Global Check Valve Market Size to Grow at a CAGR of 5.7%

May 20, 2021 06:30 ET | Source: Quince Market Insights Quince Market Insights

Pune, India, May 20, 2021 (GLOBE NEWSWIRE) -- The global Check Valve Market valued at USD 3,093.5 million in 2020 and is projected to register a CAGR of 5.7% to reach USD 4,824.3 million by 2028 in the COVID-19 period. Bb Os&Y Gate Valve

Global Check Valve Market Size to Grow at a CAGR of 5.7%

Check valves are mechanical devices that prevent flow reversal by allowing liquids and gases to flow only in one direction. These one-way directional valves have two openings in the body, one for fluid to enter and one for fluid to leave. As fluid flows in the desired direction, the valve opens, but the backflow of liquid or gas closes. A check valve's mechanics are simple, and it works automatically to prevent fluid from flowing in the wrong direction.

The check valve market is being driven by increased demand from end-use industries including, water and wastewater treatment, oil and gas, and energy and power. In addition, the increasing use of industrial automation is stimulating smart check valve use, which is expected to fuel market growth over the forecast period.

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An increase in the number of power generation plants across the globe and the increasing energy and power requirements of emerging economies fuel the demand for check valves. In nuclear power plants, these valves are used in chemical processing, feed water, cooling water, and steam turbine control systems. The high-pressure, high-temperature and adverse corrosion conditions encountered on production and refinery facilities have increased demand for check valves. Onshore and offshore oil and gas projects are the most typical applications for these platforms. These valves are used in almost all of the critical mechanisms in the oil and gas industry. They control the flow, volume, direction, rate, and pressure of the fluids.

The demand for check valves is extremely fragmented. There is a lot of competition among existing competitors. Large companies' product innovation strategies are driving the market growth. To strengthen their role as market leaders in the global check valve market, large corporations are partnering or acquiring other companies. For instance, in April 2017, Emerson Electric Co. completed the acquisition of Pentair plc's Valves & Controls business for USD 3.15 billion. With this acquisition, the company would be able to expand its global automation footprint and improve its leadership position in key served markets namely chemical, power, refining, mining, and oil and gas. By adding these well-known brands and aftermarket services to their portfolio, Emerson is better placed to address the requirements of global customers.

Some Significant Market Developments Considered in the Report:

COVID-19 Impact on Global Check Valve Market

The QMI team is closely monitoring the impact of COVID-19 on the global check valve industry, and it has been observed that the demand for check valve is slowing down during the pandemic. However, starting in mid-2021, it is expected to grow at a sustainable rate. Many countries around the globe have imposed stringent lockdowns to prevent the pandemic from spreading, hampering the business operations.

The demand and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the shutdown of the marketplace. Among various industries, transportation, aviation, oil and gas, and electronic industries have suffered huge financial losses. This has created reduced demand for several products and components, and check valves are one of them. In this report, all of these aspects have been examined closely.

Global Check Valve Market, by Material Type

Based on material type, the market is classified into stainless steel, alloy-based, cast iron, cryogenic, and others. Among these, the stainless-steel segment is expected to hold the largest market share during the forecast period.

Steel check valves are currently in high demand due to increased demand for high-quality industrial valves in the food and beverage, chemical, pharmaceutical, and metal and mining industries to reduce the risk of contamination. Due to their corrosion resistance properties, long-lasting stainless steel check valves can withstand harsh temperatures, chemicals, and pressures, and hard water conditions, enhancing the demand for stainless steel check valves in water and wastewater treatment plants.

Global Check Valve Market, by Valve Type

Based on valve type, the market is bifurcated into rotary valves and linear valves. The linear valves segment is expected to account for the largest share in the global check valve market over the forecast period. Linear check valves are further divided into swing check valve, silent globe valve, piston (lift) check valves, and others (tilting disk check valves and wafer check valves). The rotary valves segment is further divided into butterfly check valve (dual plate check valves) and ball check valve.

Swing check valves are extensively used for water and wastewater treatment applications, owing to their simple structure, low-pressure drop through the valve, and field serviceability. A silent globe check valve regulates flow in a pipeline by combining a movable disk-type component and a stationary ring seat in a spherical body. Silent globe valves are used for applications that require periodic throttling. Because of increasing demand from end-use industries such as oil and gas, chemicals, and energy and power in emerging economies, linear valves have dominated the market.

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Global Check Valve Market, by Application

Based on application, the market is divided into on-off/isolation, and control. Among these, the on-off/isolation segment is estimated to hold the largest market share over the forecast period. On-off/isolation valves are one of the most fundamental and necessary components of today's technological society. With a hundred-year history, these are one of the oldest products. The valve industry is truly diverse, encompassing everything from water distribution to nuclear power, and upstream and downstream in the oil and gas industry. Check valves are commonly used in on-off/isolation applications to protect a variety of equipment, such as flowmeters, strainers, and other devices, from reverse flow.

Global Check Valve Market, by End-Use Industry

Based on end use industry, the market is divided into oil and gas, LNG, water and wastewater treatment, energy and power, food and beverage, chemicals, building and construction, pulp and paper, pharmaceuticals and healthcare, agriculture, metals and mining, and others. Among these, the oil and gas, LNG segment is expected to hold largest market share in the global check valve market over the forecast period. This growth is attributed due to rising energy demand and increasing drilling activities in the Gulf Cooperation Council (GCC) countries.

Check valves are used to outfit millions of wellheads and segment and regulate flow through millions of miles of gathered pipelines and cross-country trunk pipelines that carry crude oil and gas to refineries and refined products like gasoline, diesel, and natural gas to end-user markets in the upstream oil and gas industry. In the downstream oil and gas industry, these valves are also used in refineries, gas plants, and refined commodity storage/distribution terminals.

However, due to the negative impact of the COVID-19 pandemic, the world is experiencing an economic crisis. This pandemic has had a significant impact on the oil and gas industry, with oil prices dropping below zero dollars per barrel. Furthermore, due to the COVID-19 pandemic, the entire industry has seen project cancellations and delays for new pipelines, refineries, and petrochemical plants.

Global Check Valve Market, by Region

Based on regions, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The Asia Pacific region is estimated to hold the largest share of the global check valve market during the forecast period. In 2020, the APAC market accounted for about 37.2% of the market share. Many of the world's top check valve manufacturers are operating in the Asia Pacific region.

Increasing demand for safety applications and increased R&D activities related to the use of automated valves are two main factors drive the regional market growth. China is the major market for check valves due to surging demand of these valves in the oil and gas, energy and power, and water and wastewater treatment industries to control media flow through the system as well as to initiate, stop, or throttle the flow and ensure a safe and efficient process automation.

Major Findings of the Global Check Valve Market Report Include:

Browse key industry insights spread across 151 pages with 143 market data tables and 90 figures and charts from the report, “Check Valve Market, by Material Type (Stainless Steel, Alloy Based, Cast Iron, Cryogenic, Others), Valve Type (Rotary Valves, Linear Valves), Application (On-Off/Isolation, Control), End-use Industry (Oil and Gas, LNG, Water and Wastewater Treatment, Energy and Power, Food and Beverage, Chemicals, Building and Construction, Pulp and Paper, Pharmaceuticals and Healthcare, Metals and Mining, Agriculture, Others), and Region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) — Market Size and Forecasting (2017–2028)” in depth analysis along with the table of contents (ToC).

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Global Check Valve Market Size to Grow at a CAGR of 5.7%

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