Asia Pacific Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston R

Asia Pacific Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material Type (Cast Iron, Steel, Cryogenic, Alloy-Based, and Others), Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, and Piston RAM Valves), and Industries (Oil and Gas, Water Treatment, Power and Energy, Chemicals and Petrochemical, Food and Beverage, Healthcare and Pharmaceutical, and Others)

The APAC industrial valve market is expected to grow from US$ 37,099.02 million in 2021 to US$ 61,826.88 million by 2028; it is estimated to grow at a CAGR of 7.6% from 2021 to 2028.

Owing to the increasing types of various diseases among masses, the deployment of healthcare institution is rising massively. Increasing pollution, food adulteration, and fast-paced modern lifestyle are among the major factors that provide a continuous boost to the growth of the healthcare sector. The contemporary healthcare institution is known for its high preference for advanced testing, monitoring, and diagnosis tools. Industrial valves are among the major components integrated into modern medical equipment and medical gas lines. Furthermore, after the onset of COVID-19 outbreak, market players have witnessed an exponential rise in the adoption of industrial valves owing to the increased number of hospitalizations across the region. To overcome the challenge of insufficiency of hospital facilities, governments have started to deploy modular and mobile healthcare facilities during the pandemic, which has further spurred the demand for medical equipment. As a result, the COVID-19 pandemic created significant growth opportunities for the industrial valve market players across APAC.

Countries in APAC, especially India, are highly affected due to the COVID-19 outbreak. Various economies in Asia Pacific witnessed a sharp decline in their gross domestic product (GDP) in 2020 due to the sudden closedown of most economic activities across the country. The region consists of prominent oil and gas producing countries. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has severely affected several countries, such as India, Australia, China, and Japan. India is the worst-hit country by the pandemic in this region. Limitations imposed by governments to control the spread of COVID-19 during the initial time frame of the outbreak in these countries have affected the production process due to the limited workforce. Further, China has imposed strict lockdown and social isolation, which stopped exploration activities and resulted in shrinking the country's demand for oil and other energy commodities. Thus, natural gas storing and transportation activities across China plummeted significantly and resulted in weak demand for ball and butterfly valves. Similarly, Iran and Australia (the two major natural gas-producing countries of the region) imposed a nationwide lockdown to control the growing number of COVID-19 cases. Thus, the overall decline of E&P activities in the oil & gas industries hampered the demand for globe and check valves across APAC during the first two quarters of 2020. However, as the economies reopened and industries began their operations, the requirement for industrial valves from various end users has gradually risen. India registered a record count of vaccinations. Also, with ease in earlier restrictions, companies are beginning to work with high workforce capacity.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. Thus, the APAC industrial valve market is expected to grow at a good CAGR during the forecast period.

APAC Industrial Valve Market Revenue and Forecast to 2028 (US$ Million)

APAC Industrial Valve Market Segmentation

APAC Industrial Valve Market - by Material Type

Cast Iron Steel Cryogenic Alloy-Based Others

APAC Industrial Valve Market - by Valve Type

Ball Valves Butterfly Valves Diaphragm Valves Safety Valves Piston RAM Valves APAC Industrial Valve Market - by Industries

Oil and Gas Water Treatment Power and Energy Chemicals and Petrochemical Food and Beverage Healthcare and Pharmaceutical Others APAC Industrial Valve Market - by Country

Australia China India Japan South Korea Rest of APACAPAC Industrial Valve Market - Companies Mentioned

CIRCOR International, Inc. Crane Co. Emerson Electric Co. Flowserve Corporation IMI Critical Engineering KITZ Corporation Neway Valve (Suzhou) Co., Ltd Schlumberger Limited Spirax-Sarco Engineering plc Velan Inc.

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