Markets Update: Growth forecast for US valve industry in 2018; Sodium bicarbonate market on the rise

Market trends and insights from around the process industries


VMA forecasts growth for US valve industry in 2018

The U.S. industrial valve industry will see growth of 1.45 percent in valve shipments in 2018, a rate that brings the value of those shipments up to $4.6 billion for the year, according to the Valve Manufacturers Association’s 2018 Market Forecast of Industrial Valve Shipments. That rate of growth is slightly behind 2017 when it was 1.89 percent, which translated to shipments worth $4.5 billion.

The largest growth for 2018 will come from the petroleum production industry, which will increase by over $42 million and gain almost a percentage point share in the market. It now holds 11.4 percent of the market compared to last year’s 10.5 percent.

Remaining in top place of valve end user industries is the chemical industry, which holds 18.3 percent of the market, a share that didn’t change significantly this year. The second largest market share belongs to water/wastewater, which holds 17.7 percent of the market, slipping by half a percentage point in 2017 or about $2.3 million less for the year.

Sodium bicarbonate market worth over $9B by 2024

The sodium bicarbonate market is forecast to exceed $9 billion by 2024 according to a new research report by Global Market Insights Inc.

Global demand for sodium bicarbonate, which is manufactured from soda ash and carbon dioxide, will be driven by increasing demand from food and beverage, agrochemical and personal care industries.

Crystal/powdered crystal is one of the growing segments in the market with a compound annual growth rate (CAGR) of 5.5 percent due primarily to the food and beverage industry’s increased consumption of the crystal/powdered crystal form in various food products.

The rising application of sodium bicarbonate in pesticide chemicals is also likely to accelerate the sodium bicarbonate market demand by 2024.

Aeroderivative gas turbine market to generate returns via industrial applications over 2016-2024

The aeroderivative gas turbine industry size is estimated to surpass 21 gigawatts by 2024 according to a research report by Global Market Insights Inc. The market is likely to witness an exponential growth rate due to the mounting requirement of uninterrupted power supply. A paradigm shift was observed from the usage of traditional coal-fired power systems to sustainable energy systems, a trend which is slated to boost the industry outlook.

U.S. industry is projected to record a CAGR of more than 11 percent over 2016-2024, driven by the implementation of strict legislations to curb greenhouse effects. The demand for green technologies will drive China’s aeroderivative gas turbine industry, which is anticipated to surpass $350 million by 2024.

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Image courtesy of Global Market Insights Inc.


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