Instrumentation Valves and Fittings Market is Forecast to Reach US$ 5 Billion in 2028, Says Stratview Research

The Instrumentation Valves and Fittings market is likely to rise at a CAGR of 4.4% during 2023-2028, to reach US$ 5 billion in 2028, states Stratview Research.

DETROIT, Nov. 27, 2023 /PRNewswire/ --Stratview Research, a global market research firm has launched a report on the global Instrumentation Valves and Fittings Market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment and analysis, and competitive landscape.

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Report Highlights

Segment Insights on the Instrumentation Valves and Fittings Market

The global Instrumentation Valves and Fittings market is segmented based on material type, component type, end-use industry type, and region.

Based on the material type - The instrumentation valves and fittings market is segmented into stainless steel, brass, carbon steel, exotic alloys, and others. Among these material types, stainless steel (primarily SS316 grade) is expected to remain the dominant material type during the forecast period. It has been widely used in various industries for decades, and its reliability and performance are well-established. This familiarity and trust factor contribute to its continued dominance in the instrumentation valves and fittings market. Exotic alloys capture a small market share owing to their high price but are likely to witness the fastest market growth in the coming years owing to their attributes, such as corrosion resistance, high-temperature resistance, pressure resistance, and chemical compatibility, which make them suitable in many industrial applications.

Based on the component type - The market is segmented into valves, fittings, pneumatic actuators, and others. Among these component types, valves are expected to remain the dominant sub-segment of the market during the forecast period. The growth in infrastructure projects, such as new refineries, pipelines, power plants, and water treatment facilities, directly drives the demand for instrumentation valves. These projects require a substantial number of valves to ensure proper flow control and safety. Instrumentation fittings, compared to valves, are relatively simpler components used for connecting, adapting, and securing various components within fluid and gas systems. Their functional role, while crucial, is not as diverse as that of valves. However, the market sub-segment is likely to witness the fastest growth in the years to come.

Based on the end-use industry type - The instrumentation valves and fittings market is segmented into oil & gas, energy & power, chemical, food & beverage, healthcare, pulp & paper, and others. Among these industries, oil & gas is expected to remain the biggest demand generator in the years to come. Instrumentation valves and fittings play a vital role at every stage of the oil & gas supply chain and are used in offshore rigs, refinery plants, and gas handling systems.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that Asia-Pacific is expected to remain the largest market for instrumentation valves and fittings during the forecast period. This growth is majorly attributed to the following –

-  Several emerging economies within the Asia-Pacific region, such as China, India, Japan, and South Korea, are driving the regional market through their extensive investments in various industries, such as oil & gas, automotive, power generation, chemical, pharmaceutical, semiconductors, and electronics.

-  The region is home to several local companies, such as Hy-Lok CO., LTD., DK-Lok Corp., and BMT CO., LTD., along with an active presence of global market leaders, such as Swagelok and Parker Hannifin.

In addition, North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Instrumentation Valves and Fittings Market Drivers

Some of the key reasons that are propelling the growth of the market include-

• Expansion of various industries, including oil & gas, chemical, pharmaceutical, power generation, and water treatment.
• The increasing adoption of industrial automation and process control systems.

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Top 10 Companies in the Instrumentation Valves and Fittings Market?

The market is highly consolidated with the presence of several local, regional, and global players. The growth of the companies is directly dependent on industry conditions. The companies differentiate their product offerings on the basis of type, quality, price, and its regional penetration. The following are the key players in the instrumentation valves and fittings market:

• Swagelok Company
• PARKER-HANNIFIN CORPORATION
• Hy-Lok Co., Ltd.
• FITOK Group
• BMT Co., Ltd.
• DK-Lok Corp.
• Rotork
• Ultra Clean Holdings, Inc.
• Fujikin Incorporated
• Crane Co.

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• Isolation Valves Market
• FRP Rebar Market

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SOURCE Stratview Research