In this era of advancing smart technology, the oil and gas valve market is also set to emerge broadly with a CAGR of 3.40% from 2024 to 2034.
With urbanization and industrialization, the burgeoning need for resources and their export has surged the valve market. From USD 12,517 million in 2021, the market is on track to reach USD 13,400.5 million in 2024. Scrutinizing the market analysis and the growing trend, it can be potentially stated that the market valuation could reach USD 18,720.19 million by 2034.
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2024) | USD 13,400.5 million |
| Anticipated Forecast Value (2034) | USD 18,720.19 million |
| Estimated Growth (2024 to 2034) | 3.40% CAGR |
Explore FMI!
Book a free demo
Increasing Demand for Oil and Gas across the World
As the global population is rising, the demand for energy is also surging. With the increasing requirement for diesel, gasoline, natural gas, and other energy sources worldwide, governments in several countries are emphasizing increased oil and gas production.
Correspondingly, the requirement for valves in the exploration, production, and transportation of these resources is the main factor contributing to its growth.
The increasing establishment of several new chemical plants for the production of crude oil by-products across Argentina, Brazil, Peru, and other countries is expected to further bolster the sales of oil and gas valves.
For instance, the Government of India announced its plan to invest approximately USD 2.86 billion in the upstream oil and gas sector to double the production of natural gas to 60 bcm and drill over 120 exploration wells by the end of 2022, according to the India Brand Equity Foundation.
Increasing Focus on Safety and Environmental Protection
The oil and gas industry is one of the most hazardous industries in the world. Accidents and spills can have severe consequences for the environment and human health.
To mitigate these risks, companies adopt new technologies and equipment that help improve safety and mitigate these risks. Valves play a vital role and are designed to meet the highest safety standards. This peculiarity is spurring their sales in the global market.
As oil and gas valves play a significant role in controlling the flow and pressure of oil and natural gas during their production and refining, a slew of such initiatives has the potential to create lucrative growth opportunities in the market over the coming years.
Booming Energy Sector
Rapid expansion of the power generation sector is a key factor contributing to the growth of the valve manufacturing sector globally. The growing inclination toward adopting advanced mechanical engineering procedures to extract energy sources like natural gas, petroleum, and crude oil across the United States, China, GCC countries, and others facilitates market growth.
The lack of standardization and government policies regarding valves restrains market growth. Different regions have different certifications and policies for these valves. This factor creates diversity in the demand and applicability of valves in various industries.
As industry players have to modify the same product according to regional policies, market growth is hindered. Additional capital and a diverse product portfolio affect overall profitability and maintenance costs. Many such factors deter market growth.
Butterfly valves are designed to regulate the flow of fluids and gases. This makes them ideal for use in a wide range of applications, from oil and gas pipelines to refineries and petrochemical plants. In addition to their affordability and ease of use, butterfly valves are also highly effective. Thus, sales of these valves are projected to grasp a market share of 18.00% in 2024.
| Attributes | Details |
|---|---|
| Product Type | Butterflies |
| Market Share (2024) | 18.00% |
Butterfly valves are more affordable than many other types of valves. They are easier to install and maintain, which saves the company’s time and money. This makes them particularly well-suited for use in the oil and gas industry, where precision and accuracy are critical.
The use of butterfly valves in oil and gas operations can also help improve safety and reduce the risk of accidents or spills. Thus, many companies in the oil and gas industry are turning to butterfly valves as a cost-effective, reliable, and efficient solution for their flow control needs.
The 0.25 to 8-inch segment is anticipated to hold the lion’s share in the global market, accounting for nearly 51.00% of the market share in the total oil and gas valve market in 2024.
| Attributes | Details |
|---|---|
| Size | 0.25 - 8 inches |
| Market Share (2024) | 51.00% |
The growing application across oil and gas, water treatment, and chemical industries, owing to its attributes such as ease of operation, low cost, and ability to be used in diverse locations, is favoring the growth in the segment. The compact nature of 0.25 to 8-inch valves helps in their propagation throughout the oil and gas sector.
Countries like India, South Korea, Japan, Italy, and Spain are expanding broadly in the oil and gas valve market.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| India | 5.10% |
| South Korea | 4.60% |
| Japan | 3.90% |
| Italy | 3.60% |
| Spain | 3.20% |
Increased focus on renovating existing refineries and expanding Indian oil refineries to meet the growing demand for crude oil. This is expected to result in increased investments in the pipeline and infrastructural development in India, spurring growth with a moderate CAGR of 5.10% through 2034.
Rising concerns regarding pipeline safety due to the increasing incidence of leakage and hazards are encouraging customers to adopt advanced monitoring and controlling devices such as oil and gas valves.
The Government of India is increasingly undertaking initiatives to expand its oil and gas network to reduce the cost and time of transportation and increase the availability across rural areas. For instance, the Union Government announced allocating around USD 1.71 billion to the Gas Authority of India Ltd. (GAIL) for the direct benefit transfer of liquefied petroleum gas (LPG).
A multiplicity of such developments is estimated to fuel the demand for different types of valves used in the oil and gas industry. For instance, in November 2021, Dixon announced the launch of the new B5017 series butterfly valve for several industries, including the oil and gas industry. This new series consists of valves with Vertical Canister Actuation, pull handle clamp end, and pull handle weld end.
South Korea's industrial valve sector is robust and thriving, playing an important role in the country's industrial and technological landscape. With an estimated CAGR of 4.60%, the South Korea oil and gas valve market has set an upward trajectory.
South Korea’s valve manufacturers are renowned for their dedication to technological advancement and innovation. The rapid expansion of South Korea’s market is mostly due to extensive investment in oil pipeline and infrastructure development. Increasing focus on digitalized control systems creates opportunities for market players to offer advanced solutions.
Key companies like Korea Zinc, Kitz Corporation of Korea, KS Valve, HwaSung, Doosan Industrial Valve, Woojin Industrial Systems, and other major players are contributing to the overall market growth in South Korea.
Increasing pace of industrialization and infrastructure development in Japan has pushed the valve manufacturing sector. This surge in development is generating substantial demand for industrial valves across various sectors within Japan, including oil and gas, water and wastewater treatment, chemicals, and power generation. This growth has contributed to a rise in CAGR of 3.90% from 2024 to 2034.
Stringent government regulations prioritizing safety and environmental standards act as catalysts for market growth. Another factor is automation technologies propelling expansion in Japan.
Emerging economies are demonstrating a heightened surge in demand for dependable and high-performance valves. Concurrently, ongoing investments in industrial projects across Japan are creating substantial opportunities for market share for valve manufacturers.
The main factor contributing to the boost of oil and gas valves in Italy is its excellence in the European manufacturing industry. With a CAGR of 3.60% for the forecast period, Italy is set to expand its presence in the global market.
High rate of innovation and the numerous fields of application in the market have made Italy an epitome of valves. Made in Italy, valves are famous, accessible, and, due to their high quality, are opted by the consumer base worldwide.
Ranking among the most important oil-producing countries, Italy stands with enormous opportunities to grow in the valve manufacturing sector. The government plans to increase extraction in the coming years. This can certainly translate into valuable opportunities for oil and gas valve companies.
Spain, with its strong automotive sector, flourishes high in smart technologies for oil and gas valves. The expansion is caused by high demand from end-use sectors such as oil and gas, power production, chemicals and petrochemicals, pharmaceuticals, and food and beverages.
With government bodies offering initiatives to build better infrastructure and a more beneficial regulatory framework, Spain sets a CAGR of 3.20% through 2034 for the oil and gas valve market.
Spain is one of the primary centers for manufacturing industrial control components. This includes actuators, sensors, and various types of valves. The country’s shift toward greener energy sources has also surged the requirement for industrial valves.
Spain’s huge coastline and marine operations also necessitate the use of a diverse range of industrial valves for fluid management on ships and in port facilities. These factors, in an amalgamated manner, show ongoing expansion in sales of oil and gas valves.
Many leading companies are contributing to the advancement in the standards of valves. They are expanding their product portfolio to meet market demand.
Recent Advancements
The market value is set to reach USD 13,400.5 million by 2024.
The oil and gas valve market is expected to reach USD 18,720.19 million by 2034.
The market is set to develop at a CAGR of 3.40% from 2024 to 2034.
Butterfly valves are the most common type, with a market share of 18.00% for 2024.
The market in India is expected to progress at a CAGR of 5.10% through 2034.
Electric Winch Market Report - Demand, Growth & Industry Outlook 2025 to 2035
Commercial RAC PD Compressor Market Growth - Trends & Forecast 2025 to 2035
Commercial Induction Cooktops Market Growth - Trends & Forecast 2025 to 2035
Echo Sounders Market Insights - Demand, Size & Industry Trends 2025 to 2035
Electric Hedge Trimmer Market Insights Demand, Size & Industry Trends 2025 to 2035
Air Quality Monitoring Equipment Market Growth - Trends & Forecast 2025 to 2035
Oil and Gas Valve Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
