Markets Update: Growth expected in oil & gas valves market, fresh food packaging

Market trends and insights from around the process industries 

KBazin/iStock
KBazin/iStock

Oil and gas valves market to grow at CAGR of about 3% through 2029, study finds

The global oil and gas valves market is estimated to be valued at more than $11 billion by the end of 2019. It’s expected to grow at a compound annual growth rate (CAGR) of more than 3% between 2019 and 2029, and reach a value of nearly $16 billion by the end of 2029, according to a Future Market Insights’ (FMI) study.

By product type, the global oil and gas valves market has been segregated into gates, globes, balls, butterflies, checks, PRVs and others. The gate type of oil and gas valves is estimated to continue recording a high market value share throughout the projected period, while recording a high CAGR simultaneously.

With respect to the different sizes of oil and gas valves, the oil and gas valves market has been segmented into 0.25-8 inches, 8-20 inches and above 20 inches. By the end of 2029, the 0.25-8 inch-sized oil and gas valves segment is estimated to hold more than half of the global oil and gas valves market share.

With regard to application, the global oil and gas valves market has been segregated into upstream, midstream and downstream applications. The downstream applications of oil and gas valves are estimated to contribute the most to the market size of the global market.

Among all the regional markets, the oil and gas valves market in North America is estimated to account for more than one-fourth of the global oil and gas valves market share throughout the forecast period, due to continuous advancements in the North American oil and gas and shale industry. With a booming industry in the Western Africa and Northern African countries, the market in the Middle East and Africa is estimated to record the second-largest market share throughout the forecast period.

Bakken shale production growth will be constrained by flaring, report says

There is considerable potential to raise the crude oil production in the Bakken shale play from the current level of approximately 1.44 million barrels of oil per day to at least 2 million. However, flaring regulations and infrastructure bottlenecks in North Dakota are limiting production growth, according to GlobalData, a data and analytics company.

Bakken oil production is facing constraints associated with prescribed limits set by North Dakota on the flaring of natural gas. North Dakota is currently flaring approximately 19% of the natural gas it produces — well above the 12% allowed by state regulations.

The Permian Basin, Bakken and Eagle Ford are currently producing more than 83% of the U.S. oil production. For the first half of 2019, these three formations averaged 4.05 million, 1.44 million and 1.43 million barrels of oil per day, respectively. The Permian Basin production has increased by approximately 9%, the Bakken around 1% and the Eagle Ford has stayed constant throughout 2019.

Global fresh food packaging market to reach $106 billion by 2026, researchers say

The global fresh food packaging market was valued $75 billion in 2017 and is anticipated to reach $106 billion by 2026 at a CAGR of about 4.4 %, according to a study from Trends Market Research.

A growing need for extended shelf-life of a pack and need for convenience food packs drives the market for the fresh food packaging market. Increased disposable income and growing awareness among buyers about packaged food is further augmenting the fresh food packaging market. Changing lifestyle and the increasing trend of nuclear families will also boost the fresh food packaging market in the near future. Water-soluble packaging, edible packaging, smart packaging and self-cooling/self-heating packaging offer opportunity to the fresh food packaging market.

Plastic is dominating the fresh food packaging market. Plastic is highly demanded in the fresh food packaging market. Moisture resistance and the prolonging of shelf-life is the factor owing to which plastic is in high demand, but government norms on plastic usage for packaging are restraining the market. Paper packaging will gain market in the future attributed to norms led by governments on plastic usage. Paper packaging, which offers properties such as biocompatibility and biodegradability of these materials, is set to drive the growth of fresh food packaging market.

Steel continues to gain preference over other materials in industrial valves market, study finds

Up from the revenues worth $61 billion registered in 2018, the global market for industrial valves is projected to witness modest growth by the end of 2019. A new market research report by FMI suggests that the increasing exploration activities for new water sources will predominantly favor the growth of market over the course of coming years.

The steady expansion of chemical industry and revival of oil and gas industry are also likely to play a crucial role in pushing sales of industrial valves at a global level. The report also indicates that abundant opportunities exist in chemical and water and wastewater industries.

With the onset of Industry 4.0 and the reciprocating shift of industries toward automation, the industrial valves landscape is compelled to move beyond its traditional, old-school valve engineering models. Although manually operated valves still account for almost two thirds of total sales, FMI foresees a rapidly progressing market scenario for automated valves in the next few years.

By type, the gate type of industrial valves segment is expected to hold prominent value shares of the global industrial valves market. Furthermore, the globe valve segment is expected to be the prominent segment throughout the forecast period. Gate valves, closely trailed by globe and ball valves, are identified to remain the sought-after industrial valve types throughout the forecast period. But a number of manufacturers are focusing on investments in globe industrial valves. Research also highlights the visibly growing market attractiveness of butterfly valves across industries.

The analysis of industrial valves market on the basis of materials reveals that cast steel, carbon steel and stainless steel remain the preferred materials among manufacturers of industrial valves, which collectively account for about 85% shares in the revenues. Bronze is likely to emerge as a lucrative material of choice, over the years to come, as indicated by report findings.

Filter bags market size worth more than $4 billion by 2024

The global filter bags market size is set to surpass $4 billion by 2024, according to a new research report by Global Market Insights Inc.

Growing awareness regarding high quality and a safe environment would propel the filter bags industry size. The product efficiently removes particulates and withstands high temperature conditions, thereby making it suitable for usage in cement, metal and power generation industries, thus enhancing industry size.

The pharmaceutical filter bags application is anticipated to exceed $215 million in the forecast by 2024. Its high dust-holding properties finds applications in boilers and dryers to manufacture drugs. Rising technological advancements and research and development activities to manufacture safe drugs will propel product demand.

The pulse jet filter bags market is estimated to witness gains of more than 5.5% by 2024. The product is used in the paper and pulp industry to separate fine particles. It is also used in recovery processes and mills. Growing paper demand from the packaging industry to replace plastic bags will positively impact industry growth.

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