The new sanitary valves market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Sanitary Valves Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the rising demand sanitary valves from F&B and pharmaceutical industries," says a senior analyst for industrials at Technavio.
The rising demand for ready-to-eat foods and rising awareness about the benefits of healthy and nutritious foods are fueling the growth of the food and beverage industry. Similarly, the pharmaceutical industry has been witnessing considerable growth over the years due to the rising prevalence of obesity and the expanding geriatric population worldwide. The F&B and pharmaceutical companies need to ensure a highly sanitized environment to comply with various regulatory guidelines. This is increasing the adoption of high sanitary practices in these industries, which is driving the demand for sanitary valves. As the markets recover Technavio expects the sanitary valves market size to grow by USD 111.90 million during the period 2020-2024.
Sanitary Valves Market Segment Highlights for 2020
The sanitary valves market is expected to post a year-over-year growth rate of (6.65)%.
The control valves segment is gaining traction in the global sanitary valves market. This is due to their increased application in the pharmaceutical, biotech, food and beverages, cosmetic, and dairy industries.
Control valves such as pinch valves are designed to ensure accurate control and maintain high purity of fluid without any contamination.
The sanitary valves market growth will be significant in the control valves segment during the forecast period.
94% of the growth will originate from the APAC region.
The market in APAC is driven by the increased investments in new breweries in the region. Besides, many international vendors are entering the local market through mergers and acquisitions of local manufacturers, which is contributing to the growth of the sanitary valves market in APAC.
China, India, and Japan are the key markets for sanitary valves in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The sanitary valves market size is expected to accelerate at a CAGR of about 1% during the forecast period.
The sanitary valves market is segmented by Product (Control valves, Double seat valves, Single seat valves, Butterfly valves, and Others), Geography (APAC, Europe, North America, South America, and MEA), and Application (Pharmaceutical, Processed food, Beverages, Dairy, and Others).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Adamant Valves, Alfa Laval AB, Cashco Inc., Emerson Electric Co., GEA Group Aktiengesellschaft, Habonim Industrial Valves & Actuators Ltd., ITT Inc., KRONES AG, SPX FLOW Inc., and The Dixon Group Inc.
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