Market Overview:
Vietnam Industrial Valve Market size was valued at USD 1510.78 million in 2022 and is projected to reach USD 1958.86 billion by 2030, growing at a CAGR of 3.3% from 2023 to 2030.
Vietnam's industrial valve market has grown significantly in recent years, driven by the country's growing manufacturing and infrastructure sectors. Vietnam's economic development and increasing demand for energy, oil, gas, and water resources were the main factors influencing the market. The market was characterized by the presence of both domestic and international valve manufacturers. Local companies served domestic demand, while international players from China, South Korea, Japan, and the United States supplied high-quality valves to various industries. The largest end users of industrial valves were the oil and gas industry, the petrochemical industry, power generation, water and wastewater treatment, and the construction industry. The Vietnamese government's focus on industrial development and infrastructure projects and foreign investment has further increased the demand for industrial valves. However, there were also challenges in the market, such as competition from cheap imported valves and the need for continuous technological development to meet international standards.
Top Key Players Covered in The Vietnam Industrial Valve Market:
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- Viglacera Corporation (Vietnam)
- Petro Vietnam Valves (PVV) (Vietnam)
- Viet Valve Joint Stock Company (VVC) (Vietnam)
- Arita Valve Co. Ltd. (Japan)
- Hoang Anh Gia Lai Machinery JSC (HGL) (Vietnam)
- Neway Valve (Suzhou) Co. Ltd. (China)
- OCV Co. Ltd. (Vietnam)
- Valves Joint Stock Company (VVS) (Vietnam)
- Hemaya Co. Ltd. (Vietnam), and Other Major Players
Market Dynamics and Factors:
The increase in energy consumption in Vietnam, fuelled by population growth and rapid industrial growth, has been a key force in the growth in demand for valves, particularly in the oil and gas sector. As the country's economy continued to grow, energy-intensive industries and infrastructure projects grew accordingly, increasing the need for reliable and efficient valve solutions to control and regulate fluid flow. In the oil and gas sector, which is an important part of Vietnam's energy supply, the demand for valves has increased significantly due to exploration, production, refining and transportation. Valves play an important role in ensuring the safe and efficient operation of pipelines, wells, and treatment equipment, making them an integral part of the operation of this sector. As demand for energy continued to grow, both domestic and international valve manufacturers opened to significant opportunities in the Vietnamese market. This trend has not only benefited valve suppliers, but also presented challenges to meet the growing demand while maintaining quality and meeting international standards.
The Vietnam Industrial Valve Market Report Highlight:
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- By Type, the ball valve segment of Vietnam's industrial valve market grew steadily and held a significant share of the total valve market. Ball valves are widely used in various industries due to their reliable performance, ease of use, and ability to close shut. They are often used in applications that require precise control of flow and pressure, such as oil and gas, petrochemicals, water and wastewater, and power generation.
- By Material, Steel is the predominant material in the industrial valve market due to its exceptional strength, durability, and corrosion resistance. Its robust properties make it ideal for handling diverse industrial applications, ensuring longevity and reliability. Steel valves exhibit excellent performance in harsh operating conditions, maintaining functionality under high-pressure and temperature environments.
- By Country, located in Vietnam's economic powerhouse Ho Chi Minh City, the industrial valve market reflected the city's dynamic industrial and commercial landscape. Ho Chi Minh City, also known as Saigon, is a major industrial hub with a wide range of industries such as manufacturing, oil and gas, petrochemicals, power generation, and water treatment, which drives the demand for industrial valves. The rapid urbanization and infrastructure development of the city have increased the significant need for valves in various construction projects. In addition, the ever-increasing focus on energy efficiency and environmental sustainability has emphasized the importance of high-quality valves in optimizing industrial processes.
Key Industry Development:
In May 2023, Neway Valve achieved a milestone by developing the first 20-inch class 2500LB metal seal emergency stop valve in China. The valve fills a gap in the domestic industry and is designed for the construction of offshore platforms. It quickly closes in 10 seconds in emergencies, preventing spills and improving safety during offshore oil drilling.
The Vietnam Industrial Valve Market Segmentation:
By Type
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- Ball
- Globe
- Gate
- Butterfly
- Plug
- Check
By Material
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- Steel
- Brass
- Bronze
- Cast Iron
- Plastic
By Size
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- < 1”
- 1”–6”
- 6”–25”
- 25”–50”
- 50”
By Application
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- Oil & Gas
- Power
- Energy
- Chemical
- Water & Waste Treatment
By Function
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- On/Off
- Control
- Isolation
- Special Purpose
For this report, Introspective Market Research has segmented the Bike Sharing Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
o The U.S.
o Canada
o Mexico
Eastern Europe
o Russia
o Bulgaria
o The Czech Republic
o Hungary
o Poland
o Romania
o Rest of Eastern Europe
Western Europe
o Germany
o UK
o France
o Netherlands
o Italy
o Spain
o Rest of Western Europe
Asia Pacific
o China
o India
o Japan
o Singapore
o Australia
o New-Zealand
o Rest of APAC
Middle East & Africa
o Turkey
o Saudi Arabia
o Qatar
o UAE
o Israel
o South Africa
South America
o Brazil
o Argentina
o Rest of SA
