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.
SWOT Analysis
Strength: Valves market has many applications across various industries like oil & gas, chemicals, power generation and water & wastewater treatment. The growing demand from end-use industries is driving significant growth opportunities. Rapid industrialization and infrastructure development projects also augment the valves market growth. Manufacturers are developing innovative valve solutions with improved performance, reduced noise, and maintenance which increases their product desirability.
Weakness: The availability of low-cost counterfeit products impacts the sales of established valve manufacturers. Volatility in raw material prices also affects the stability of production costs. Dependence on a limited number of raw material suppliers can disrupt supply chains.
Opportunity: Rising investments in water management and treatment sectors opens new areas for valve applications. Expanding oil & gas exploration & production across regions presents a substantial business potential. The growing energy demand also drives the requirement for valves in thermal and nuclear power plants. Adopting advanced manufacturing technologies help improve productivity.
Threats: Trade wars and geo-political tensions impact global valve trade. Stringent environmental regulations increased compliance costs. The adoption of new energy sources poses a challenge. Economic downturns negatively affect the capital expenditure of end-use industries.
Key Takeaways
The Global Valves Market Growth is expected to witness high over the forecast period from 2024 to 2031. 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.
The projected CAGR of 3.5% will be supported by rising investments in water infrastructure projects across developing nations in Asia Pacific and Middle East & Africa. The Asia Pacific region dominated the global market in 2024 with a share of over 35% due to rapid industrialization and urbanization driving demand from industries like power, oil & gas and chemicals in China, India and Southeast Asian countries.
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. These major players are focusing on capacity expansion, mergers & acquisitions and new product launches to strengthen their market presence. For instance, Tyson Foods acquired the poultry division of BRF S.A. in 2019 to expand its international operations.
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