Ball Valves Market: By Type (Trunnion Mounted, Rising Stem, Floating and Others), By Material Type (Alloy Based, Brass, Bronze, Cast Iron, Cryogenic, Steel and Others), By Size (Up to 1", 1“-6", 6“-25", 25“-50", 50" and Above and Others), By End User (Aerospace & defense, Building & Construction, Chemicals, Energy & Power, Food & Beverage, Oil & Gas, Pharmaceuticals, Utilities, Water & Wastewater and Others) and Geography  

The Ball Valves Market size was valued at US$ 13.2 billion in 2023 and is poised to grow at significant CAGR of 3.4% from2024-2030. Some of the key factors fueling the market growth include growing demand for process safety, need for ball valve replacement, increasing industrialization, urbanization, and smart city initiatives across the globe and rise in the number of refineries, petrochemicals and chemicals plants worldwide. However, downtime time to repair valves and increasing cost of raw material for installation of ball valves are the factors hindering the market growth. In addition, growing popularity of IoT devices especially amongst industrial devices such as ball valve is expected to provide huge growth opportunity for the market growth. Major oil producers are running out of storage space for extracted oil, while demand is trending downward.

As a result, there is a significant supply-demand disparity. One of the most important industries for valves is oil and gas. Valves are also used extensively in the water and wastewater treatment, as well as the energy and power industries. These industries are also seeing a drop in demand as a result of the global epidemic. As a preventive measure to protect public health and safety, restrictions on foreign trade have been imposed due to the closure of international borders, non-operational distribution channels, and several other government policies. Global ball valves market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in December 2018, Metso made an agreement with Granbech & Sanner A/S (Denmark) to offer the entire breadth of Metso's valve products and related solutions across Denmark.