Chapter 5 - International valve market

Abstract

This chapter presents an overview of the international industrial valve market and provides market size estimates for the year 2003, along with forecasts from 2004 to 2009. The markets in the developed world are now relatively mature and will show little growth for new products in the future. Growth in the developed world is concentrated on the replacement market, which represents over one-third of the total valve market. New sales growth is now concentrated in developing regions such as China, India, and South America. The majority of investment in oil exploration and development will take place in the developing countries in the Middle East, Africa, Central and South America, and South and East Asia. Chemical processing would continue to move its manufacturing to these areas with large populations and growing living standards. These improved living standards would also lead to investment in infrastructure such as extension of piped water supplies and wastewater treatment services and power generation. The major driving force in Europe is the increasing impact of the EU directives upon national legislation in subjects as diverse as water treatment and pressure system design. The major valve application in the Middle East is in the oil and petrochemical industries with the region producing nearly 30% of the world's oil, with an increasing requirement for water treatment such as desalination plants. Most of the valve sales to the region are made through large plant contractors and oil companies.