Northbrook, IL 60062 -- (SBWIRE) -- 07/26/2022 -- The ball valve market is projected to reach USD 16.2 billion by 2027 from USD 13.0 billion in 2022, growing at a CAGR of 4.5% from 2022 to 2027. The market growth is mainly driven by the end-user industries adopting new and smart valves to replace old valves; growing smart city development, industrializations, and urbanization; and demand for valves from new and upgrading nuclear power plants.
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The stainless steel ball valves segment accounted for the largest market share in 2021. Steel offers efficient mechanical properties and good resistance to stress corrosion and sulfides. Carbon steel offers high- and low-temperature strength. Carbon steel valves can be used in applications where extreme pressure and temperature make other materials unusable. Carbon steel can withstand temperatures up to 850ºF and is used in the manufacturing of various types of ball valves. In industrial applications where pressure ratings, high-temperature functionality, and corrosion resistance are prerequisites for efficiency, stainless steel ball valves are used. Stainless steel is composed of iron alloys, chromium, and nickel. The chemical composition of stainless steel makes these valves highly corrosion-resistant and robust. The properties of stainless steel ball valves makes them more suitable for different applications than other ball valves.
Market for Trunnion-mounted ball valves to account for largest market share during the forecast period. Trunnion-mounted ball valves use a spring mechanism and/or line pressure assistance to drive the upstream seat against the stationary ball. The surface area exposed to the pressure through the relatively small passageway is just at the back of the seat. It has additional mechanical anchoring at the top and bottom of the ball. This special mounting is suitable for larger and higher-pressure valves. Moreover, this design permits a decrease in valve torque as the ball is supported in two places. The trunnion-mounted stem absorbs the thrust from the line pressure, avoiding excess friction between the ball and seats. Thus, the operation torque remains low at full pressure. Hence, trunnion-mounted ball valves are preferred over the floating and rising stem ball valves.
Market for 1"–5" ball valves to account for largest market share during the forecast period. The <1" and 1" –5" segments collectively accounted for a large share of the overall ball valves market in 2021, and a similar growth trend is likely to be observed during the forecast period. This growth can be attributed to the increasing demand for ball valves in transportation and energy & power-based applications. The use of 1"–5" ball valves is increasing in the oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
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In terms of geographic coverage, the ball valves market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The growth of the market in Asia Pacific can be mainly attributed to the numerous initiatives undertaken by regional governments to encourage the implementation of IoT in the industrial sector in Asia Pacific. The ball valves market in Asia Pacific was mainly driven by China as the country generated a significantly high demand for ball valves for applications in several industries, such as oil & gas, energy & power, and chemicals. In India, demand mainly arises from industries such as energy & power and water & wastewater treatment.