Market by Material, Product (Valves, Fittings, Actuators), Industry (Semiconductor, Oil & Gas, Food & Beverages, Chemicals, Healthcare, Pulp & Paper, Energy & Power), and Region - Global Forecast to 2025", The global instrumentation valves and fittings market size is expected to grow from USD 3.2 billion in 2019 to USD 3.9 billion by 2025, at a CAGR of 3.0%. The uptrend in the oil & gas industry, mainly in the upstream sector, growth in the electronics & semiconductor industry and a large number of coal-based power projects in the Asian region, and increasing automation are creating scope for the instrumentation valves and fittings market.
A major rebalancing of supply and demand, which is driving favorable growth outlook for chemical production in North America and creating clear targets for investments, and valve monitoring and diagnostics with the aid of intelligent control systems are expected to drive the next wave of innovations in the industry.
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“Oil & gas to dominate instrumentation valves and fittings market during forecast period”
Instrumentation valves and fittings are used in the oil & gas industry in offshore rigs, refinery plants, and gas handling systems. Valves and fittings used in the oil & gas industry should be able to withstand harsh environmental conditions. As a result, maintenance, repair, and operations (MRO) activities are crucial for valves used in the oil & gas industry. Oil & gas is a cyclical industry; hence, players of this industry procure instrumentation valves and fittings to minimize dependency on suppliers. Over the past few years, oil & gas products have witnessed strong demand from developing nations. Such continuously increasing demand for oil and gas products is expected to drive the instrumentation valves and fittings market.
“Market for valves to grow at highest CAGR from 2019 to 2025”
Valves play a crucial role in the growth of the instrumentation valves and fittings market. Ball valves are used extensively owing to their low pressure drop and the ability to open and close quickly. These valves are used in various transmission, storage, and gas processing applications across industries. Check valves are mainly used in wastewater, portable water, and irrigation applications; these valves also find use in process, mining, food & beverages, oil & gas, and pharmaceuticals industries. The growing use of instrumentation valves in various end-user industries, including oil & gas, healthcare, and chemicals, is fueling the growth of the valves market. As a result, the valves offerings segment is expected to grow at a higher CAGR during the forecast period.
“Stainless steel material to dominate instrumentation valves and fittings market during forecast period”
The instrumentation valves and fittings industry is expected to witness limited product development and innovation in the coming years. Productivity improvement, cost control, and solid inventory planning will be the major focus areas of the manufacturers to improve profit margins in the coming years. Manufacturers will look to incorporate new products with tough materials for construction of valve body to increase their strength, mechanical properties, and reliability while reducing the material cost during manufacturing. Instrumentation valves manufactured from stainless steel are expected to hold a major share of the instrumentation valves and fittings market during the forecast period. This is attributed owing to their high demand in the end-use industries, including oil & gas, chemicals, healthcare, and semiconductors.
“APAC instrumentation valves and fittings market to grow at highest CAGR during forecast period”
Major semiconductor players, such as Sony, Samsung, LG, and TSMC, have their presence in APAC. Instrumentation valves and fittings are used in fabrication and manufacturing processes of the semiconductor industry. The food & beverages industry in India and China is experiencing rapid growth. Many food & beverages industry players are upgrading their facilities to match international standards. Increased focus on cleanliness and hygiene will boost the demand for ultraclean valves. Hence, the penetration of instrumentation valves and fittings is expected to increase between 2019 and 2025. APAC is witnessing a surge in smart city projects, which is also creating demand for instrumentation valves and fittings products. In recent years, APAC has witnessed tremendous economic growth, political transformation, and social change. Organizations in APAC are expected to invest heavily in deploying instrumentation valves and fittings products, thus, driving the instrumentation valves and fittings market growth.
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Key players in the instrumentation valves and fittings market include Swagelok (US), Parker Hannifin (US), HY-LOK Corporation (South Korea), Fujikin (Japan), Bray International (US), Circor International (US), Hex Valves (US), AS-Schneider (Germany), Ham-Let (Israel), Oliver Valves (England), and Safelok (England).