Instrumentation Valves and Fittings Market Analysis | 2023-2028

Market Insights

"The global instrumentation valves and fittings market size was estimated at USD 3.83 billion in 2022 and is likely to grow at a CAGR of 4.4% during 2023-2028 to reach USD 5 billion in 2028."

Want to know more about the market scope? Register Here

Instrumentation valves and fittings are essential components in systems that control and regulate fluid flow and pressure in industrial processes. These devices are designed to provide precise control and ensure safety in high-pressure and high-temperature applications across industries like oil and gas, chemical processing, pharmaceuticals, and power generation. Instrumentation valves include various types, such as ball, needle, and check valves, each used to control fluid passage within a system. Fittings connect pipes and tubing, ensuring leak-proof connections and facilitating maintenance and repair. Together, they help maintain system accuracy, reliability, and efficiency in critical applications.

Market Dynamics

COVID-19 Impact

During the COVID pandemic, many countries imposed strict lockdown measures, leading to a significant slowdown across various industries. It plummeted the manufacturing sector, which, in turn, had a negative impact on the demand for instrumentation valves and fittings as several factories were shut down. As a result, the oil & gas industry, which is the major consumer of instrumentation valves and fittings, witnessed a colossal drop in its demand. Subsequently, the market witnessed a decline of over 7% in 2020.

Post the pandemic, the market started its road to recovery, primarily due to the escalating demand across industries, which contributed to the increase in sales of instrumentation valves and fittings, which eventually assisted the industry stakeholders in crossing their pre-pandemic levels by 2022.

Market Drivers

The market for instrumentation valves and fittings has been witnessing decent growth due to the expansion of various industries, including oil & gas, chemical, pharmaceutical, power generation, and water treatment. The increasing adoption of industrial automation and process control systems is driving the demand for precision instrumentation components like valves and fittings. These components are crucial for regulating fluid flow, pressure, and temperature in various industries where safety and environmental considerations are paramount. Such regulations drive the demand for high-quality and reliable instrumentation valves and fittings that can withstand harsh operating conditions.

Want to have a closer look at this market report? Click Here

Recent Market JVs and Acquisitions: Over the past few years, there have been a limited number of strategic alliances, including M&As, JVs, etc., across the globe. However, these alliances did not have a big effect on the overall consolidation level of the market. Some of them have been mentioned below:

• In March 2021, Ultra Clean Holdings, Inc. completed the acquisition of Ham-let Ltd., a company engaged in the development, manufacturing, and distribution of industrial flow control systems, such as connectors, fittings, and valves for high-pressure and high-temperature transmission systems.
• In July 2017, WIKA Group, a Germany-based company, acquired SAMI Instruments S.R.L. As a result, WIKA Group’s product portfolio includes a wide range of complete low-torque instrument valves, including ball valves, needle valves, check valves, and instrument manifold valves with pressure ranges from 6,000 psi to 10,000 psi.

Segment Analysis

Material Trends

"The stainless steel segment accounted for the largest market share."

The instrumentation valves and fittings market is segmented into stainless steel, brass, carbon steel, exotic alloys, and others. Among these material types, stainless steel (primarily SS316 grade) is expected to remain the dominant material type during the forecast period. It has been widely used in various industries for decades, and its reliability and performance are well-established. This familiarity and trust factor contribute to its continued dominance in the instrumentation valves and fittings market. Exotic alloys capture a small market share owing to their high price but are likely to witness the fastest market growth in the coming years owing to their attributes, such as corrosion resistance, high-temperature resistance, pressure resistance, and chemical compatibility, which make it suitable in many industrial applications.

Component Trends

"The valve segment accounted for the largest market share."

The market is segmented into valves, fittings, pneumatic actuators, and others. Among these component types, valves are expected to remain the dominant sub-segment of the market during the forecast period. The growth in infrastructure projects, such as new refineries, pipelines, power plants, and water treatment facilities, directly drives the demand for instrumentation valves. These projects require a substantial number of valves to ensure proper flow control and safety. Instrumentation fittings, compared to valves, are relatively simpler components used for connecting, adapting, and securing various components within fluid and gas systems. Their functional role, while crucial, is not as diverse as that of valves. However, the market sub-segment is likely to witness the fastest growth in the years to come.

End-Use Industry Trends

"The oil & gas segment accounted for the largest market share."

The instrumentation valves and fittings market is segmented into oil & gas, energy & power, chemical, food & beverage, healthcare, pulp & paper, and others. Among these industries, oil & gas is expected to remain the biggest demand generator in the years to come. Instrumentation valves and fittings play a vital role at every stage of the oil & gas supply chain and are used in offshore rigs, refinery plants, and gas handling systems.

Regional Insights

"Asia-Pacific accounted for the largest market share."

Asia-Pacific is expected to remain the largest market for instrumentation valves and fittings during the forecast period. Several emerging economies within the Asia-Pacific region, such as China, India, Japan, and South Korea, are driving the regional market through their extensive investments in various industries, such as oil & gas, automotive, power generation, chemical, pharmaceutical, semiconductors, and electronics. The region is home to several local companies, such as Hy-Lok CO., LTD., DK-Lok Corp., and BMT CO., LTD., along with an active presence of global market leaders, such as Swagelok and Parker Hannifin. In addition, North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Know the high-growth countries in this report. Click Here

Key Players

The market is highly consolidated with the presence of several local, regional, and global players. The growth of the companies is directly dependent on industry conditions. The companies differentiate their product offerings on the basis of type, quality, price, and its regional penetration. The following are the key players in the instrumentation valves and fittings market:

• Swagelok Company
• PARKER-HANNIFIN CORPORATION
• Hy-Lok Co., Ltd.
• FITOK Group
• BMT Co., Ltd.
• DK-Lok Corp.
• Rotork
• Ultra Clean Holdings, Inc.
• Fujikin Incorporated
• Crane Co.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s instrumentation valves and fittings market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 20 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The instrumentation valves and fittings market is segmented into the following categories:

By Material Type

• Stainless Steel
• Brass
• Carbon Steel
• Exotic Alloys
• Others

By Component Type

• Valves
  • Ball Valve
  • Needle Valve
  • Check Valve
  • Plug Valve
  • Other Valve
• Fittings
  • Dual Ferrule Fitting
  • Single Ferrule Fitting
  • Flared Fitting
  • Medium and High-Pressure Fitting
  • Ultra-High Purity Fitting
  • Others
• Pneumatic Actuator
• Others

By End-Use Industry Type

• Oil & Gas
• Energy & Power
• Chemical
• Food & Beverage
• Healthcare
• Pulp & Paper
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Spain, and The Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, South Korea, and The Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Click Here, to learn the market segmentation details.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.