According to a new report, published by KBV research, The Global Industrial Valves Market size is expected to reach $91.4 billion by 2028, rising at a market growth of 5.3% CAGR during the forecast period.
The Plug Valves segment is showcasing a CAGR of 6.1% during (2022 - 2028). The plugs inside the plug valves could rotate to shift the control flow. Mostly the plug valves are conical and cylindrical. These valves could be utilized to start or stop the flow of the fluid. Even with a high intensity of pressure, they could control the flow of liquids and gases. These factors will stimulate the growth of the plug valves segment throughout the forecasted period.
The Steel segment acquired maximum revenue share in the Global Industrial Valves Market by Material Type in 2021 thereby, achieving a market value of $36.7 billion by 2028. The growing demand for high-quality industrial valves in chemicals, food & beverages, metals & mining, and pharmaceuticals industries to reduce the risk of contamination propels the demand for steel valves.
The Chemical segment has shown the growth rate of 5.7% during (2022 - 2028). Chemical valves could be utilized in circumstances where the flow is low. These valves operate well in controlling the vapours and gases. Due to the features of longevity and forming a good seal by ball valves, they are employed in chemical industries. Chemical-resistant ball valves and other valves also play a crucial role in the chemical industries.
The Asia Pacific market dominated the Global Industrial Valves Market by Region in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $33.8 billion by 2028. The Europe market is exhibiting a CAGR of 4.9% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 4.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/industrial-valves-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Emerson Electric Co., Schlumberger N.V., IMI Plc., Crane Co., Flowserve Corporation, Metso Outotec Corporation, The Weir Group PLC, AVK Holding A/S, Avcon Controls Pvt. Ltd., and Forbes Marshall Pvt. Ltd.
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