Global Stainless Steel Fittings & Valves Market by Type, by Application, and by Region/ Country (North America, Europe, Japan, China, India, South East Asia, and Rest of the World) – Forecast from 2020 to 2029
23rd September 2019
The global stainless steel fittings & valves market is expected to be valued around US$ 1.4 Billion in 2029 and is projected to register a CAGR of 4.5% over the 10-year period. The stainless steel fittings & valves market report has been segmented on the basis of product type, application, and region/country. This detailed report on the global stainless steel fittings & valves market includes primary as well as secondary drivers, revenue shares and growth rates of each of the segments and regions/ countries considered in the report. In addition, company profiles section includes information regarding major companies such as company revenue, business operating segments, geographical presence, collaborations, mergers, acquisitions, and recent key developments.
Stainless Steel Fittings & Valves: Overview
Fitting and valves made of stainless steel preferred in various industries including chemical, oil and gas, semiconductors, pulp, and paper industry, etc. There are a number of certification bodies such as Lloyds, TUV, EN, American Bureau of Shipping etc. which provide approval of the product in terms of design, or whole fittings and valves. We still largely rely on conventional fuels for the transportation of goods as well as for human commutation. We generally use different modes of transportation i.e. ships, aircraft, vehicles, etc. all means of transport majorly use fossil fuels which boost the demand from oil and gas refineries which in turn helps to enhance the oil and gas sector. Continuous development in the gross domestic product of several nations is associated with many factors including the growth of such tremendously large industries. The requirement of fittings is huge due to ever-growing end-use industries. Besides these fittings are also used in several electronics products and demand for the products are expected to incline in the years to come.
Dynamics: Global Stainless Steel Fittings & Valves Market
As various industries are expanding their footprint at a decent pace especially in developing countries like China and India, demand for pipes and hence valves and fittings continues to grow which helps in driving market growth, especially in Asian countries.
Stainless steel is preferred as a primary material for use in pipes and other fittings as it is an alloy having strong anti-corrosion, high pressure withstanding properties which are desirable. Also, because of its high strength as well as cryogenic toughness and work hardening of the material; it is an ideal choice for many industries.
Wide variety of products manufactured is also an added advantage since depending upon the requirement of the application; different fittings may be used. Besides, stainless steel products are available in variety of grades ranging from 304 to 904L. Depending upon need of application, titanium or copper could be added to steel in order to alter its properties to suit a specific application.
High cost of stainless steel valves and fittings could restraint growth of the target market. Depending upon grade of stainless steel valves and fittings required; cost changes could hinder growth of the global stainless steel fittings and valves market.
Opportunity Map Analysis:
Global Stainless Steel Fittings & Valves Market Segment Analysis:Going by an optimistic scenario, the global stainless steel fittings & valves market revenue is projected to expand at a CAGR of over 5% and reach a value of over US$ 1500 Mn in 2029. Considering a likely scenario, the global market revenue is expected to expand at a CAGR of 4.5% and reach a value around US$ 1400 Mn. While a conservative scenario would result in the global stainless steel fittings & valves market registering a CAGR of 3.6% and value of around US$ 1300 Mn over the 10-year period.
By Type: Out of the two types, the fittings segment is expected to record highest share in terms of revenue. The fittings segment is also expected to register highest CAGR of over 4.2% as compared to the valves segment.
By Application: The industrial segment is projected to record higher revenue contribution in the global market. The semiconductor segment is expected to register comparatively higher CAGR of more than 4.5%, followed by the industrial segment in terms of CAGR.
Global Stainless Steel Fittings & Valves Market: Analysis by Region/ Country:
In terms of revenue share, the stainless steel fittings & valves market in China is expected to dominate the markets in other regions and countries over the 10-year period. This can be attributable to rapidly growing semiconductor and chemicals industries in the country, clubbed with high demand for stainless steel fittings and valves from these end-use industries. In addition, presence of strong players engaged in manufacturing and selling stainless steel fittings and valves in the country is another factor driving growth of the market in China.
The North America market is projected to record second-highest revenue share in the target market. This is due to robust presence of end-use industries in countries such as the US, and Canada, along with higher adoption of the products.
In terms of CAGR, the market in China is projected to register highest growth rate of more than 5.2%. The market in India is projected to register second-highest CAGR of 5% over the 10-year period.
The Europe market is expected to record moderately high revenue share in the global target market as well as register third-highest growth rate. The market in Rest of the World is expected to register slow and steady growth over the next 10 years.
Global Stainless Steel Fittings & Valves Market Segmentation:
By Product Type:
- Single Ferrule
- Double Ferrule
- Pipe Fitting
- Tube Fitting
- Chemical Industries
- Other Applications (Food & beverage, Pharmaceuticals, etc.)
By Region/ Country:
- North America
- South East Asia
- Rest of the World
- Swagelok Company
- HAM-LET GROUP
- Wellgrow Industries Corp
- Sanitary solutions, Inc.
- Truly Tubular Fitting Corp
- Top Line Process Equipment
- R & R Fittings and Valves
- Dixon Valve & Coupling Company, LLC
- LPR Global Inc. (US Korea HotLink)
- SSP Corporation
- Smith Cooper International Inc.
- Hebei Guangde Stainless Steel Valve Industry Co., Ltd.
- Chapter 1 Global Stainless Steel Fittings and Valves Market Insights
- 1.1 Introduction
- 1.2 Global Stainless Steel Fittings and Valves Market is segmented on the basis of Type, Application and Region
- 1.3 Drivers
- 1.4 Restraints
- 1.5 Opportunities
- 1.6 Pest Analysis
- 1.7 PORTER’s Five Forces Analysis
- 1.8 Macro-economic Factors
- 1.9 Opportunity Orbits
- 1.10 Opportunity Map Analysis
- 1.10.1 Optimistic Scenario
- 1.10.2 Likely Scenario
- 1.10.3 Conservative Scenario
- 1.11 Market Expansion Strategies
- 1.12 Market Investment Feasibility Index
- 1.13 Regional Market Share and BPS Analysis
- 1.14 Industrial Chain Analysis
- Chapter 1 Global Stainless Steel Fittings and Valves Market Insights
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