Every industry dealing with fluids like water, oil, pharmaceuticals, petrochemicals, power management needs to have proper pipelines to transport the fluids for their purposes. However, these fluids need to be controlled at various times using valves.
The industrial valve manufacturing units are experiencing an upsurge in demand with industry growth. The valve casting manufacturers in the country are experiencing a boom in their sales, although it was a bit dull during the peak pandemic.
- Getting a foothold in the global market
With the global manufacturing hub trending to shift due to geopolitical reasons and Indian valve casting manufacturers maintaining a good standard of their product, they are gradually increasing their foothold in the domestic and international markets. This is because they are gearing up their production capacity, strict quality control, and aggressive marketing and pricing policies.
Earlier prediction reflected that by 2020, the growth of industrial valve production would rise by 13% domestically, but it took a backlash due to the pandemic and rising and unstable cost of alloys and stainless steel required for the production.
Things are gradually changing, and as per the current research, despite a sluggish global growth of 3.3% in 2020. But the market is focused on being valued at around the US $ 80 billion if not more during 2020 to 2030. Moreover, with the ASEAN countries putting stress on water supply and sanitation, the valve casting manufacturers in the country are feeling the pulse of growth soon.
- Adaptation of modern technologies
The valve manufacturers are adapting and embracing new technologies to manufacture the items. More and more global leaders are making a beeline to tie up with domestic manufacturers to increase their market share. The demand for new power plants, the growth of water and effluent plants, the increase in exploration of oil and gas, or the boom in the pharma sector is encouraging enough to state that the valve manufacturing industry will grow steadily within a couple of years. The signs are already reflected in their balance sheets.
- Projected regional growth
Experts forecast that the Asia – Pacific region is snowballing with more searches for oil and gas, water supply, and power. India is already one of the global leaders in medicines and pharmaceutical products. With the international entities looking for an alternative to China, India is becoming one of the hotspots for manufacturing industrial valves. As per APEJ studies, the opportunity for the next ten years will be around the US $ 11.2 billion. The valve casting manufacturers are hopeful to expect steady growth and have a maximum share of this market estimation.
- Change in Government policies
The government of India is framing various manufacturer policies from time to time to establish each sector, including valve manufacturing, and the “Make in India” thrust put by the government is making the sluggish valve industry grow at a rapid pace. The single-window clearances, the removal of red-tapes for registrations, and infrastructural development even in the remotest areas are making the country manufacturing friendly. As the Indian economy is predicted t grow threefold within a decade, so thus the valve industry is expected to reach the same heights.
- Global valve leaders investing in the country
With the change of policies by the Government of India and the country rising to 17 notches for ease of doing business index, more and more global leaders are setting up their manufacturing units in the country. They share their technologies and expertise with many Indian valve manufacturers, hoping to capture some market share within a minimum time. With the concept of smart industries that uses the most modern technologies, drastic global marketing concepts, and rapid growth of e-commerce business in the country, the picture for the future looks promising.
- Overcoming the hurdles
The Government of India is painstakingly overcoming every hurdle that tends to be bottlenecks for doing business. As the valve manufacturing for the industries depends on various other sectors like chemicals, power plants, and castings, these sectors are also being nurtured by the government. So today, hurdles are no more to ignore, but initiatives are taken to solve them.
Overview
We can conclude that the valve casting manufacturers can expect steady growth in their business in the domestic market and globally. The overall scenario looks bright and will be more promising in the near future.
Also Read: Features of the Investment Casting Process for Valve Components