Mounting manufacturing activities across the world have provided manufacturers of stainless steel control valves with substantial lucrative opportunities. The growing number of vertical industries has caused a surge in the demand for stainless steel control valves. Due to the downturn of the oil and gas industry in Asia Pacific, the chemical industry is progressively growing in the region. As a result of this, the demand for stainless steel control valves is likely to surge in the region.
Increasing implementation of wastewater management plants and the growth of semiconductor and electronics manufacturing are the major drivers of growth of the global stainless steel control valve industry. However, the downturn in the oil and gas industry and the increasing adoption of polyvinylidene fluoride control valves are likely to have an adverse impact on the global stainless steel control valves market.
The market for stainless steel control valves in Asia Pacific is driven by the rapid development of industrial infrastructure and the growing investment in several vertical industries. In countries such as India and China, the growth in chemical and semiconductor and electronics industries is driving the demand for stainless steel control valves.
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With the increasing consumer base of various industries in the region, the need for swift production process is also rising. This in turn is impelling manufacturers to set up more manufacturing plants resulting in a boost in the sales of stainless steel control valves. Asia Pacific is projected to account for 43.5% of the global revenue.
Owing to factors such as their increasing application in commercial, industrial, and residential sector, the global market for electric stainless steel control valves is anticipated to expand significantly in the upcoming years. Industrial and economic development in emerging economies such as Brazil, China, and India is expected to drive the growth of this segment. The electrical control valves market is expected to touch a valuation US$134.4 mn by 2023. The industrial sector is the largest user of electric stainless steel control valves.