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Industrial Valves to 2018

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Date: 31-Jan-2015
No. of pages: 284
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US demand to rise 4.9% annually through 2018

Demand for industrial valves in the US is forecast to increase 4.9 percent per year to $19.8 billion in 2018. Gains will be supported by favorable conditions in most of the industries and sectors that utilize these products. Demand will be bolstered by solid increases in nonresidential fixed investment and process manufacturing industry output. A robust rebound in construction (nonresidential, residential, and utility) will also provide new sales opportunities for valve manufacturers. Ongoing growth in US oil and gas production will continue to support related valve revenues, as will a return to positive trends in mining.

Construction to be fastest growing valve market

The construction market for valves will post the strongest gains, growing 9.3 percent annually to $2.3 billion in 2018. This will be a considerable improvement from the declines posted during the 2008- 2013 period. Market expansion will be the result of a major turnaround in both residential and nonresidential construction, which is forecast to register annual gains of 11 percent through 2018. The valves used in construction applications are generally lower value, commodity type products, and US manufacturers serving this market will continue to face intense competition from imports. Process manufacturing applications will remain the largest market for valves through 2018, when it will account for 37 percent of the sales total. Ongoing gains in output will support demand increases through 2018.

Automatic valves to outpace standard valves

Automatic valve sales are expected to outpace standard valve sales through 2018, with expected yearly growth of 6.0 and 4.4 percent respectively. This will be the result of ongoing efforts by process manufacturers to improve operational efficiencies. Technological advances in automatic valves will also support value gains. However, standard valves will continue to make up the majority of the market total in 2018, as these products are less expensive and sufficient for most valve applications.

Shipments of valves from US manufacturers are forecast to increase 5.0 percent per annum to $18.0 billion in 2018, an improvement from the 2008-2013 period. Growth will be aided by rising domestic demand and the reshoring of some valve manufacturing operations. However, domestic suppliers will continue to face intense competition from producers in regions with lower labor costs, particularly at the lower end of the market. Both imports and exports are forecast to grow at the same rate through 2018, and the US trade deficit will expand.

Company Profiles

Profiles for 34 competitors in the US industry such as Cameron International, Crane, Emerson Electric, Flowserv, Pentair, SPX & Watts Water Technologies

Additional Information

This study examines the US market for industrial valves and related products (primarily separately sold actuators, accessories, and replacement parts). Product segments covered are standard hand-operated multiturn (gate, globe, check, pinch, and diaphragm); quarterturn (ball, butterfly, plug); application-specific (waterworks; plumbing, heating and cooling; nuclear); safety and relief; and other standard valve products (gas cylinders, actuators, steam traps, and parts); as well as automatic (also referred to as automated) control, regulator valves, and automatic actuators. Material segments covered are steel and steel alloys, copper-based metals, iron, and plastics and other materials. Excluded from this study are valves used in hydraulic and pneumatic-powered systems, as well as valves used primarily in automotive applications and other original equipment-type valves used as components in internal combustion engines and other non-industrial applications. Demand is analyzed according to major product types and major markets (e.g., process manufacturing, utilities, resource extraction, oil production, and construction).

Historical data (2003, 2008, and 2013) and forecasts to the years 2018 and 2023 are provided in current dollars for demand, shipments, and net exports for industrial valves overall and for the various product segments. Shipment statistics for standard and automatic valves are also provided in constant 2009 dollars. Historical sales data and projections for detailed product types and for markets (process manufacturing industries, utilities, resource industries, construction and other applications), as well as for original equipment and aftermarket demand are provided in current dollars. In addition, major valve manufacturers are identified and profiled, and the key industry competitive variables are discussed. The entire report is framed within the valve industry’s economic, technological, and market environments.

Industrial Valves to 2018

Table of Contents

Introduction XI

I. Executive Summary 1

II. Market Environment 4
General 4
Macroeconomic Overview 5
Nonresidential Fixed Investment Trends  10
Manufacturing Outlook 13
Chemical Industry Overview   17
Petroleum Refining Industry Overview  21
Pulp & Paper Industry Overview  22
Utilities Outlook 25
Water & Sewage Industry Overview  27
Electric Power Industry Overview  30
Natural Gas Industry Overview  33
Resource Extraction Outlook   35
Crude Oil & Natural Gas Overview  35
Mining Industry Overview   38
Construction Industry Overview   39

III. Valve Overview 43
General 43
Supply & Demand 44
Valve Demand by Type 46
Valve Demand by Material   47
Steel & Steel Alloys   50
Copper-Based 52
Iron 54
Plastic & Other Materials   56
Historical Market Trends   59
Pricing 62
Regulations & Standards 64
Technology 68
World Industrial Valve Market   69
US Foreign Trade 71
Imports 72
Exports 75

IV. Standard Valves 78
General 78
Multiturn Valves 81
Gate, Globe, & Check Valves   84
Gate 86
Globe 87
Check 87
Pinch & Diaphragm Valves   88
Quarterturn Valves 90
Ball Valves 94
Butterfly Valves 97
General Purpose 99
High Performance   100
Parts & Actuators   101
Plug Valves 102
Application-Specific Valves  104
Waterworks Valves   107
Plumbing, Heating, & Cooling Valves 109
Nuclear Valves   111
Safety & Relief Valves   114
Other Industrial Valve Products  117
Gas Cylinder Valves   119
Separately Sold Actuators  119
Steam Traps 120
Other Standard Valves & Parts 121

V. Automatic Valves   123
General 123
Control Valves 125
Pneumatic 129
Solenoid 131
Electric & Other   133
Regulator Valves   135
Automatic Actuators   138

VI. Markets 141
General 141
Demand by Market   141
Demand by Source   142
Process Manufacturing   144
Chemicals 147
Petroleum Refining   150
Pulp & Paper 152
Other 154
Utilities 157
Water & Sewage   160
Electric Power Generation  162
Natural Gas 165
Resource Extraction Industries  167
Crude Oil & Natural Gas  169
Mining 171
Construction 172
Other 174

VII. Industry Structure   177
General 177
Industry Composition   178
Market Share 181
Product Development   185
Manufacturing 186
Marketing & Distribution  187
Cooperative Agreements   188
Mergers & Acquisitions   190
Company Profiles   193
Aalberts Industries NV  194
Aerodyne Controls, see CIRCOR International Alfa Laval AB   196
Aliaxis SA 199
American Cast Iron Pipe Company 201
American R/D, see McWane Ames Fire & Waterworks, see Watts Water Technologies Amot Controls, see Roper Industries AMRI, see KSBAP Services, see Curtiss-Wright Armstrong International Incorporated 203
ASCO Valve, see Emerson Electric AVK Holding A/S   205
Barksdale, see Crane Bettis, see Emerson Electric Cameron International Corporation 206
Circle Seal Controls, see CIRCOR International CIRCOR International Incorporated 211
Clow Valve, see McWane Compressor Products International, see EnPro Industries Conbraco Industries, see Aalberts Industries Control Components, see IMI Crane Company   216
Curtiss-Wright Corporation  220
Danfoss A/S 224
DeltaValve, see Curtiss-Wright Elkhart Products, see Aalberts Industries Emerson Electric Company  225
Enertech, see Curtiss-Wright EnPro Industries Incorporated 230
Everlasting Valve, see Armstrong International Farris Engineering, see Curtiss-Wright FEBCO, see Watts Water Technologies Fischer (Georg) Limited  232
Fisher Controls International, see Emerson Electric Flowserve Corporation  234
FMC Technologies Incorporated 236
Friatec, see Aliaxis General Electric Company  238
GO Regulator, see CIRCOR International Hale Hamilton Valves, see CIRCOR International Hansen Technologies, see Roper Industries Harrington Industrial Plastics, see Aliaxis Henry Pratt, see Mueller Water Products Honeywell International Incorporated 240
Hydro-Aire, see Crane IMI plc 242
IPEX, see Aliaxis ITT Corporation   245
Kennedy Valve, see McWane KITZ Corporation   247
KSB AG 248
Leslie Controls, see CIRCOR International Lined Valve, see Mueller Water Products M&H Valve, see McWane Maxon, see Honeywell International McWane Incorporated   250
Metal Improvement, see Curtiss-Wright Metso Corporation   252
Mueller Steam Specialty, see Watts Water Technologies Mueller Water Products Incorporated 254
Newco Valves, see Cameron International NIBCO Incorporated   256
Norgren, see IMI OneSubsea, see Cameron International Parker-Hannifin Corporation  258
Pentair plc 264
PGI International, see Parker-Hannifin Phönix Holding, see Curtiss-Wright Porter Instrument, see Parker-Hannifin  Pure-Flo, see ITT Regeltechnik Kornwestheim, see CIRCOR International Resistoflex, see Crane Roper Industries Incorporated 267
Sea Tech, see Watts Water Technologies Shafer, see Emerson Electric Snap-tite, see Parker-Hannifin Solent & Pratt, see Curtiss-Wright Spence Engineering, see CIRCOR International Sporlan, see Parker-Hannifin SPX Corporation   270
Stratoflex Products, see Parker-Hannifin Swagelok Company   272
TapcoEnpro International, see Curtiss-Wright Target Rock, see Curtiss-Wright Tescom, see Emerson Electric TOMCO Products, see CIRCOR International Velan Incorporated   274
Veriflo, see Parker-Hannifin  Victaulic Company of America  276
Virgo Valves and Controls, see Emerson Electric Watts Water Technologies Incorporated 278
Xomox, see Crane Other Companies Mentioned in Study 282

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Environment 9
2 Nonresidential Fixed Investment   12
3 Manufacturers’ Shipments   17
4 Chemical Shipments 20
5 Refined Petroleum Demand   22
6 Paper & Paperboard Production   25
7 Utilities Construction Expenditures  26
8 Water Withdrawal Trends 30
9 Electricity Generation 33
10 Natural Gas Utility Indicators   35
11 Crude Oil & Natural Gas Supply & Demand  38
12 Mining Materials Handled   39
13 Construction Expenditures   42

Section III -- Valve Overview
1 Industrial Valve Supply & Demand  45
2 Industrial Valve Demand by Primary Material 49
3 Steel & Steel Alloy Valve Demand  52
4 Copper-Based Valve Demand   54
5 Iron Valve Demand 56
6 Plastic & Other Valve Demand   59
7 Industrial Valve Market, 2003-2013  61
8 Industrial Valve Deflators   63
9 World Valve Demand by Region   71
10 US Foreign Trade in Industrial Valves  72
11 US Industrial Valve Imports by Source, 2003-2013 74
12 US Industrial Valve Exports by Destination, 2003-2013 76

Section IV -- Standard Valves
1 Standard Valve Supply & Demand   80
2 Multiturn Valve Supply & Demand   84
3 Gate, Globe, & Check Valve Demand by Material 85
4 Pinch & Diaphragm Valve Demand   90
5 Quarterturn Valve Supply & Demand  93
6 Ball Valve Demand by Material   97
7 Butterfly Valve Demand by Type & Material 99
8 Plug Valve Demand by Material  104
9 Application-Specific Valve Supply & Demand 106
10 Waterworks Valve Demand by Type  109
11 Plumbing & Heating Valve Demand by Type 111
12 Nuclear Valve Demand by Type  114
13 Safety & Relief Valve Supply & Demand 117
14 Other Industrial Valve Product Supply & Demand 118

Section V -- Automatic Valves
1 Automatic Valve Supply & Demand  125
2 Control Valve Supply & Demand  128
3 Pneumatic Valve Demand by Type  131
4 Solenoid Valve Demand by Type  133
5 Electric & Other Valve Demand by Type 135
6 Regulator Valve Supply & Demand  137
7 Automatic Actuator Supply & Demand 140

Section VI -- Markets
1 Industrial Valve Demand by Market 142
2 Industrial Valve Demand by Source 144
3 Process Manufacturing Valve Demand 146
4 Chemical Industry Valve Demand  150
5 Petroleum Refining Valve Demand  152
6 Pulp & Paper Industry Valve Demand 154
7 Other Process Industry Valve Demand by Market 156
8 Public Utilities Valve Demand by Market 159
9 Water & Sewage Valve Demand  162
10 Electric Power Valve Demand by Market 165
11 Natural Gas Utilities Valve Demand 167
12 Resource Industry Valve Demand by Application & Source 169
13 Crude Oil & Natural Gas Valve Demand 171
14 Mining Industry Valve Demand  172
15 Construction Valve Demand  174
16 Other Markets for Valves by Application & Source 176

Section VII -- Industry Structure
1 Industrial Valve Sales by Company, 2013 180
2 Selected Cooperative Agreements  190
3 Selected Acquisitions & Divestitures 192

List of Charts

Section III -- Valve Overview
1 Industrial Valve Demand by Type, 2003-2023 46
2 Industrial Valve Demand by Primary Material, 2003-2023 49
3 Industrial Valve Market, 2004-2013  62
4 Industrial Valve Pricing, 2003-2023  64
5 US Industrial Valve Imports by Source, 2013 75
6 US Industrial Valve Exports by Destination, 2013 77

Section IV -- Standard Valves
1 Standard Valve Demand by Type, 2003-2023 81
2 Quarterturn Valve Demand by Type, 2013  94
3 Application-Specific Valve Demand by Type, 2013 107

Section V -- Automatic Valves
1 Control Valve Demand by Type, 2013 129
2 Regulator Valve Demand by Type, 2013 138

Section VI -- Markets
1 Process Manufacturing Valve Demand by Market, 2013 147
2 Utilities Valve Demand by Market, 2013 160

Section VII -- Industry Structure
1 Industrial Valve Market Share, 2013

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