Lined Valve Market Projected to Reach $4.1 billion by 2028
(I-BusinessNews.Com, January 13, 2023 ) The Global Lined Valve Market size is expected to grow from USD 3.4 billion in 2023 to USD 4.1 billion by 2028, at a CAGR of 4.2%. The growth of the lined valve market can be attributed to the growing demand for automatic valves, and the rising trend of adoption of IoT-integrated valves is driving the growth of the lined valve market. However, the lack of standardized policies and increasing frequency of unplanned downtime due to malfunction of valves are major restraints for the market's growth.
The lined valve market is witnessing steady growth owing to several factors, including rising demand for ensuring the purity of processes in the pharmaceutical industry and the growing necessity for adhering to process safety guidelines established by governments worldwide. Additionally, the rising potential of end-user industries such as petrochemical, semiconductor, and power are other factors contributing to the growth of the lined valve market.
Based on type, the lined valve market is segregated into a ball valve, butterfly valve, globe valve, gate valve, and plug valve (safety valves, diaphragm valves, and check valves). Ball valves held the largest share and are expected to register the highest growth rate during the review period. Lined ball valves provide several benefits, such as low maintenance cost, low pressure drop, and easy actuation, thereby increasing their adoption across petrochemical, chemical, pharmaceutical, and mining industries. Lined butterfly valves held the second largest share of the lined valve market. They are considered a cheaper & better option for inline on/off applications. In addition, it is also being used for the throttling flow control purpose. These valves are used primarily in metals & mining and pulp & paper industries.
Based on material, the lined valve market is segmented into polytetrafluoroethylene (PTFE), perfluoroalkoxy (PFA), modified polytetrafluoroethylene (TFM), polychlorotrifluoroethylene (PCTFE), and others (fluorinated ethylene-propylene (FEP), ethylene propylene diene monomer (EPDM), and polyvinylidene fluoride (PVDF). PTFE material held the largest share and is expected to register the highest growth rate during the forecast period. Various PTFE line valves include PTFE lined ball valve, PTFE lined butterfly valve, PTFE lined gate valve, PTFE lined globe valve, PTFE lined plug valve, and PTFE lined pressure seal valve. PTFE material offers high permeability resistance and exceptional anti-corrosion capabilities. In addition, PTFE lined valve offers better lubrication for the smooth flow of chemicals. These factors are driving the adoption of PTFE lined valves in multiple industries such as chemical, fertilizer, and metallurgical.
The lined valve market is segmented by industry: chemical, petrochemical, pharmaceuticals, food & beverages, pulp & paper, and others (agriculture, power, mining, and semiconductor). The pharmaceutical industry is expected to register the highest growth rate, followed by the petrochemical industry, which is expected to register the second highest growth rate during the forecast period. PTFE lined valves are used in the pharmaceutical industry owing to many advantages such as chemical compatibility, low friction properties, and low surface adhesion. In addition, the better durability and versatility of lined valves make them a preferred choice in the pharmaceutical industry. In the petrochemical industry, lined valves regulate, manage, and control the flow rates of gases such as oxygen, natural gas, and liquid hydrocarbons. The lined valves in this industry are helping to identify fluid corrosivity, fluid erosion properties, and other parameters, thereby promoting the growth of the lined valve market for the petrochemical industry.
The lined valve market is segmented into four regions, North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is expected to register the highest growth rate, followed by North America during the forecast period. In China, the driving factors for the growth of the valve industry include rapid market expansion, regulatory system reform, and new and complex medical needs. South Korea is ranked 5th for the largest chemical production worldwide. The increasing potential of the chemical industry in the country is supporting the growing adoption of lined valves. Increasing research and development (R&D) activities at industry levels is broadening the application areas of lined valves in different industries, such as pharmaceuticals and chemicals, in the US. In Canada, the presence of chemical firms in the country will support the growth of lined valve market so that it can help avoid contamination and corrosion in the chemical industrial process.
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