The global stainless steel control valves market is thus expected to expand at a CAGR of 5.0% between 2014 and 2023. In 2014, the market was worth US$240.0 mn and is projected to touch a valuation of US$371.6 mn by the end of 2023.
Albany, NY -- (SBWIRE) -- 08/29/2016 -- The global stainless steel market is thus projected to expand at a 5.0% CAGR between 2014 and 2023. In 2014 the market was worth US$240.0 mn and is likely to touch a valuation of US$371.6 mn by 2023. Asia Pacific is anticipated to emerge as the largest region in terms of consumption with a market value of US$161.6 mn in 2023. The power generation industry is projected to reach a market worth US$72.6 mn by 2023 emerging as the largest end-use industry.
With the existence of a large number of producers of stainless steel control valves, the global stainless steel control valves market is highly fragmented, reports Transparency Market Research in a new study. As a result of this, the competitive rivalry among the players operating in the global stainless steel control valves market is anticipated to stay high in the coming years. Although the number of established players is relatively small, the large companies with better price structure are likely to benefit more from the present market scenario. The top four players in the global stainless steel control valves market, Pentair Plc., Flowserve Corporation, Emerson Electric Co., and General Electric, Co., held a share of approximately 7.4% in 2014.
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The leading producers of stainless steel control valves are focusing on implementing diverse strategies to provide better services to end-users in various geographies. Such diversifications will enable companies to handle economic fluctuations along with business expansion. Many companies are streamlining their businesses by consolidating their divisions.
Growing Chemical Industry in Asia Pacific to Boost Sales of Stainless Steel Control Valves
According to a TMR analyst, "The chemical industry in Asia Pacific is growing steadily due to the decreasing prices of crude oil." As the raw materials used in the chemical industry are derived from crude oil, the manufacturing process in the chemical industry has taken a surge. Due to the growth of the chemical industry in Asia Pacific, there is an upsurge in the demand for stainless steel control valves in the region. For instance, the chemical industry in India is rising as it aims to become self-sufficient in the production of polyethylene. The increasing chemical production activities across Asia Pacific is likely to boost the sales of stainless steel control valves as they form a crucial part of the manufacturing unit.
The rapid growth in the semiconductor and electronics manufacturing industry is also expected to positively impact the sales of stainless steel control valves.
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Increasing Application of Polyvinylidene Fluoride Control Valves to Hinder Sales of Stainless Steel Control Valves
Industry verticals such as semiconductor manufacturing, food packaging, and pharmaceutical industries are shifting their focus towards the application of polyvinylidene fluoride control valves. As PVDF can withstand a temperature variation between -40C and 100c, it is considered to be more cost effective than stainless steel control valves. PVDF is also chemically more inert. As a result of this, the PVDF control valves are expected to hinder the sales of stainless steel control valves. However, it is expected that PVDF will not completely replace stainless steel control valves as numerous industry verticals are still opting for the latter over PVDF control valves.
Growing Heating, Ventilation, and Air Conditioning Systems Industry to Provide Manufacturers with Lucrative Opportunities
With the increasing popularity of HVAC systems across the globe, the manufacturers of stainless steel control valves are likely to gain lucrative opportunities from the increasing application of stainless steel control valves in this industry. Control valves are used in HVAC systems for the regulation of fluid during the control process. Stainless steel control valves are used for preparing the plug, stem, and seat. Thus, the growth of the HVAC systems is expected to provide future growth prospects to the manufacturers of stainless steel control valves.
The review is based on the findings of a TMR report titled, "Stainless Steel Control Valves Market - Global Forecast, Market Share, Size, Growth and Industry Analysis, 2015 - 2023."
Growing chemical industry to provide lucrative growth opportunities to manufacturers of stainless steel control valve.
Asia Pacific to emerge as the largest region in terms of consumption with a market worth US$161.6 mn in 2023.
Global stainless steel control valves market to expand at a CAGR of 5.0% during the forecast period.
Key Segments of the Global Stainless Steel Control Valves Market
Global Stainless Steel Control Valves, by Actuation Technology,
Manual Control Valves
Pneumatic Control Valves
Hydraulic Control Valves
Electric Control Valves
Global Stainless Steel Control Valves, by Types,
Ball Control Valves
Butterfly Control Valves
Cryogenic Control Valves
Globe Control Valves
Other Control Valves
Global Stainless Steel Control Valves, by End-Use Industry,
Oil & Gas
Semiconductor & Electronics Manufacturing
Global Stainless Steel Control Valves, by Geography,
Rest of the World