Process Control, Gate, Globe and Other Valves Market

The article discusses the projected growth of the global market for process control, gate, globe, and other valves, with a forecasted increase in consumption volumes and market value by 2030. Key trends in production, consumption, imports, and exports are highlighted, with insights into key consuming countries, production volumes, import/export trends, and average prices. China emerges as a significant player in both production and exports, while the United States remains a major importer. The analysis provides a comprehensive overview of the market dynamics and trends shaping the industry over the next decade.

Market Forecast

Driven by increasing demand for process control, gate, globe and other valves worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 6.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $146.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Process Control, Gate, Globe and Other Valves

In 2022, approx. 5.3M tons of process control, gate, globe and other valves were consumed worldwide; shrinking by -6.8% on the year before. The total consumption volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2020 when the consumption volume increased by 8.9%. As a result, consumption reached the peak volume of 5.7M tons. From 2021 to 2022, the growth of the global consumption of remained at a somewhat lower figure.

The revenue of the market for process control, gate, globe and other valves worldwide totaled $105.2B in 2022, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 8.4%. As a result, consumption attained the peak level of $106.2B. From 2019 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (928K tons), the United States (910K tons) and India (432K tons), with a combined 43% share of global consumption. Germany, Japan, Russia, Brazil, Nigeria, the UK, Italy, South Korea, Mexico and Turkey lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of valves, amongst the leading consuming countries, was attained by Nigeria (with a CAGR of +16.1%), while valves for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($15.3B), China ($11.6B) and Japan ($10.3B) appeared to be the countries with the highest levels of market value in 2022, with a combined 35% share of the global market. India, Brazil, Germany, Turkey, South Korea, the UK, Russia, Italy, Mexico and Nigeria lagged somewhat behind, together accounting for a further 35%.

Nigeria, with a CAGR of +15.8%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while valves for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of process control, gate, globe and other valves per capita consumption in 2022 were Germany (4 kg per person), the United States (2.7 kg per person) and Italy (2 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of valves, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +13.1%), while valves for the other global leaders experienced more modest paces of growth.

Production

World Production of Process Control, Gate, Globe and Other Valves

In 2022, global production of process control, gate, globe and other valves contracted slightly to 5.1M tons, remaining stable against the year before. The total output volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 26%. Over the period under review, global production of attained the peak volume at 5.4M tons in 2018; however, from 2019 to 2022, production remained at a lower figure.

In value terms, production of process control, gate, globe and other valves contracted slightly to $96.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 12%. Over the period under review, global production of reached the maximum level at $107.6B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (2.2M tons) remains the largest process control, gate, globe and other valves producing country worldwide, accounting for 44% of total volume. Moreover, production of process control, gate, globe and other valves in China exceeded the figures recorded by the second-largest producer, the United States (464K tons), fivefold. The third position in this ranking was held by India (430K tons), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +2.5%. In the other countries, the average annual rates were as follows: the United States (-3.2% per year) and India (+2.8% per year).

Imports

World Imports of Process Control, Gate, Globe and Other Valves

In 2022, supplies from abroad of process control, gate, globe and other valves decreased by -10.1% to 3M tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, continue to indicate a modest expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 16% against the previous year. Over the period under review, global imports of reached the peak figure at 3.4M tons in 2021, and then shrank in the following year.

In value terms, imports of process control, gate, globe and other valves totaled $62.8B in 2022. The total import value increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 15%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (474K tons), distantly followed by Russia (166K tons), Germany (154K tons) and Nigeria (136K tons) represented the major importers of process control, gate, globe and other valves, together making up 31% of total imports. France (99K tons), the United Arab Emirates (87K tons), China (86K tons), the UK (81K tons), Mexico (81K tons), Indonesia (70K tons), Canada (69K tons), Spain (69K tons) and Saudi Arabia (68K tons) held a minor share of total imports.

Imports into the United States decreased at an average annual rate of -2.8% from 2012 to 2022. At the same time, Nigeria (+16.0%), Indonesia (+4.7%), Spain (+2.3%), France (+2.0%), Germany (+1.7%), China (+1.5%) and Mexico (+1.1%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +16.0% from 2012-2022. The United Arab Emirates, Russia, Saudi Arabia and the UK experienced a relatively flat trend pattern. By contrast, Canada (-2.4%) illustrated a downward trend over the same period. Nigeria (+3.4 p.p.) significantly strengthened its position in terms of the global imports, while the United States saw its share reduced by -7.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest process control, gate, globe and other valves importing markets worldwide were the United States ($9.9B), China ($5B) and Germany ($3.9B), together accounting for 30% of global imports. Canada, France, the UK, Russia, Mexico, the United Arab Emirates, Spain, Saudi Arabia, Indonesia and Nigeria lagged somewhat behind, together comprising a further 24%.

Among the main importing countries, Nigeria, with a CAGR of +8.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for process control, gate, globe and other valves amounted to $20,859 per ton, increasing by 16% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($58,376 per ton), while Nigeria ($3,034 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Process Control, Gate, Globe and Other Valves

In 2022, overseas shipments of process control, gate, globe and other valves increased by 0.5% to 2.8M tons, rising for the second year in a row after two years of decline. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 30% against the previous year. Over the period under review, the global exports of attained the maximum at 2.9M tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, exports of process control, gate, globe and other valves rose slightly to $60.6B in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 16%. Over the period under review, the global exports of reached the peak figure in 2022 and are likely to continue growth in years to come.

Exports By Country

China was the largest exporting country with an export of around 1.4M tons, which accounted for 50% of total exports. It was distantly followed by Italy (242K tons) and Germany (182K tons), together creating a 15% share of total exports. Mexico (97K tons), Spain (72K tons), India (58K tons), Poland (53K tons), South Korea (50K tons), Taiwan (Chinese) (47K tons), Turkey (47K tons) and the Czech Republic (43K tons) took a little share of total exports.

Exports from China increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, Turkey (+4.4%), Poland (+4.4%), Mexico (+3.7%), Spain (+3.3%) and Taiwan (Chinese) (+1.8%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +4.4% from 2012-2022. Germany and India experienced a relatively flat trend pattern. By contrast, Italy (-1.8%), the Czech Republic (-2.1%) and South Korea (-5.6%) illustrated a downward trend over the same period. While the share of China (+10 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of South Korea (-1.6 p.p.) and Italy (-2.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($15.5B) remains the largest process control, gate, globe and other valves supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by Germany ($7.5B), with a 12% share of global exports. It was followed by Italy, with an 8.7% share.

In China, exports of process control, gate, globe and other valves increased at an average annual rate of +5.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+2.3% per year) and Italy (-1.2% per year).

Export Prices By Country

The average export price for process control, gate, globe and other valves stood at $21,359 per ton in 2022, growing by 2.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2014 an increase of 39%. As a result, the export price reached the peak level of $26,812 per ton. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($41,382 per ton), while China ($11,023 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform