The industrial valve market - France

Industrial valves and fittings cover all items used in industrial fluid transport systems, and therefore encompass several types of product, the main ones being taps and valves, but also valves, flaps and complementary equipment such as operating devices. Industrial valves are a segment of the valve industry that also includes sanitary and heating valves, which are excluded from the scope of this study. French production of valves, which therefore includes all three types, is recorded under code 28.14Z: Manufacture of other valves and fittings. Some of the data presented in the study will be taken from this code, in the event of insufficient data on industrial valves alone, whose production generates around 45% of sales in the valves sector. Moreover, the production of industrial valves has become highly concentrated in recent years, so that it is now dominated by a small number of players, the main ones in France being Saint Gobain, Emerson and KSB. Some manufacturers sell their products directly, while others use intermediaries (wholesalers, traders, import-export companies, distributors) to sell their products. The sector's main outlets are industry (food, chemicals, etc.), energy (nuclear, oil, gas) and the water sector. In France, after a long decline that ended in 2021, the industrial valves market is growing, and is now estimated to be worth €1.289 billion in 2023, although this growth seems to be slowing down. This rebound is due to the dynamism of the manufacturing industry, the nuclear market, wastewater treatment and their investments, which have stimulated growth in industrial valve sales. The French market is also dominated by players dependent on foreign groups, notably American (e.g. Emerson, Parker Hannifin, Schlumberger), with the exception of Saint-Gobain, which dominates through its subsidiary Saint-Gobain PAM. The global valves market was worth US$61.5 billion in 2022 , and is expected to grow at a CAGR (combined annual growth rate) of 4.2% to 2031. The market is driven by dynamic customer markets, notably the oil and gas industry in North America and the agri-food sector in developing countries such as those in Asia Pacific and Latin America. However, in many Western countries, such as Germany, the United States and the United Kingdom, the industrial infrastructure is highly developed, which limits demand for industrial valves. The main growth driver worldwide is innovation, particularly in automation and control technologies. On the other hand, the stagnation or even decline in industrial real estate has a negative impact on the surface area available for the installation of industrial valves. On the supply side, market prices have rocketed over the past two years, due in particular to the sharp rise in raw material costs, led by copper and steel, used in the manufacture of brass and stainless steel valves. Despite this, the concentration of players favours the funding of research in the sector, and constant innovation in this field ensures that demand is maintained and the market continues to grow.