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The valves in mining market size is estimated to grow at a CAGR of 4.23% between 2023 and 2028. The market size is forecast to increase by USD 1.52 billion. The growth of the market depends on several factors such as growth in the smart mining industry, technological advancements in valve materials and growing demand for cobalt owing to the increasing adoption of electric vehicles.
The report includes a comprehensive outlook on the valves in mining market offering forecasts for the industry segmented by Type, which comprises multi-turn valves, quarter-turn valves, and control valves. Additionally, it categorizes Applications into mineral fuels, iron and ferro-alloys, non-ferrous metals, precious metals, and industrial minerals and covers Regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Valves in Mining Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The valves market in the mining industry is expected to benefit heavily from the rising adoption of electric vehicles. Cobalt, a ferromagnetic metal, is a major raw material used for the manufacturing of batteries, which find application in electric vehicles. The ability of electric vehicles to either reduce or eliminate the use of gasoline or diesel is a primary factor directly contributing to the increasing adoption of electric vehicles. Despite the high costs associated with electric vehicles, factors such as the provision of direct subsidies for electric vehicles contribute to the population shift toward these vehicles from internal combustion engine-powered vehicles.
Moreover, the growing demand for cobalt for electric vehicle batteries is driving cobalt mining activities globally, which is increasing the demand for valve products in the mining industry, leading to the growth of the valves market in mining industry during the forecast period
The mining industry requires application-specific valves as it deals with different kinds of mineral mining. The environmental conditions of these minerals vary drastically, and thus, the same valves cannot be deployed in the mining of all the minerals. Simulation software is such a technology that allows manufacturers to design a prototype in the least time and with maximum precision. It lowers the cost of fabrication and reduces the product engineering time for non-standard valve manufacturing. The simulation method also helps to improve valve design functionalities, minimize physical testing, and reduce associated costs.
For instance, 3D simulation in valve manufacturing helps in offering precise and accurate information related to design parameters, thermal behavior, and material structure. It also saves cost, time, and the need for prototype testing. Thus, simulation software will find extended application in the manufacturing of valves for deep-sea mining, which will impel the growth of the valves market in mining industry during the forecast period.
Mining activities often take place in environments with extreme temperatures, ranging from extremely cold conditions in Arctic regions to high temperatures in desert environments. Valves must be designed to operate reliably across a wide temperature range. The presence of abrasive materials, such as rocks, minerals, and slurry, is common in mining operations. Valves used in these environments need to be resistant to abrasion to maintain performance and prevent premature wear. Exposure to corrosive substances, including acidic or alkaline solutions, can occur in certain mining processes.
Moreover, heavy machinery and equipment in mining can cause vibrations and mechanical shocks. Valves must be robust enough to withstand these dynamic forces without experiencing damage or operational failure. Water and moisture exposure is common in mining, particularly in underground operations. Valves need to be resistant to water ingress and designed to prevent corrosion in wet conditions. Thus, the harsh operating conditions of mining will impede the growth of the market during the forecast period.
The market share growth by the multi-turn valves segment will be significant during the forecast period. Multi-turn valves are linear motion valves that are used in the mining industry to control fluid and material flows. These valves have several turns to feature linear displacement movement. Such valves are primarily deployed in multi-turn valves in industries, including gate valves and globe valves.
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The multi-turn valves segment was the largest and was valued at USD 2.48 billion in 2018. Gate valves display linear motion and are deployed to handle abrasion and slurry in mining processing. Gate valves typically contain a plate (circular or rectangular) that acts as a flow-regulating gateway. Gate valves are used where minimum flow restrictions are needed. A conventional type of globe valve is preferred for isolation and throttling services. Even though these valves display slightly higher pressure drops when compared with other valves, such as gate and ball valves, they are still used in mining applications where the pressure drop across the valve is not much of a controlling factor. Thus, these uses will boost the growth of the multi-turn valves segment and strengthen the growth of the global valves market in mining industry during the forecast period.
Based on the application, the market has been segmented into mineral fuels, iron and ferro-alloys, non-ferrous metals, precious metals, and industrial minerals The mineral fuels?segment will account for the largest share of this segment.?Mineral fuels such as coking coal, steam coal, lignite coal, uranium, and petroleum accounted for the largest share by application under the valves in mining market. The fuels are used by various industries such as steel, power, pharmaceutical, chemical, and others after being refined. Further, the increasing demand for petrochemical products and the growing fertilizer industry has increased the demand for mineral fuel mining. Furthermore, upcoming new nuclear power plants in India and European countries are expected to increase the demand for uranium during the forecast period. Such developments are expected to propel the growth of the mineral fuels segment and the valves market in mining industry during the forecast period.
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APAC is estimated to contribute 53% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In APAC, several countries such as China, India, and Australia will contribute to the growth of the regional valves in mining market. The primary drivers for the demand for valves in the mining industry are the growing steel, power generation, and cement industry in the region. Furthermore, increasing industrialization and commercialization activities in India, China, Indonesia, and other Southeast Asian countries are expected to propel the end-user industries. The growing investment in the mining sector is also expected to drive the regional valves in mining market.
For instance, in May 2021, Vedanta Ltd. announced that it is planning to invest USD 1.34 billion to set up an aluminum park in Odisha, India. Similarly, in February 2021, ArcelorMittal-Nippon Steel India signed an agreement with the Odisha government to set up an integrated steel plant for USD 6.89 billion. Such investment is expected to drive the growth of the regional valves market in mining industry during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alfa Laval AB - The company offers valves for mining industry such as Unique SSV, LKB Butterfly Valve, LKB UltraPure, and Unique Control LKB.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Alfa Laval AB, AVK Holding AS, Bray International Inc., Crane Holdings Co., Curtiss Wright Corp., Dembla Valves Ltd., Emerson Electric Co., Flowserve Corp., General Electric Co., Hawa Valves and Tubes Pvt. Ltd., Hobbs Valve Ltd., Honeywell International Inc., ITT Inc., KITZ Corp., Larsen and Toubro Ltd., RF Valves Inc., Schlumberger Ltd., The Weir Group Plc, Velan Inc., and Pentair Plc
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The valves in mining market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Valves In Mining Market Scope |
|
Report Coverage |
Details |
Page number |
185 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.23% |
Market Growth 2024-2028 |
USD 1.52 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.85 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 53% |
Key countries |
US, China, Australia, Indonesia, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alfa Laval AB, AVK Holding AS, Bray International Inc., Crane Holdings Co., Curtiss Wright Corp., Dembla Valves Ltd., Emerson Electric Co., Flowserve Corp., General Electric Co., Hawa Valves and Tubes Pvt. Ltd., Hobbs Valve Ltd., Honeywell International Inc., ITT Inc., KITZ Corp., Larsen and Toubro Ltd., RF Valves Inc., Schlumberger Ltd., The Weir Group Plc, Velan Inc., and Pentair Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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