Global steam trap valve demand is anticipated to be valued at US$ 4.16 Billion in 2022, forecast to grow at a CAGR of 4.4% to be valued at US$ 6.4 Billion from 2022 to 2032. Growth is attributed to increased demand for silicone elastomers, especially across the automotive and construction industries.
| Report Attribute | Details |
| Estimated Base Year Value (2021) | US$ 4 Billion |
| Expected Market Value (2022) | US$ 4.16 Billion |
| Anticipated Forecast Value (2032) | US$ 6.4 Billion |
| Projected Growth Rate (2022-2032) | 4.4% CAGR |
Steam trap valve, most commonly a type of automatic valve, filters non-condensable gases and condensed steam such as air. Steam trap valve are utilized in various industries such as power generation, food & beverages, oil & gas, etc. in order to ensure that steam is not wasted because it is used as a heating medium or a driving force for mechanical power.
Steam trap valve is available in various types of materials, including cast iron, carbon steel, alloy steel, stainless steel, etc. across the globe. Steam trap valve works in various technologies which include thermodynamic, mechanical and thermostatic, etc.
Among the types available in the market, thermodynamic steam trap valve is most commonly utilized for steam mains drainage owing to the various advantages associated with it, which include long life and robust structure.
The growth in the oil & gas exploration & production activities is expected to assist the demand for steam trap valve over the near future. In the recent past, the U.S. has witnessed significant growth in terms of oil & gas exploration activities owing to rising demand for fuel. Further, invention of new technologies regarding extraction of shale gas and subsea oil extraction are found to be the key factors assisting the demand for steam trap valve.
On the other hand, imposition of strict governmental regulations for the production of valves is projected to be one of the key challenges for the growth of the global steam trap valve market.
Prominent manufacturers involved in the global steam trap valve are involved in the introduction of thermostatic bimetallic steam trap valves that offer lower cost of ownership and energy-saving benefits as compared to that of other types of steam trap valves available in the market across the globe. Further, some of the manufacturers are focusing on the introduction of products that allow rapid steam trap replacement and also reduces labor costs.
The increasing automation across industries such as oil and gas along with the increasing number of offshore and onshore exploratory activities is one of the primary reasons behind the significant growth. Furthermore, the substantial rise in the demand for durable and light-weight steam traps is also one of the reasons behind the growth as they have longer shelf life.
The steam trap valves act as a physical barrier and are used for fluid catalytic cracking and de-cocking processes in the oil and gas refineries. Moreover, factors such as enhanced design flexibility and cost-effectiveness add to the overall demand and growth.
Globally, the steam trap valve market is expected to be dominated by the Asia-Pacific region owing to the significant demand from various end-use industries such as chemical, power generation, food & beverages, etc. Product manufacturers in the region are developing innovative steam traps to be put to use in bio industries. They help in manufacturing of pharmaceuticals and medical sterilizers and supplying clean steam.
According to Future Market Insights, Europe is expected to provide immense growth opportunities for steam trap valves, with Germany expected to steer the bulk of all regional growth. Extensive applications in the oil and gas industry are keeping sales of steam trap valves afloat across Germany.
Countries such as Poland, Belgium, U.K and Czech Republic are all also generating high demand for steam trap valves, as these regions are witnessing an uptick in the power industry. Moreover, the electronic industry in these countries is also experiencing a major upsurge, which will generate favorable conditions for market growth.
Some of the key participants present in the global steam trap valve market include TLV, Flowserve Corporation, Spirax-Sarco Engineering plc, Armstrong International Inc., Velan Inc., Yoshitake Inc., MIYAWAKI, Forbes Marshall, Watson McDaniel, CIRCOR International Inc., Uniklinger Limited, Tunstall Corporation, Schlumberger Limited, Hongfeng Mechanical Equipment Manufactory, and others.
Attributed to the presence of such a high number of participants, the market is highly competitive. Key manufacturers involved in the manufacturing of steam trap valves are primarily focusing on the introduction of precision indexers and the expansion of their precision steam trap valve lines.
Globally, the steam trap valve market is expected to be fragmented in nature owing to the presence of a large number of players in the local as well as global market.
| Report Attribute | Details |
| Growth Rate | CAGR of 4.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Customization | Available upon Request |
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FMI projects the global steam trap valve market to expand at a 4% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic steam trap valve market.
TLV, Flowserve Corporation, and Spirax-Sarco Engineering plc, are some prominent steam trap valve manufacturers
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Steam Trap Valve Market
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