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The world market for industrial valves will grow from US$38 billion in 2003 to more than US$44 billion in 2007, according to Valves: World Markets, an on-line report published by the McIlvaine Co.
The automatic regulatory and control valve segment and the ball valve segment will each account for a 20% market share, followed in order by gate and globe valves, butterfly valves and industrial plug valves. A variety of miscellaneous valve types are aggregated in a sixth category which will account for US$7.6 billion in sales in 2007.
The oil and gas industry is now and will continue to be the largest purchaser of valves. Refineries are the second segment, followed by the power and chemical industries, municipal wastewater treatment plants, pulp and paper, and municipal water supply.
McIlvaine expects that the food, iron and steel, and pharmaceutical industries will each purchase more than US$1 billion worth of valves in 2007.
While China will be the fastest growing valve market by 2007, the US will remain in the top slot followed by Japan and Germany. The UK will occupy fifth place followed by France, South Korea, Italy, Taiwan, and Canada.
McIlvaine estimates that there are more than 5000 valve manufacturers worldwide. The top five companies, Tyco, Flowserve, Emerson, Dresser, and Kitz, only have a combined 12% market share, while ABB, SPX, Circor, Metso and KSB have a 4% market share.
More information on Valves: World Markets can be found at www.mcilvainecompany.com/water.html#N028.
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