India Steel and Alloy Casting Valves Market is Expected to Reach $1.8 Billion by 2027—Allied Market Research

According to a recent report published by Allied Market Research, titled, “India Steel And Alloy Casting Valves Market by Function, Material, Type, Size and End-User Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the India steel and alloy casting valves market size accounted for $1.4 billion in 2019, and is expected to reach $1.8 billion by 2027, registering a CAGR of 5.4% from 2020 to 2027. 

Valves are majorly used in process industries where fluids are required to transport from one point to another. These are used to regulate, control or direct the flow of the substances such as gases, liquids and slurries by opening, closing or partially obstructing the pathway of the material. The India steel and alloy casting valves market is majorly driven by growth in industries in developed as well as developing countries. 

Further, easy availability of valves made of different material composition, sizes and standards is another factor that drives the market.  In addition, their easy installation and operation is another driving factor in the valves in the market. 

However, need of regular maintenance leads to high expenditure on maintenance of the valves that acts as a restraint to the market. In addition, outbreak of COVID-19 has led to halt in manufacturing and industrial activities across the globe. Halt in logistics services has hindered the India steel and alloy casting valves market growth. 

However, industries are gradually back on track and vaccine discovery is expected to lead to recovery of the India steel and alloy casting valves market by mid-2021. On the contrary, demand for technically advanced valves in the manufacturing and process industries with enhanced operating efficiency is a major opportunity for the valve manufacturers for growth in India steel and alloy casting valves market during the forecast period.

The India steel and alloy casting valves market is segmented into function, material, type, size and end-user industry. On the basis of function, the market is divided into manual operation, pneumatic on-off operation, electric on-off operation, pneumatic control operation and electric control operation. Depending on material, it is classified into cast iron, carbon steel, alloy steel, austenitic steel, nickel alloy steel, ductile steel and duplex stainless steel. Depending on type, it is segregated into plug valves, gate globe check valves, butterfly valves and ball valves. On the basis of size, the market is differentiated into 2” & below, 2-6’’, 6-25’’, 25-50’’ and 50’’ & above. 

Depending on end-user industry, it is classified into oil exploration, cracking & refining, pipelines & oil transports, LPG marketing terminals & bottling plants, liquefied natural gas, petrochemicals, chemicals (polymer), fertilizer, fossil power – utility, fossil power – industrial / captive, nuclear power, chemicals (chlor, alkali and others), pulp & paper, pharmaceutical, food, sugars & distilleries, cement, mining, iron & steel, alumina, copper & other ores, miscellaneous and exports out of India.

Key Findings Of The Study

• By function, the manual operation segment was the highest revenue contributor in 2019.
• By material, the cast iron segment generated the highest revenue in 2019.
• By type, the gate globe check valves segment generated the highest revenue in 2019.
• By size, the 6-25’’ segment generated the highest revenue in 2019.
• By end-user industry, the chemical segment generated the highest revenue in 2019.

The major players profiled in the India steel and alloy casting valves market include AZ Armaturen GmbH, Schlumberger Limited (Cameron), Chemtrols Industries Pvt. Ltd., Franklin Valve Company, Galli & Cassina, Ghatge Patil Industries Ltd., G M Engineering, Hawa Valves, Hitech, Horizon Polymer Engineering Pvt. Ltd., Idex Corporation (Richter Chemie-Technik GmbH), Larsen & Toubro Limited, Rasaii Flow Lines Private Ltd., Trillium Flow Technologies, UNP Polyvalves (India) Pvt. Ltd., Valves Industries and Flowserve Corporation (Microfinish valves and pump).