The future is looking bright for the valve industry, according to the latest industry analysis and forecasts. Demand is growing in the food and drinks, pharmaceuticals, chemical and power generation industries, and this need is expected to remain strong into the foreseeable future, a report by Reportlinker indicates.
Earlier reports had suggested that the control valve market will be worth more than $10 billion by 2020, and although Europe is expected to be among the areas performing well, the strongest growth is likely to be in the Asian-pacific markets, according to the Oil & Gas, Chemicals, Energy & Power, Water Management, Pharmaceuticals, Food & Beverages global forecasts.
Growing interest in Expos
The strong growth in the industry is reflected in the popularity of the expos that are held around the world in various venues. One of the most recent, the Valve World Expo in Dusseldorf, which was held in Mid-December 2016, attracted more than 12,000 trade visitors and over 700 exhibitors.
The organisers have noted that the event has gone from strength to strength over the years, and it now attracts visitors from more than 80 countries around the world. The next event is scheduled for Dusseldorf in 2018, and a U.S. show is due to be held in July 2017.
Chemical and pharmaceutical industry performing well
Other sectors that are currently performing well are the chemical and pharmaceutical sectors in the UK. There had been concerns about these industries following the Brexit vote, but they have remained resilient, with exports and sales volumes increasing, and the pharmaceutical industry in particular is giving manufacturing a boost.
The Chemical Industries Association predicted that despite the challenges facing the industry, such as a squeeze on price margins, companies in this sector are still expecting to invest in research and development, and it is likely there will be ‘strong growth’ in capital expenditure.
Commenting on the more immediate future, Chief Executive of Chemical Industries Association, Steve Elliot, said:
“Our sector continues to face challenges, including the uncertainty of Brexit, but chemical and pharmaceutical businesses are focussed on meeting customer needs and seizing opportunities all over the world and this latest survey suggests we are in good shape for the year ahead”.
However, despite the positive signs, Elliot is calling for the Chancellor Philip Hammond to use the spring budget as an opportunity to give a ‘confidence boost’ to manufacturing and to introduce reforms that will ‘further strengthen the backbone of UK industry’.