January 22, 2024 12:38 ET | Source: Research and Markets Research and Markets
Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Global Ball Valves Market by Material (Cast Iron, Stainless Steel, Alloy-based, Brass, Bronze & Plastic), Type (Trunnion-mounted, Floating, Rising Stem), Size (<1", 1"-5", 6"-24", 25"-50" & >50"), Industry (Oil & Gas, Chemicals) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering. aga approved ball valves
The latest industry analysis on the thriving Ball Valves Market indicates a promising growth trajectory, with the global market projected to expand from USD 13.6 billion in 2023 to USD 17 billion by 2028. The market is experiencing a compound annual growth rate (CAGR) of 4.6%, driven by a confluence of factors, including heightened industrial activities and the proliferation of infrastructure projects across the globe.
Robust Growth in Stainless Steel Segment and Trunnion-mounted Valves According to the research, the Stainless Steel segment of the Ball Valves Market is undergoing significant growth due to these valves' remarkable durability, corrosion resistance, and broad industrial applicability. Additionally, Trunnion-mounted ball valves have garnered the largest market share, signifying the segment's dominance in 2022.
Floating and Rising Stem Ball Valves Surge in Popularity Smaller segments, such as Floating and Rising Stem ball valves, have also observed a surge in demand, attributed to their efficient fluid control and reliability, which are essential in sectors like chemical processing and water treatment.
Analysis of the 1"-5" Size Segment and Oil & Gas Industry The market research further covers specific insights into diverse size ranges, with ball valves ranging from 1” to 5” displaying considerable expansion. These valves are especially preferred in the oil and gas industry for their robustness and technological advancements in materials, playing a crucial role in the sector's growth.
Asia Pacific Leads in Market Size Region-wise, Asia Pacific has emerged as the predominant market in 2022. The surge in the area's industrial activities has resulted in an intensified demand for ball valves, bolstered by the region's ongoing infrastructure expansion and urbanization trends.
Market Dynamics and Competitive Landscape This comprehensive market research publication delves into the primary market drivers, restraints, and opportunities shaping the future of the Ball Valves Market. It also includes a detailed competitive assessment, showcasing the market shares and growth strategies of leading players.
Industry Participants and Geographical Breakdown The report features a detailed profile distribution of key market players globally, categorized into Tier 1, Tier 2, and Tier 3 companies, and encompasses input from various designations from C-level executives to Directors. The geographical analysis covers major regions such as North America, Europe, Asia Pacific, and the Rest of the World. Research within the Ball Valves Market study provides stakeholders with critical data, enabling them to position their businesses strategically and capitalize on market trends. Substantial investments in R&D, product innovation, and market development initiatives underscore this market's robust competitive landscape. This analysis comes at a pivotal moment for industry stakeholders, providing invaluable insights into the continuously evolving Ball Valves sector. Key Attributes:
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