Expanding Plug Valves Market Size, Share, and Industry Analysis, By Type (Hand Wheel Operated and Gear Operated), By Application (Oil & Gas, Chemical Industry, Aviation & Marine Fueling Stations, and Others) Regional Forecast to 2028

Updated On: 06 March 2023

REPORT OVERVIEW

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The global expanding plug valves market size is expected to be USD 159.8 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with expanding plug valves experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 190.9 million by 2028, exhibiting a CAGR of 3.0%. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A plug valve is a quarter-turn rotational motion valve that controls flow by rotating a cylindrical or conical "plug" inside its body. The plug has one or more through holes that, when lined up with the port openings, allow fluid to flow. Flow is stopped when the plug is rotated so that the ports and holes are not lined up. The rising demand for plug valves from the power, chemical, water treatment, and petroleum and natural gas industries, as well as other industries, is what's driving the expansion of the global plug valves market.

COVID 19:  Lockdown Restrictions to Hamper Market Growth

Oil prices fell sharply as a result of the COVID-19 pandemic, which was ruthless for the oil and gas sector. Due to different restrictions put in place by governments throughout the world, demand for oil and gas has decreased, which has resulted in a significant imbalance between supply and demand. In addition to oil and gas, other significant end users of valves include the water and wastewater treatment, energy, and power industries. The global epidemic also caused demand in all of these industries to decline. The lifting of the constraints has caused these industries to begin recovering gradually, which will speed up future expanding plug valves market growth.

LATEST TRENDS

"Increasing Adoption in Water Waste Treatment to Fuel Market Expansion "

Applications for the treatment of waste and water are what essentially fuel the demand for plug valves. Waste water and water management have become increasingly important in the global context due to acute water scarcity in many regions of the world. Additionally, there have been many initiatives to address the issue of water scarcity and strict regulatory constraints, which has favored the growth of the global market for expanding plug valves. The expanding plug valves market has also grown dramatically as a result of rising demand for the natural gas and petroleum industries, for electricity, and for occupational safety. Additionally, operating safety, the plug valve's low energy consumption, and high quality are factors that are driving industry demand for the expanding plug valves market, high performance procedure, working process cost reductions, friction reduction, and simple maintenance.

SEGMENTATION

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• By Type

Based on type, the market is divided into Hand Wheel Operated and Gear Operated.

• By Application

Based on application, the market is classified into Oil & Gas, Chemical Industry, Aviation & Marine Fueling Stations, and Others.

DRIVING FACTORS

"Rising Demand from Various Application to Foster Market Growth "

The rising demand from end-use sectors such the petroleum and natural gas industry, chemical industry, water treatment industry, and power industry is the main driver propelling the growth of the global expanding plug valves market. The presence of numerous major manufacturers in various regions and the rising investment in infrastructure development projects are other factors influencing the growth of this market. Moreover, the installation of industrial valves is anticipated to increase as pipeline infrastructure investments in the oil and gas industry rise.

"Increasing Demand from Chemical Industry to Accelerate Market Expansion "

The demand for process automation in the chemical industry on the global market is being driven by the expansion of the chemical manufacturing sector to meet the dramatically rising demand for various types of chemicals and the urgent need to automate chemical production processes. Additionally, the government is implementing more water supply and sanitation programs in many developing nations, which will probably raise demand for industrial valves used in home and agricultural settings.

RESTRAINING FACTORS

"Rising Price of Metals to Hamper Market Growth "

The oil and gas industry's declining growth, the need for actuators in NPS 4 and other larger valves, the requirement for more force, and the high cost of plug valves relative to ball valves, however, restrain the expansion of the plug valve market. The expansion of the valves market is being hampered by the lack of uniform rules throughout the regions.

REGIONAL INSIGHTS

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"Increasing Adoption of Product in North America to Accelerate Market Growth"

North America is expected to hold the largest expanding plug valves market share. The biggest market for plug valves in the U.S. is expanding as a result of the shale gas development in the country.

During the projection period, the Latin American market for plug valves is anticipated to be the second-largest. The rising demand from end-use industries and the existence of several important manufacturers in this area are the main drivers of market expansion. Brazil's extensive oil and gas industry makes it one of the top nations in this region.

KEY INDUSTRY PLAYERS

"Acquisition Strategies Adopted by Leading Players to Stay Competitive"

The report provides information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• ERIKS-VE (Netherlands)
• Omi Valve (U.S.)
• National Oilwell Varco (U.S.)
• Western Valve (U.S.)
• VALVOSPAIN (Spain)
• Franklin (U.S.)
• Arflu (Spain)
• Control Seal (Netherlands)
• Maverick Valve (Netherlands)
• Med (U.S.)
• Imperial Valve (Canada)
• KOKO Valve (China)
• Safval Valve Group (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.