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South Korea Industrial Valve Market To Reach USD 30.61 Billion By Year 2030

Industrial Valve Market Size Was Valued at USD 20.82 Billion in 2022 and is Projected to Reach USD 30.61 Billion by 2030, Growing at a CAGR of 5.66% From 2023-2030.

25-01-2024
Swati Kalagate
Manufacturing and Construction
Pristine Intelligence

Market Overview:

Industrial Valve Market Size Was Valued at USD 20.82 Billion in 2022 and is Projected to Reach USD 30.61 Billion by 2030, Growing at a CAGR of 5.66% From 2023-2030.

An industrial valve is a mechanical device used to control the flow of fluids within a system, such as oil, gas, or water, by opening, closing, or partially obstructing passageways. In South Korea, the industrial valve market is driven by the country's thriving manufacturing and energy sectors. The demand for valves is also influenced by stringent regulatory standards and the need for efficient fluid control in various industries. Current trends in the South Korean market include a growing focus on eco-friendly and energy-efficient valve solutions, as well as advancements in smart valve technology. Additionally, there is a notable shift towards the adoption of digitalized control systems and the integration of Industrial Internet of Things (IIoT) applications to enhance overall operational efficiency and monitoring capabilities in industrial processes.

Top Key Players Covered in The Industrial Valve Market:

  • Korea Zinc (South Korea)
  • Kitz Corporation of Korea (South Korea)
  • KS Valve (South Korea)
  • HwaSung (South Korea)
  • Doosan Industrial Valve (Belgium)
  • Woojin Industrial Systems (South Korea), and Other Major Players

Market Dynamics and Factors:           

The South Korean industrial valve market exhibits several drivers, opportunities, and challenges that shape its dynamics. Drivers include the nation's robust manufacturing and energy sectors, driving demand for valves in various applications. Stringent regulatory standards further fuel the market, emphasizing the need for reliable and efficient fluid control systems. Additionally, South Korea's strategic geographic location and strong export-oriented economy contribute to increased demand for industrial valves globally. Opportunities in the market arise from the growing emphasis on eco-friendly and energy-efficient valve solutions. The adoption of smart valve technology and the integration of Industrial Internet of Things (IIoT) applications present avenues for innovation and enhanced operational efficiency. Furthermore, the increasing focus on digitalized control systems creates opportunities for market players to offer advanced solutions. However, challenges persist, including intense market competition and price volatility. The market's sensitivity to economic fluctuations and geopolitical factors poses risks. Additionally, adherence to evolving global standards and regulations presents challenges for manufacturers. Balancing the need for innovation with cost considerations is another factor, as companies strive to stay competitive while maintaining profitability. Navigating these challenges requires industry players to invest in research and development, strategic partnerships, and continuous adaptation to emerging technologies.

The Industrial Valve Market Report Highlight:

    • By Type, the ball-type valve is anticipated to dominate due to its versatility, reliability, and widespread applications across various industries. Its efficient design, ease of operation, and suitability for controlling fluid flow contribute to its popularity, making it the most dominant valve type in the market.
    • By Material, Steel valves are anticipated to dominate the industrial valve market due to their robustness and versatility. Steel, known for its strength and durability, ensures reliable performance in various applications. The material's resistance to corrosion and high temperatures positions steel valves as a preferred choice across industries, contributing to their expected dominance in the market.
    • By Application, the oil and gas valve segment is anticipated to be the predominant application in the South Korean industrial valve market. This dominance is attributed to the country's thriving energy sector and the crucial role of valves in controlling and regulating fluid flow within the oil and gas industry. The demand for reliable and efficient valve solutions in this sector is expected to drive sustained growth in this specific application.

Key Industry Development:

In October 2023, Atlas Copco agreed to acquire Presys Co., Ltd. The company provides vacuum valves for the semiconductor market. Presys Co., Ltd. is a privately-owned company with 134 employees, located in Suwon, Republic of Korea. In 2022, the company had revenues of approximately MKRW 35,000 (MSEK 275*). The company manufactures transfer and isolation vacuum valves that are highly complementary to the current semiconductor product portfolio

In July 2023, KITZ Corporation announced the launch of PFA-Lined Weir Type Diaphragm Valves. The PFA-lined valve series for piping systems requiring chemical and corrosion resistance now includes a line-up of diaphragm valves. The PFA-lined valve series includes a range of PFA-lined products, including butterfly valves, ball valves, plug valves, and check valves. As future growth is expected in the market for high-value-added fine chemicals, KITZ will be able to provide products that can satisfy the demands of customers who operate with a variety of chemicals, including pharmaceuticals, pigments, paints, fats and oils, and surfactants.

The Industrial Valve Market Segmentation:

By Type

    • Ball
    • Globe
    • Gate
    • Butterfly
    • Plug
    • Check

By Material

    • Steel
    • Brass
    • Bronze
    • Cast Iron
    • Plastic

By Size

    • < 1”
    • 1”–6”
    • 6”–25”
    • 25”–50”
    • > 50”

By Application

    • Oil & Gas
    • Power
    • Energy
    • Chemical
    • Water & Waste Treatment

By Function

    • On/Off
    • Control
    • Isolation
    • Special Purpose

For this report, Introspective Market Research has segmented the Industrial Valve Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America

    • The U.S.
    • Canada
    • Mexico

Eastern Europe

    • Russia
    • Bulgaria
    • The Czech Republic
    • Hungary
    • Poland
    • Romania
    • Rest of Eastern Europe

Western Europe

    • Germany
    • UK
    • France
    • Netherlands
    • Italy
    • Spain
    • Rest of Western Europe

Asia Pacific

    • China
    • India
    • Japan
    • Singapore
    • Australia
    • New-Zealand
    • Rest of APAC

Middle East & Africa

    • Turkey
    • Saudi Arabia
    • Qatar
    • UAE
    • Israel
    • South Africa

South America

    • Brazil
    • Argentina
    • Rest of SA
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