New York, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global plastic valves market is anticipated to exhibit a growth rate of 5.6% CAGR and share revenue of US$ 4 Bn by the end of 2032. Market expansion is predicted to be driven by increasing usage of valves across sectors such as agriculture, water treatment power plants, chemical & food processing, water and wastewater treatment, municipal water distribution systems, construction buildings, and infrastructure developments.
Companies are continuously exploring possible acquisition opportunities and striving to be at the forefront to tackle various market challenges. Plastic materials that have been specifically created to withstand heat and corrosion are used to make plastic valves. They are widely employed in situations where high temperatures and corrosive fluids could cause metal valves to rust or fail. Additionally, plastic valves can be molded into a variety of shapes, making them perfect for usage in confined or hard-to-reach areas.
Expansion of the plastic valves market is also being driven by the rising need for energy-efficient equipment in a variety of industries due to strict emission regulations and the rising use of technology in process industries. Toxic or hazardous chemicals combined with high temperatures produced in metal valves can be dangerous and cause increased damage and fatigue. However, thermoplastics valves are effective at handling both these threats as they have less thermal conductivity as compared to metal components. This leads to a longer useful life of plastic valves, which helps reduce maintenance costs and increases product lifecycle.
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Key Takeaways from Market Study
- Manual actuation plastic valves are expected to hold a major market share in terms of volume, whereas, electric plastic valves will account for a higher growth rate over the forecast period (2022-2032).
- Based on end use, the commercial & infrastructure segment is projected to hold more than 29% share of the global plastic valves market in 2022.
- East Asia and South Asia & Pacific are anticipated to remain the prominent markets for plastic valves, accounting for more than 39% demand in 2022.
- Based on valve type, ball and gate valves are projected to hold a considerable share in the market over the decade.
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“When it comes to cost, plastic is clearly the best option. Plastic valves are cheaper to produce than metal, both, in terms of raw material and manufacturing process. As it is much lighter than metal, plastic also costs less to transport, which is one of the key factors that is giving a strong impetus to the growth of the plastic valves market,” says a Persistence Market Research analyst.
Competitive Landscape
The plastic valves market is moderately consolidated among leading manufacturers. Prominent players in the market are actively investing a significant share of their turnovers in continuous product development, which is an important tool to differentiate themselves from the competitors and position themselves in a high-quality niche
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Some of the key players in this industry include Parker-Hannifin Corporation, Emerson Electric, Watts Water Technologies, Inc, Georg Fisher Piping, Flowserve Corporation, CIRCOR International, ASAHI YUKIZAI, Hayward Holdings, Inc, and KITZ Corporation.
Conclusion
Adoption of plastic valves in new chemical processing plants for the production of corrosive and toxic bi-products and broadly used in municipal water distribution pipelines and farm irrigation systems across the globe, and also rising government prominence on commercial & infrastructural activity installations across the world are expected to enhance the demand for plastic valves over the coming years.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global plastic valves market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, valve material, valve type, valve actuation, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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