Vietnam Industrial Valve Market Synopsis

The Industrial Valve is Expected to Grow at a Significant Growth Rate, and the Forecast Period is 2023-2030, Considering the Base Year as 2022.

• 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. The future of Vietnam's industrial valve market looked promising due to the country's continued industrialization and economic growth.

Top Key Players:

"Viglacera Corporation (Vietnam) PetroVietnam 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), VNECO Mechanical Engineering Import-export JSC (Vietnam), Industrial Instruments And Equipment Company Limited (VINTEC) (Vietnam), API Valve JSC (AVC) (Vietnam), BP Valve Company Limited (Vietnam), FTech Co. Ltd. (Vietnam), STC Co. Ltd. (Vietnam), HAIYAN SUNFAST TRADING CO. LTD Vietnam Branch (China), Minhtuan Production Trading And Services Co. Ltd. (MT Vietnam) (Vietnam), TBV Vina Co. Ltd. (Vietnam), UniOne Co. Ltd. (Vietnam), Vinacoma JSC (Vietnam) and other major players."

The Vietnam Industrial Valve Market Trend Analysis

Energy Demand Drives Valve Growth

• 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 up 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.

Growing Valve Export Potential

• As Vietnam's valve manufacturing capacity developed, the country offered significant opportunities for local manufacturers to enter the international market and expand their reach through valve exports. By focusing on improving production technology, product quality and adhering to international standards, Vietnamese valve manufacturers have been able to provide competitive and reliable solutions to potential buyers worldwide.
• The strategic geographical location of the country and the intensification of global trade relations further strengthened its export power. By taking advantage of export opportunities, Vietnamese valve manufacturers could diversify their customer base, reduce dependence on the domestic market and increase revenue streams. Access to international markets also gave them valuable insights into customer preferences, global industry trends and competitor strategies that could be used to improve domestic product offerings and business strategies.
• Success in the export market required overcoming challenges such as understanding and complying with various regulatory frameworks, efficient logistics management and establishing reputable brands on the global stage.

Vietnam Industrial Valve Market Segment Analysis

Vietnam Industrial Valve Market is Segmented into the Type, Material, Size, Application, and Function. By Type, the Ball segment is Anticipated to Dominate the Market Over the Forecast Period.

• 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, petrochemical, water and wastewater, and power generation.
• Vietnam's growing demand for energy and industrial infrastructure development has accelerated the adoption of ball valves. These valves are affordable due to their minimal leakage and low maintenance requirements, making them suitable for critical applications in demanding environments. Growth in pipeline projects along with modernization of water treatment plants and power plants further contributed to the growth of the ball valve segment in the country.
• With both domestic manufacturers and international players supplying ball valves to Vietnam, competition has been intense, forcing companies to focus on innovation and product differentiation. Compliance with international quality standards and certifications was necessary to meet customer expectations and compete in the world market. As Vietnam's industrial area continued to expand, the ball valve segment was expected to remain an important part of the country's industrial valve market.

Vietnam Industrial Valve Market Country Analysis

• 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.
• The Ho Chi Minh market was characterized by the presence of both local manufacturers and international players, offering various options to buyers of industrial valves. Local manufacturers responded to domestic demand, while international firms, particularly from neighboring Asian countries, provided advanced valve technology and expertise for larger projects.
• As the economy and industry continue to grow, Ho Chi Minh City's industrial valve market is expected to grow steadily, providing opportunities for both domestic and international valve suppliers to participate in the city's thriving industrial ecosystem.

COVID-19 Impact Analysis on the Vietnam Industrial Valve Market

• The COVID-19 pandemic has had several negative effects on Vietnam's industrial valve market. As the virus spread globally, it disrupted supply chains, causing shortages of raw materials and components needed to make the valves. This caused production delays and costs for Vietnamese valve manufacturers. In addition, travel restrictions and blockades imposed during the pandemic have impeded the movement of goods and workers and further disrupted production and distribution processes.
• The pandemic has also led to a drop in demand for industrial valves, particularly in sectors such as oil and gas, power generation, and construction, where activity and investment were down at the peak of the pandemic. Many industries had to postpone or cancel projects, which led to a decrease in valve orders. The drop in demand has put financial pressure on valve manufacturers and suppliers, resulting in lost income and job insecurity.
• The uncertainty surrounding the duration and severity of the pandemic has created a cautious attitude among companies, causing them to delay or postpone investments in new valve technologies or expansion plans. As a result, some companies faced challenges in day-to-day operations and financial constraints.

Top Key Players Covered in The Vietnam Industrial Valve Market

• Viglacera Corporation (Vietnam)
• PetroVietnam 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)
• VNECO Mechanical Engineering Import-export JSC (Vietnam)
• Industrial Instruments And Equipment Company Limited (VINTEC) (Vietnam)
• API Valve JSC (AVC) (Vietnam)
• BP Valve Company Limited (Vietnam)
• FTech Co. Ltd. (Vietnam)
• STC Co. Ltd. (Vietnam)
• HAIYAN SUNFAST TRADING CO. LTD Vietnam Branch (China)
• Minhtuan Production Trading And Services Co. Ltd. (MT Vietnam) (Vietnam)
• TBV Vina Co. Ltd. (Vietnam)
• UniOne Co. Ltd. (Vietnam)
• Vinacoma JSC (Vietnam)

Key Industry Developments in the Vietnam Industrial Valve Market

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 emergency situations, preventing spills and improving safety during offshore oil drilling.