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Challenges and Opportunities in the U.S. Industrial Valves Market

Posted by IndustrySelect on Wednesday, October 16, 2019

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3 MIN. READ

As rapidly advancing technology continues to transform the world, it can be challenging to keep track of markets that affect multiple industries. One such market is the industrial valves market, which has seen a significant number of changes - both internationally as well as in the U.S. - over the past few years. Today, we'll be exploring three things any marketer looking to penetrate the industrial valves market should know.

1. The industrial valves market is growing

Globally, the industrial valves market is expected to grow at a compound annual growth rate (CAGR) of 3.96% from 2019-2024. The largest (and fastest-growing) market for industrial values is currently the Asia Pacific. The global industrial valves market was worth $67.49 billion in 2017. Moreover, the market is predicted to reach a value of $85.19 billion by 2023.

In the U.S., the industrial valves market is currently valued at $36 billion, marking the U.S. as one of the largest industrial valves manufacturers, importers, and exporters.

2. The U.S. oil and energy industries are booming - which is good for the industrial valves market

Much of the current demand for industrial valves is located in the oil and gas industries. This is primarily due to an increased need for energy.

However, if a clean energy revolution occurs, the industrial valves industry will likely still be safe from any impacts. Industrial valves also have multiple uses within the clean energy and automatic valve environments, both of which are expanding.

Innovations in shale oil and crude oil production have doubled the oil and gas energy reserves of the U.S. As a result, the U.S. doubled its oil exports in 2018, and shale oil production is expected to double again by 2030.

The industrial valves market has keenly felt the effects of this oil and gas boom. According to MNI, publisher of the industrial data that powers IndustrySelect, 6% of U.S. industrial valves manufacturers reported employment increases in 2018. The fact that 40% of the U.S. industrial valves market is dedicated to domestic distribution also indicates a significant need for valves within the U.S. market.

3. Industrial valves manufacturers are focused on innovation

The growing demand for industrial valves in multiple markets has opened up numerous opportunities for manufacturers. To capitalize on the growth of the market, most manufacturers are focused on optimizing the valve production process.

For example, many U.S. valves manufacturers are now utilizing the Internet of Things (IoT) in conjunction with machine learning and automation to expedite the manufacturing process. These methods also increase product quality and reduce material waste, ultimately resulting in higher profits for the manufacturer. Products or services tailored to the technological advancement of the industrial valves industry stand to find success in the current market.

The only achilles heel for the industrial valves market currently is President Donald Trump's steel tariffs, which have cost the U.S. economy over $5.5 billion. These tariffs make reducing production costs for valves that use steel more complicated.

Overall, both the international and the U.S. industrial valves markets are poised for success within the coming years. Marketers who offer products and services which target current needs in the industry (such as the ability to automate production processes) will find plenty of opportunities, as long as they target the right businesses.

If you want access to the biggest movers and shakers in the industrial valves industry, you should subscribe to IndustrySelect. Subscribers can get up to 30 data points to help them identify and pre-qualify the best leads from 400,000 U.S. manufacturers. Profiles also include the names, titles, and email addresses for hard-to-reach executive decision-makers. To learn more about what IndustrySelect can do for you, visit our website and start your free demo.

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