North America Industrial Valve Market Forecast to 2028

North America Industrial Valve Market Forecast to 2028 – COVID-19 Impact and Regional Analysis by Material Type (Cast Iron, Steel, Cryogenic, Alloy-based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, Piston RAM Valves, Gate Valves, and Control Valves), and Industry (Oil & Gas and Chemicals & Petrochemical)

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Description

The North America industrial valve market is expected to grow from US$ 7,588.00 million in 2023 to US$ 9,153.51 million by 2028; it is estimated to grow at a CAGR of 3.8% from 2023 to 2028.

Increasing Use of Ball Valves and Butterfly Valves

Ball valves have a simple construction that features a ball mounted within a pipe. The ball valves are majorly known for their high durability, damage resistance, and low service requirements. They can be repaired easily without the need for intense workmanship. Furthermore, these valves do not require lubrication while offering a bubble-tight seal with low torque. Ball valves are also affordable and easy to use. In addition, they can handle and regulate high volume, pressure, and flow at elevated temperatures, which makes them suitable for operations involving various gasses and liquids. Thus, these factors are propelling the adoption of ball valves in industries such as oil & gas, water & wastewater, and chemicals & petrochemicals. For instance, in November 2023, FITOK Group announced the launch of its new BGP series ball valves for specialty gas, semiconductor, and chemical industry applications.

Butterfly valves are also among the most used valves in the industrial sector. The body of the valve is lightweight and available in disc and wafer form; it requires significantly less structural assistance than other types of valves such as ball valves. Further, they are cost-efficient and easier to install. Butterfly valves are well-known for their ability to effectively handle slurries and corrosive liquids. Thus, with rising urbanization, coupled with increasing deployment of wastewater treatment plants, the industrial valve market players are witnessing huge demand for butterfly valves. Hence, the rising use of ball valves and butterfly valves are fueling the industrial valve market growth.

North America Industrial Valve Market Overview

The North America industrial valves market, based on country, is segmented into the US, Canada, and Mexico. North America is an important market for industrial valves since it is home to a few top multinational firms, including Emerson, Cameron-Schlumberger, Flowserve Corporation, and Crane Company. Increasing R&D activities in the region related to actuator usage in valves for automation and the rising need for safety applications are driving the market growth in North America. In the US, R&D at the industry level is expanding the application areas of industrial valves in industries such as energy & power and chemicals. Control valves are used in oil & gas, energy & electricity, and water & wastewater treatment industries to regulate media flow; start, stop, or throttle flow; and assure safe and effective process automation.

Petroleum has been a major industry in the US since 1859, when oil was discovered in the Oil Creek area of Titusville, Pennsylvania. Exploration, production, processing, transportation, and marketing of natural gas and petroleum products are major activities carried out across the country by the pol & gas companies. In 2018, the US surpassed Russia and Saudi Arabia in oil production and became the world’s top crude oil producer, generating 15% of global crude oil.

North America Industrial Valve Market Revenue and Forecast to 2028 (US$ Million)

North America Industrial Valve Market Segmentation

The North America industrial valve market is segmented based on material type, valve type, industry, and country. Based on material type, the North America industrial valve market is segmented into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held the largest market share in 2023.

Based on valve type, the North America industrial valve market is segmented into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. The ball valves segment held the largest market share in 2023.

Based on industry, the North America industrial valve market is bifurcated into oil & gas and chemicals & petrochemical. The oil & gas segment held a larger market share in 2023.

Based on country, the North America industrial valve market is segmented into the US, Canada, and Mexico. The US dominated the North America industrial valve market share in 2023.

Velan Inc.; Crane Co.; Circor International Inc.; Flowserve Corp; Emerson Electric Co.; KITZ Corporation; Neway Valve (Suzhou) Co., Ltd; Spirax Sarco Engineering Plc; Schlumberger Ltd; and Weir Group PLC are the leading companies operating in the North America industrial valve market.

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At 3.8% CAGR, the North America Industrial Valve Market is speculated to be worth US$ 9,153.51 million by 2028, saysthe research team

According tothe research team’ research, the North America industrial valve market was valued at US$ 7,588.00 million in 2023 and is expected to reach US$ 9,153.51 million by 2028, registering a CAGR of 3.8% from 2023 to 2028. Growing use of valves in oil and gas industry and increasing use of ball valves and butterfly valves are the critical factors attributed to the North America industrial valve market expansion.

Growing Use of Valves in Oil & Gas Industry oil acts as an important base raw material for deriving various chemicals such as organic, analytical, physical, inorganic and biochemistry. With the increasing rate of industrialization, the demand for oil and gas has surged substantially across the North America. The crude oil production of the Organization of the Petroleum Exporting Countries (OPEG) has increased steadily from ~400,000 b/d in January 2016 to ~800,000 b/d by the end of Q2 of 2021. The US is showcasing huge demand for crude oil due to the continuous growth in their manufacturing sectors, supported by favorable economic conditions and government policies and investments. Petróleo Brasileiro S.A. has also announced an investment of US$ 68 billion for managing production at the offshore fields in the subsea pre-salt area from 2022 to 2026. Moreover, with the growing emphasis on curtailing carbon emissions, governments of various countries are also favoring gas-powered power plants over coal-powered power plants, as natural gas emits less carbon than coal. This factor is propelling the demand for natural gas. Further, industrial valves are used across the oil & gas industry for the seamless transportation of oil and gas from one process to another and for other distribution purposes. Thus, the growing oil & gas industry is boosting the North America industrial valve market growth. This is expected to drive the North America industrial valve market during the forecast period.

On the contrary, long service life and risk of corrosion hurdles the growth of North America industrial valve market.

Based on material type, the North America industrial valve market is categorized into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held 39.3% market share in 2023, amassing US$ 2,979.90 million. It is projected to garner US$ 3,741.03 million by 2028 to expand at 4.7% CAGR during 2023–2028.

Based on valve type, the North America industrial valve market is categorized into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. The ball valves segment held 24.6% market share in 2023, amassing US$ 1,868.55 million. It is projected to garner US$ 2,240.97 million by 2028 to expand at 3.7% CAGR during 2023–2028.

Based on industry, the North America industrial valve market is bifurcated into oil & gas and chemicals & petrochemical. The oil & gas segment held 50.8% market share in 2023, amassing US$ 3852.55 million. It is projected to garner US$ 4485.49 million by 2028 to expand at 3.1% CAGR during 2023–2028.

Based on country, the North America industrial valve market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 68.6% share of North America industrial valve market in 2023. It was assessed at US$ 5,203.47 million in 2023 and is likely to hit US$ 6,297.03 million by 2028, exhibiting a CAGR of 3.9% during the forecast period.

Key players dominating the North America industrial valve market are Velan Inc.; Crane Co.; Circor International Inc.; Flowserve Corp; Emerson Electric Co.; KITZ Corporation; Neway Valve (Suzhou) Co., Ltd; Spirax Sarco Engineering Plc; Schlumberger Ltd; and Weir Group PLC among others.

In Dec 2021, Crane Fluid Systems – New General Valves Catalogue. In Jan 2023, CIRCOR Showcases Valve Solutions at 2023 Hydrogen & Fuel Cell Seminar.

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TABLE OF CONTENTS

1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 South & Central America Area Rugs Market, by Type
1.3.2 South & Central America Area Rugs Market, by End Use
1.3.3 South & Central America Area Rugs Market, by Country
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. South & Central America Area Rugs Market Landscape
4.1 Market Overview
4.2 South & Central America PEST Analysis
4.3 Expert Opinion
5. South & Central America Area Rugs Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Strong Growth of Residential Construction Sector
5.1.2 Increasing Use of Area Rugs in Interior Designs
5.2 Market Restraint
5.2.1 Availability of Substitute Products
5.3 Market Opportunity
5.3.1 New Product Launches and Product Innovations
5.4 Future Trend
5.4.1 Surging Demand for Area Rugs Made from Natural Fibers
5.5 Impact Analysis
6. Area Rugs– South & Central America Market Analysis
6.1 South & Central America Area Rugs Market Overview
6.2 South & Central America Area Rugs Market –Revenue and Forecast to 2028 (US$ Million)
7. South & Central America Area Rugs Market Analysis – By Type
7.1 Overview
7.2 South & Central America Area Rugs Market, By Type (2022 and 2028)
7.3 Wool
7.3.1 Overview
7.3.2 Wool: South & Central America Area Rugs Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Nylon
7.4.1 Overview
7.4.2 Nylon: South & Central America Area Rugs Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Synthetic Fibers
7.5.1 Overview
7.5.2 Synthetic Fibers: South & Central America Area Rugs Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: South & Central America Area Rugs Market – Revenue and Forecast to 2028 (US$ Million)
8. South & Central America Area Rugs Market Analysis – By End Use
8.1 Overview
8.2 South & Central America Area Rugs Market, By End Use (2022 and 2028)
8.3 Residential
8.3.1 Overview
8.3.2 Residential: South & Central America Area Rugs Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Nonresidential
8.4.1 Overview
8.4.2 Nonresidential: South & Central America Area Rugs Market – Revenue and Forecast to 2028 (US$ Million)
9. South & Central America Area Rugs Market – Country Analysis
9.1 Overview
9.1.1 South & Central America Area Rugs Market, by Key Country
9.1.1.1 Brazil: South & Central America Area Rugs Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Brazil: South & Central America Area Rugs Market, by Type
9.1.1.1.2 Brazil: South & Central America Area Rugs Market, by End Use
9.1.1.2 Argentina: South & Central America Area Rugs Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Argentina: South & Central America Area Rugs Market, by Type
9.1.1.2.2 Argentina: South & Central America Area Rugs Market, by End Use
9.1.1.3 Rest of South & Central America: South & Central America Area Rugs Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Rest of South & Central America: South & Central America Area Rugs Market, by Type
9.1.1.3.2 Rest of South & Central America: South & Central America Area Rugs Market, by End Use
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
11. Company Profiles
11.1 Riztex USA Inc
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Amer Rugs Inc
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Faze Three Ltd
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Golden Carpets Ltd
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
12. Appendix
12.1 About
12.2 Glossary of Terms

LIST OF TABLES

Table 1.             North America Industrial Valve Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2.             US: Industrial Valve Market, By Material Type –Revenue and Forecast to 2028 (US$ Million)
Table 3.             US: Industrial Valve Market, by Valve Type –Revenue and Forecast to 2028 (US$ Million)
Table 4.             US: Industrial Valve Market, by Industries –Revenue and Forecast to 2028 (US$ Million)
Table 5.             Canada: Industrial Valve Market, By Material Type – Revenue and Forecast to 2028 (US$ Million)
Table 6.             Canada: Industrial Valve Market, by Valve Type – Revenue and Forecast to 2028 (US$ Million)
Table 7.             Canada: Industrial Valve Market, by Industries – Revenue and Forecast to 2028 (US$ Million)
Table 8.             Mexico: Industrial Valve Market, By Material Type – Revenue and Forecast to 2028 (US$ Million)
Table 9.             Mexico: Industrial Valve Market, by Valve Type – Revenue and Forecast to 2028 (US$ Million)
Table 10.          Mexico: Industrial Valve Market, by Industries – Revenue and Forecast to 2028 (US$ Million)
Table 11.          List of Abbreviation
 
 

LIST OF FIGURES

Figure 1.           North America Industrial Valve Market Segmentation
Figure 2.           North America Industrial Valve Market Segmentation – By Country
Figure 3.           North America Industrial Valve Market Overview
Figure 4.           Steel Segment Held the Largest Market Share in 2020
Figure 5.           The US was the Largest Revenue Contributor in 2020
Figure 6.           North America – PEST Analysis
Figure 7.           North America Industrial Valve Market– Ecosystem Analysis
Figure 8.           Expert Opinions
Figure 9.           North America Industrial Valve Market: Impact Analysis of Drivers and Restraints
Figure 10.        North America Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11.        North America Industrial Valve Market Revenue Share, by Material Type (2020 and 2028)
Figure 12.        North America Cast Iron: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13.        North America Steel: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14.        North America Cryogenic: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15.        North America Alloy-Based: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16.        North America Others: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17.        North America Industrial Valve Market Revenue Share, by Valve Type (2020 and 2028)
Figure 18.        North America Ball Valve: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19.        North America Butterfly Valve: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20.        North America Diaphragm Valve: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21.        North America Safety Valve: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22.        North America Piston RAM Valve: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23.        North America Industrial Valve Market Revenue Share, by Industries (2020 and 2028)
Figure 24.        North America Oil and Gas: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25.        North America Water Treatment: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26.        North America Power and Energy: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27.        North America Chemical and Petrochemical: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28.        North America Food & Beverage: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29.        North America Healthcare: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30.        North America Others: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31.        North America: Industrial Valve Market Overview, By Country – 2020 (US$ Mn)
Figure 32.        North America: Industrial Valve Market Revenue Share, by Key Country (2020 and 2028)
Figure 33.        US: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34.        Canada: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35.        Mexico: Industrial Valve Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36.        Impact of COVID-19 Pandemic in North American Country Markets

The List of Companies – North America Industrial Valve Market

 
– Velan Inc.
– Crane Co.
– Circor International Inc.
– Flowserve Corp
– Emerson Electric Co.
– KITZ Corporation
– Neway Valve (Suzhou) Co., Ltd
– Spirax Sarco Engineering Plc
– Schlumberger Ltd
– Weir Group PLC

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