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Steam Trap Valve Market

Market Insights on Steam Trap Valve covering sales outlook, demand forecast & up-to-date key trends

Steam Trap Valve Market by Material Type, Product, End-Use Industry, Application & Region - Forecast 2022 - 2032

Steam Trap Valve Market Snapshot (2022-2032)

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.

Which are Some Prominent Drivers Spearheading Steam Trap Valve Market Growth

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.

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How is the Significant Growth in the Oil and Gas Industry Driving Steam Trap Valve Industry

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.

Region-wise Insights

Why is Asia Pacific Emerging as an Opportunistic Steam Trap Valve Market?

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.

How is Europe Contributing to Growth of the Steam Trap Valve Market?

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.

Nikhil Kaitwade
Principal Consultant
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Market Competition

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 Scope

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

  • Product Type
  • Type
  • End-Use
  • Application

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • 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

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Key Segments Profiled in the Steam Trap Valve Industry Survey

Steam Trap Valve Market by Material Type:

  • Cast Iron Steam Trap Valve
  • Carbon Steel Steam Trap Valve
  • Alloy Steel Steam Trap Valve
  • Stainless Steel Steam Trap Valve

Steam Trap Valve Market by Product Type:

  • Thermodynamic Steam Trap Valve
  • Mechanical Steam Trap Valve
  • Ball Float Steam Trap Valve
  • Inverted Bucket Steam Trap Valve
  • Thermostatic Steam Trap Valve
  • Balanced Pressure Steam Trap Valve
  • Bimetallic Steam Trap Valve

Steam Trap Valve Market by End Use Industry:

  • Steam Trap Valve for Oil & Gas
  • Steam Trap Valve for Power Generation
  • Steam Trap Valve for Food & Beverages
  • Steam Trap Valve for Pharmaceutical
  • Steam Trap Valve for Pulp & Paper
  • Steam Trap Valve for Chemical Industry
  • Steam Trap Valve for Other End Use Industries

Steam Trap Valve Market by Application:

  • Drip-based Steam Trap Valve
  • Process-based Steam Trap Valve
  • Trip-based Steam Trap Valve

Steam Trap Valve Market by Region:

  • North America Steam Trap Valve Market
  • Latin America Steam Trap Valve Market
  • Western Europe Steam Trap Valve Market
  • Eastern Europe Steam Trap Valve Market
  • Asia Pacific Steam Trap Valve Market
  • Japan Steam Trap Valve Market
  • Middle East and Africa Steam Trap Valve Market

Frequently Asked Questions

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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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Steam Trap Valve Market