The ball valves market was valued at USD 8.1 billion in 2020 and is projected to reach USD 14.7 billion by 2025. It is expected to grow at a CAGR of 12.5% during the forecast period. Increasing demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID- 19 pandemic, need for replacement of outdated ball valves and adoption of smart valves, rising focus on industrialization, urbanization, and smart city development, and rise in new nuclear power plants projects and upgrade existing ones are the key driving factors for the ball valves market.
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Trunnion-mounted ball valves expected to account for a larger share of the ball valves market by 2025.
Trunnion-mounted ball valves are used for critical services in a variety of applications such as transmission and storage, gas processing, dryer sequence, compressor anti-surge, and others. Growth in energy consumption, new production technologies, demand for process safety, increasing focus on sustainability, and environmental regulations are likely to boost the trunnion ball valves market growth. Due to the unavailability of high-performance seat material, floating ball valves are mainly used in medium- or low-pressure applications.
The stainless steel ball valves segment accounted for the largest market share in 2019. The rising demand for high-quality ball valves in food & beverages, chemicals, pharmaceuticals, and metals & mining industries to mitigate the threat of contamination is a key factor which drives the demand for steel ball valves at present, and a similar trend is likely to be observed during the forecast period. Additionally, rising sanitation concerns will boost the demand for stainless steel ball valves in water & wastewater treatment plants as longer-lasting stainless steel valves can withstand harsh temperatures, chemicals, and pressures, along with hard water conditions, owing to their corrosion resistance quality.
Stainless steel is tougher than other materials such as cast iron, ductile iron, brass, and copper with respect to pressure rating and temperature tolerance. Stainless steel is preferred over carbon steel in applications where corrosion resistance is of utmost importance. Stainless steel ball valves typically experience demand from pharmaceuticals, chemicals, oil & gas, and food & beverages industries. However, amplified focus on cleaner fuels will boost the market for natural gas production and transportation, which, in turn, will boost the demand for cryogenic valves during the forecast period.
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In terms of geographic coverage, the ball valves market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).APAC holds the largest share of the global ball valves market. The market in APAC is further segmented into China, India, Japan, South Korea, and Rest of APAC. The growth of the market in APAC can be mainly attributed to the numerous initiatives undertaken by regional governments to encourage the implementation of IoT in the industrial sector in APAC. Dense population, the presence of automotive, chemicals, pharmaceuticals, oil & gas, and metals & mining industries in the region, growing per capita income, and rapid industrialization are the major factors driving the growth of the ball valves market in APAC.