The report forecasts 2013 to be the fourth consecutive year of growth following the recession.
Washington—Shipments for the U.S. industrial valve industry will grow three per cent to nearly $4.3 billion in 2013, according to data released today by the Valve Manufacturers Association of America (VMA).
The Washington, D.C.-based association’s annual market forecast predicts shipments in 2013 will exceed the industry’s previous 10-year peak recorded in 2008. This would mark the fourth consecutive year of growth following the recession.
“We have rebounded from the downturn, which is a good sign for us and the overall economy. If the end users of our products are ordering from us, then they too are producing,” said VMA president William Sandler.
The VMA’s monthly economic survey also showed 85 per cent of its membership expects 2013 to be better than or equal to 2012.
The VMA says 2012 figures surpassed initial projections, reaching $4.15 billion, which represents 22 per cent growth over the last decade.
Power generation is predicted to have the largest increase in shipments from 2012, rising 1.0 percentage points, while four other industries are expected to record smaller increases of 0.2 or 0.1 percentage points.
In terms of market share, the chemical industry is the largest consumer with 17.2 per cent of the shipments, followed by water and wastewater at 16.2 per cent.
Out of 11 categories of valves tracked, the most popular product last year was automated valves, accounting for nearly $1.3 billion in shipments; ball valves were the next most frequently shipped item, accounting for $760.5 million in shipments. The report also revealed that 21 per cent of shipments are exports.
The Valve Manufacturers Association of America represents nearly 100 manufacturers of valves and actuators. Its members account for approximately 80 per cent of the total industrial valve shipments in the U.S. and Canada.