Development of main valve markets
1. Oil and gas industry
In North America and some developed countries, there are many proposed and expanded oil projects. In addition, because people pay more and more attention to environmental protection and the state has established environmental protection regulations, the refineries established many years ago must be rebuilt. Therefore, the funds invested in oil development and refining will maintain a growth momentum in the next few years. The construction of China's oil and gas long-distance pipeline and the future construction of Russia's long-distance pipeline will directly promote the growth of the valve market in the oil industry. According to the long-term development of oil and gas development and transmission valve market, it is predicted that the demand for valves in oil and gas development and transmission will increase from US $8.2 billion in 2002 to US $14 billion in 2005.
2. Energy industry
For a long time, the demand for valves in the energy industry has maintained a solid and stable growth rate. The total power generation of thermal power stations and nuclear power stations built all over the world is 2679030mw, that of the United States is 743391mw, and that of new power station projects in other countries is 780000mw, which will increase by 40% in the next few years. Europe, South America, Asia, especially China's energy market will become a new growth point of the valve market. From 2002 to 2005, the demand for valve products in the energy market will rise from US $5.2 billion to US $6.9 billion, with an average annual growth of 9.3%.
3. Chemical industry
The chemical industry ranks first in the industry with an output value of more than 1.5 trillion US dollars. It is also one of the markets with large demand for valves. Chemical industry needs mature design, high processing quality and rare industrial materials. In recent years, the competition in the chemical market has become extremely fierce, and many chemical manufacturers have to cut costs. However, from 2003 to 2004, the output value and profit of the chemical industry have doubled, and the demand for valve products has ushered in a new peak in the past 30 years. As shown in figure 4, after 2005, the demand for valve products in the chemical industry will increase at an annual growth rate of 5%.