Pipes, Valves & Fittings
Pipe- A pipe is a long, round, hollow object, usually made of metal or plastic, through which a liquid or gas can flow. Valves- A valve is a device that regulates, directs or controls the flow of a fluid (gases, liquids, fluidized solids, or slurries) by opening, closing, or partially obstructing various passageways Fittings- It is a machine component, piping or tubing part that can attach or connect two or more larger parts
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Pipes, Valves & Fittings market report transcript
Global Industrial Pipes, Valves & Fittings Outlook
The global industrial PVF market is estimated at around $72.3 billion for 2022E*, and the market is expected to grow at a CAGR of 4–5 percent between 2020 and 2024
The oil & gas industry is one of the major end-users for PVF, and it is estimated to be around $7.8 billion for 2021*
Global Industrial PVF: Drivers and Constraints
Recovering shale gas production in North America will drive the demand for OCTG pipes, capable of sustaining greater tension, compression, and torsion.
Growing the oil & gas industry in Australia will boost the demand for PVF in this region.
Large-scale inter-regional oil & gas projects will drive the demand for high performance corrosion-resistant steel and plastic pipes
Replacement of manual valves with smart valves drives the market in the developed regions
Manufacturing of seamless pipes using cross-roll piercing and elongation, along with plug mill technology, with world-class rollers, has improved the capacity of the seamless pipe production
Stringent environmental and safety regulations
Environmental, health, and safety regulations, such as VOC limitations, require end-user industries to upgrade to newer and better PVFs
Duplication of technology
Patent violations and copies of the original by local suppliers would hamper the growth of the valve market, due to the copies being relatively cheaper
The labor market in emerging countries is mostly unorganized, and there are increasing occurrences of shutdowns, leading to loss of productivity
Industrial PVF: Cost Structure
Labor costs have a minimal increase in many developed economies, where highly engineered castings are made
Raw material prices are sensitive, and any upward movement of price is transferred to the buyers, as future trading or hedging of essential raw material is a rare practice among PVF manufacturers
Material is the major cost driver of PVF, and it accounts for approx. 65–70 percent of the total cost. The application of PVF determines which material should be used, as different materials have their own unique properties
Based on application of PVF, the following factors determine the cost:
–Material of body and trim
–Size of PVFs
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