As per Future Market Insights, the Slurry Valves market is anticipated to attain a value pool of USD 160 Million by 2023-end. Global demand for slurry valves is expected to rise at a CAGR of 5% to USD 250 Million in 2033. Growth is supported by the following factors:
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| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 160 Million |
| Projected Market Value in 2033 | US$ 250 Million |
| Growth Rate (2023 to 2033) | 5% CAGR |
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The Asia-Pacific region controls the majority of the worldwide slurry valves market. Slurry valves are becoming more popular in the area as oil and gas industrial operations expand and the need for water treatment grows in nations such as China, India, and Japan.
Between 2021 and 2025, Southeast Asia is scheduled to start 54 oil and gas projects spread across six nations. In 2025, they would account for around 223,000 barrels per day of world crude output and approximately 8.1 billion cubic feet per day of global gas production. Wastewater treatment facilities are also being manufactured in greater numbers, as a result of significant industrialisation in nations such as China, India, and the ASEAN area. The aforementioned factors, together with government backing, are likely to contribute to the rising demand for slurry valves in the area throughout the forecast period.
Slurry valves have seen tremendous demand in the oil and gas sector, owing to their widespread application in upstream, middle, and downstream activities. Although there is a strong demand for oil and gas, supply is decreasing owing to global declines in oil and gas reserves. Such conditions have prompted oil and gas corporations to seek new areas in order to improve extraction efficiency. Various governments are focusing on investing in new oil and gas enterprises.
For example, the Government of Dubai owns 1381 oil and gas businesses as of 2017. With the expansion of oil and gas plants, demand for valves is expected to expand. Crude oil output in the United States topped 9 million barrels per day in February 2017, around 0.5 million barrels higher than in 2016.
The use of slurry valves in operations such as offshore production platforms, tank farms, and gas storage is required by floating production storage and offloading (FPSO). These factors are likely to boost the segment’s growth throughout the forecast period.
Principal Consultant
According to research, the Slurry Valves market is projected to expand between 4% and 8% CAGR during the 2021 to 2031 assessment period. The growth of oil and gas sectors throughout the globe has resulted in a rise in demand for slurry valves.
Industries around the globe have been impacted by COVID-19-induced slowdown. Be it oil & gas or paper and pulp, which was heavily affected by the pandemic. Although proper policies from government to lift and stabilize industries and bring industries at pre-pandemic levels will prove to be optimistic measure and will uplift the market
Slurry Valves used to regulate the flow of slurries in process industries. Increasing concern for industry waste treatment is anticipated to augment growth for this market in the future. The recent increase in demand for this valves by pharmaceutical companies due to the outbreak of coronavirus has further boosted the market growth.
Growing demand for industrial valves in end-use sectors such as oil and gas, chemical, will drive growth of global market over the forecast period. Additionally, expanding offshore oil and gas projects throughout the world, as well as government attempts to replace outdated water pipelines in the developing economies, is likely to promote global growth.
Automation in in this market has been a prominent development in the last decade, due to increasing focus on precise positioning and automation of this valves. Automation also optimizes overall performance of this devices and increases efficiency.
The introduction of remote valves utilizing the industrial internet of things (IoT), which enhances operational performance and eliminates unexpected downtime, is likely to drive growth in the global slurry valves market over the projected period.
High price for fabrication of Slurry Valves may pose challenge to the market, although with increased application & demand, its price is anticipated to fall in near future.
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Oil & Gas industry, both downstream and upstream operations generate a high quantity of slurry products, which requires slurry valves for its operation. The upstream process includes transporting, extracting and reserving crude oil while the downstream includes the crude oil refinery process. This valves have been extensively used in oil and gas industry and is anticipated to fuel the growth of the market.
The USA government recently increased tariffs on imports of aluminum and steel. This increase includes a 25% increase in steel imports and a 10% increase in aluminum imports, which has negatively affected the USA manufacturing sector.
Although this tariffs are intended to increase income from imports, however this step by government has negatively affected the USA slurry valve market. Steel is widely used in the manufacturing of industrial valves, and the increasing steel tariffs is expected to hamper market growth.
USA has one of the prominent paper & pulp industry around the globe, which uses significant number of slurry valves owing to which USA is anticipated to boost the market growth. Leading FMCG companies in the region are continuously collaborating with manufacturers to develop advance and sustainable solutions. This strategies will again prove to be beneficial for the slurry valves market in the long run.
This region was severely hit by Covid-19 global pandemic, which resulted in region wide shut down. However the situation is expected to improve during the last few months of 2021.
Rapid industrialization rate in countries such as China and ASEAN countries in the last decade have resulted in increased demand for energy consumption and wastewater treatment resources, as incurred from the respective end use industry processes. As a result, demand for industrial valves is expected to record a notable surge in the upcoming years. Also increasing region’s offshore oil and gas activities is set to further uplift the global slurry valve in the assessment period.
Some of the leading manufacturers and suppliers of
To fortify their business footprint, the respective OEMs have been employing omni-channel sales & distribution measures in domestic and overseas markets. To achieve the desired objective, strategic collaborations with regional manufacturing acting as a leverage for production and supply has been pursued by the OEMs.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Industrial Automation
October 2022
REP-GB-15644
141 pages
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Slurry Valves Market
