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Industrial Valve Market
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Market Overview
Market Research Future (MRFR) anticipates that the industrial valve market 2020, since attaining a valuation of USD 70.53 billion in 2017, can now touch USD 90.77 billion by 2023-end. The market can also possibly advance at a rate of 4.53% over the forecast period (between 2018 and 2023). We will provide COVID-19 impact analysis with the report, detailing the key developments that followed the coronavirus disease outbreak.
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Key Boosters and Main Restraints
The COVID-19 outbreak has compelled governments to uptake stringent measures to reduce the impact of the pandemic. This means imposition of lockdown and curfew in developing as well as developed nations across the globe. The situation has been unfavorable for the manufacturing plants along with malls, restaurants and retail stores as they had to be closed down, resulting in a huge revenue loss and weakened product demand. Production of industrial valves has been discontinued, translating into a significant gap between supply and demand. SARS-CoV-2 has also disrupted the supply chain network of the industrial valves manufacturers, with a number of firms facing liquidity issues.
MRFR expects the novel coronavirus to reduce the demand for industrial valves in the coming months. However, despite the COVID-19 impact, there are certain types of industrial valves that can observe sustained demand, such as globe and check valves, gate, industrial butterfly valves, automated valves and ball valves. Most of the demand for these valves could come from industries like oil & gas, power generation, iron & steel, pulp & paper and petroleum refining. Further, the surge in industrialization across emerging countries like India and the vigorous efforts given industrial valve manufacturers to boost the output within the process manufacturing units could also benefit the industrial valves market in the following years.
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https://www.marketresearchfuture.com/reports/industrial-valve-market-7536Speaking of efforts, some of the leading contenders are actively pursuing major strategies such as mergers, acquisitions, partnerships and product launches that not only helps expand their product portfolio but also elevate their market position. To cite an instance, in July 2020, the Energy Products Company launched API 6D Swing Check Valve, which contains an advanced stainless-steel trim and is best used for preventing backflow in gas and oil pipelines. It is set to gain favor among those sectors that demand ease of maintenance and affordability.
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