In 2019, the global Pinch Valve market was valued at US$ 578.6 million and is projected to expand at a compound annual growth rate (CAGR) of 4.15% from 2020 to 2027, reaching an estimated US$ 737.5 million by 2027.
The global appetite for natural gas and crude oil continues to rise steadily. For example, in 2018, global oil demand saw an increase of 1.3%, largely driven by significant growth in the US oil sector. According to forecasts from the International Energy Agency, oil demand in the third quarter of 2019 surged by 1.1 million barrels per day, marking a growth rate that was more than double that of the previous quarter. The United States and China are leading this growth trend. The heightened demand for petrochemicals in the US has led to increased consumption levels. The combination of rising industrial production and a growing need for trucking services is further propelling the demand for petrochemicals, which in turn is stimulating the expansion of the pinch valve market.
Moreover, the increase in global air traffic, especially in the developing economies of Asia, is another crucial factor contributing to the rise in oil consumption. In October 2020, the Organization of the Petroleum Exporting Countries (OPEC) released 'The 2020 OPEC World Oil Outlook'. This report indicated that while the COVID-19 pandemic caused a decline in oil demand, a steady growth in global energy demand is anticipated in the mid to long term, with an expected increase of approximately 25% by 2045. The report also predicts that oil will remain the largest component of the energy mix, contributing 27% by 2045. During the period from 2022 to 2025, oil demand in the Organization for Economic Co-Operation and Development (OECD) countries is expected to rise by around 47 million barrels per day, while non-OECD countries are projected to see an increase of 22.5 million barrels per day through to 2045. India is expected to be a major contributor, adding approximately 6.3 million barrels per day between 2019 and 2045.
Additionally, the report highlights that natural gas is set to become the fastest-growing fossil fuel and will be the second-largest contributor to the energy mix, accounting for 25% by 2045. The Asia-Pacific region is expected to experience a significant rise in natural gas demand due to its increasing utilization across various industrial sectors. The BP Statistical Review of World Energy 2020 noted that global natural gas consumption grew by an average of 2% in 2019, with the Asia-Pacific region witnessing a year-on-year growth of 4.7%. Furthermore, interregional gas trade increased by 4.9%, which is more than double the growth rate over the past decade. This surge is largely driven by the rising demand for liquefied natural gas. Consequently, the advancements in the oil and gas, petrochemical, and natural gas sectors are creating substantial opportunities for pinch valve manufacturers to innovate and cater to the needs of end-users.
In Europe, the processed food and beverage market is primarily influenced by the increasing demand for convenience food products. The growing population, coupled with rising disposable incomes and busy lifestyles, has led to a surge in the convenience food sector. This trend is further driving the demand for flavored syrups, thereby increasing the need for pinch valves in manufacturing processes. Manufacturers of flavored syrups are focusing on developing products with healthy and natural ingredients, appealing to health-conscious consumers, which is expected to further enhance the pinch valve market. The evolving lifestyle trends in the food and beverage industry have significantly impacted the pinch valve market in Europe.
The European region is characterized by a high standard of living, with residents enjoying elevated income levels. Key industries in Europe include oil and gas, construction, and chemicals. The construction sector is experiencing robust growth due to demographic shifts, low mortgage rates, and rising incomes. This growth is leading to an increase in new construction projects as well as renovations and maintenance of existing structures, which in turn is boosting sewage and wastewater management efforts. Countries like the UK and Germany are witnessing significant growth in their construction sectors, thereby increasing the demand for pinch valves in the region. Additionally, governments in Italy and Spain are implementing initiatives to support the construction industry through investments, subsidies, and grants aimed at public and private infrastructure projects. In the construction sector, pinch valves are essential for sewage and wastewater management systems, pipelines, and various water management applications. The Italian government is also providing tax incentives and low mortgage rates to stimulate growth in the construction industry, particularly in wastewater recovery, which is expected to further drive the demand for pinch valves in the region.
Prominent players in the global Pinch Valve market include AKO Armaturen & Separationstechnik GmbH, Cla-Val, Emerson Electric Co, Flowrox Oy, Red Valve Company, Inc, RF Valves, Inc, Schubert & Salzer Control Systems GmbH, WAMGROUP S.p.A., Onyx Valve Company, and Festo.
The overall size of the global Pinch Valve market has been determined through a combination of primary and secondary research methods. The research process begins with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the global Pinch Valve market. This includes an overview and forecast based on various segments across global regions. Additionally, primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as VPs, business development managers, pinch valve intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders in the pinch valve sector.