Valves are widely used in various major areas of the national economy, and are one of the key equipment in fixed assets such as energy, petrochemical, metallurgy, power and other industries, machinery and pipelines. Therefore, the development of the valve industry is closely related to the macroeconomic cycle and fixed asset investment.

      Valve is a control component in the fluid delivery system, which has the functions of cut-off, regulation, diversion, prevention of countercurrent, pressure stabilization, diversion or overflow pressure relief. Valves used in fluid control systems range from the simplest globe valves to various valves used in extremely complex automatic control systems. The valve can be used to control the flow of various fluids such as air, water, steam, various corrosive media, mud, oil, liquid metal and radioactive media.

      Current market situation of valve industry

      According to statistics, the output of valves in China reached 7.86 million tons in 2017, with a year-on-year growth of 2.77%. As of the first half of 2018, China's valve import volume was 511.26 million sets, with a year-on-year growth of 25.1%. In the first half of the year, China's valve imports amounted to US $3632 million, down 0.5% year on year. It is predicted that the output of valves in China will reach 8.3 million tons in 2019, the compound annual growth rate in the next five years (2019-2023) will be about 3.02%, and the output of valves in China will reach 9.35 million tons in 2023.

      In the global market demand for industrial valves, oil and gas fields including drilling and production, transportation and petrochemical accounted for the highest proportion, reaching 37.40%, followed by energy, electricity and chemical industry, accounting for 21.30% and 11.50% of the global market demand for industrial valves respectively. The market demand of the top three fields together accounted for 70.20% of the total market demand.

      Market prospect of valve industry

      In recent years, with the industrial upgrading of the United States, the European Union and other countries and regions, the trend of industrial transfer of the global valve industry has become increasingly obvious. As a large manufacturing country and an emerging market country, China's manufacturing industry has developed into one of the most important production bases in the global valve industry with high cost advantages. Moreover, the technical strength of domestic valve enterprises has been continuously improved, which has basically been able to meet the technical parameter requirements of global multi-level valve applications. Therefore, more and more multinational companies list China as one of the most important countries for global procurement of valve products, creating great business opportunities for domestic valve enterprises with strong strength.

      It is expected that in the next few years, with the rapid development of China's economy and the improvement of industrial automation, the transformation and upgrading of China's equipment manufacturing industry, and the continuous growth of national investment in oil and gas, petrochemical, environmental protection, power, metallurgy and other fields, the overall size of China's control valve market will maintain a rapid growth