South Korea Industrial Valves Market Size, Share, and COVID-19 Impact Analysis, By Type (Ball, Butterfly, Globe, Gate, Diaphragm, Safety, Check, Plug), By Material (Steel, Cast Iron, Alloy Based, Cryogenic, Plastic, Bronze, Brass), By Component (Actuator, Positioner), and South Korea Industrial Valves Market Insights Forecasts 2023 – 2033

Industry: Machinery & Equipment

RELEASE DATE Jan 2024
REPORT ID SI3499
PAGES 200
REPORT FORMAT PathSoft

South Korea Industrial Valves Market Insights Forecasts to 2033s

  • The Market Size is Growing at a CAGR of 4.9% from 2023 to 2033.
  • The South Korea Industrial Valves Market Size is Expected to Hold a Significant Share by 2033.

South Korea Industrial Valves Market

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The South Korea Industrial Valves Market size is expected to hold a significant Share by 2033, at a CAGR of 4.9% during the forecast period 2023 to 2033. 

 

Market Overview

A biomarker (biological marker) is a quantifiable indicator of what is happening in a cell or organism at any given time. In other words, they are used to investigate normal biological processes, pathogenic processes, and pharmacological responses to therapeutic interventions. A biomarker, also known as a molecular marker or signature molecule, is primarily found in blood, bodily fluids, and tissue. Every biological system, such as the cardiovascular system, metabolic system, or immune system, has its biomarker, and various Industrial Valves among these make them easy to measure and have become a part of routine medical exams. South Korea's industrial valve sector is robust and thriving, playing an important role in the country's industrial and technological landscape. South Korean valve manufacturers are renowned for their dedication to technological advancement and innovation. Furthermore, the South Korea market's rapid expansion is mostly due to extensive investment in oil pipeline and infrastructure development. These are the two variables that have historically spurred an increase in the use of control valves in general. The market shift away from fossil fuels in favor of alternative energy has produced a demand for more solar thermal energy facilities that depend on control valves to operate.

 

Report Coverage

This research report categorizes the market for the South Korea industrial valves market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea industrial valves market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea industrial valves market.                 

 

South Korea Industrial Valves Market Report Coverage

Report CoverageDetails
Base Year:2023
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:4.9%
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By Material, By Component
Companies Covered: Daejin Kogyo Co. Ltd., LG Valves, Wooyoung Engineering Co. Ltd., Hansung Valve Co. Ltd., Shinheung Precision Co. Ltd., Hana Metal Industrial Co. Ltd., LS Metal Co. Ltd., HAESEUNG HITECH Co. Ltd., MIRAE Industry Co. Ltd., Pusan Valve Ind. Co. Ltd. and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

The South Korean government recognizes the importance of the industrial valve sector and assists in a variety of ways. This includes funding for R&D initiatives to improve valve technology and competitiveness. Furthermore, the government promotes eco-friendly and energy-efficient solutions, in line with Japan market trends in sustainability and environmental responsibility. These initiatives not only benefit the domestic market but also strengthen South Korea's position as a major exporter of industrial valves.

 

Restraining Factors

Since outsourcing provides pricing advantages, valve manufacturers concentrate on identifying low-cost manufacturing locations. Despite their efforts to cut costs, additional issues such as poor quality and late delivery arose. This resulted in higher rejection rates and customer dissatisfaction, prompting manufacturing to make changes to the supply chain to standardize quality across all facilities.

 

Market Segment

  • In 2023, the globe segment accounted for the largest revenue share over the forecast period.

Based on type, the South Korean industrial valves market is segmented into ball, butterfly, globe, gate, diaphragm, safety, check, and plug. Among these, the globe segment has the largest revenue share over the forecast period. Other advantages include improved full-closing characteristics, shorter opening and closing times, and positive shutoff drive; as a result, these valves are widely used in a variety of industries. 

 

  • In 2023, the steel segment is witnessing significant growth over the forecast period.

Based on material, the South Korea industrial valves market is segmented into steel, cast iron, alloy-based, cryogenic, plastic, bronze, and brass. Among these, the steel segment is witnessing significant growth over the forecast period. Steel is the most commonly used material for valve construction because of its efficient mechanical properties and resistance to stress corrosion cracking and sulfides. Carbon steel has high and low-temperature strength, and valves made of this material can be used in applications where other materials are unsuitable due to extreme pressure and temperatures.

 

  • In 2023, the actuator segment accounted for a significant revenue share over the forecast period.

Based on the components, the South Korea industrial valves market is segmented into actuators and positioners. Among these, the actuator segment has a significant revenue share over the forecast period. Actuators allow for precise opening and closing operations as well as intermediate positioning. The valve actuator can be linked to a logic controller and a digital communication system to track remote operations and provide predictive maintenance data. Choosing the right actuator can help reduce maintenance costs, increase uptime, and improve plant safety.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea industrial valves market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Daejin Kogyo Co. Ltd.
  • LG Valves
  • Wooyoung Engineering Co. Ltd.
  • Hansung Valve Co. Ltd.
  • Shinheung Precision Co. Ltd.
  • Hana Metal Industrial Co. Ltd.
  • LS Metal Co. Ltd.
  • HAESEUNG HITECH Co. Ltd.
  • MIRAE Industry Co. Ltd.
  • Pusan Valve Ind. Co. Ltd.
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea Industrial Valves Market based on the below-mentioned segments:     

 

South Korea Industrial Valves Market, By Type

  • Ball
  • Butterfly
  • Globe
  • Gate
  • Diaphragm
  • Safety
  • Check
  • Plug

 

South Korea Industrial Valves Market, By Material

  • Steel
  • Cast Iron
  • Alloy Based
  • Cryogenic
  • Plastic
  • Bronze
  • Brass

 

South Korea Industrial Valves Market, By Component

  • Actuator
  • Positioner

 

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