US industrial valve demand will reach $15.2 billion in 2013, supported in part by ongoing development of better performing, advanced valves. Process manufacturing and utilities will remain dominant markets while construction grows the fastest. Standard valves will outpace automatic types as buyers opt for less costly valves that can be upgraded later.

This study analyzes the US industrial valve industry. It presents historical demand data for the years 1998, 2003 and 2008, and forecasts for 2013 and 2018 by primary valve material, valve type (e.g., application-specific, multiturn, quarterturn, safety and relief, control, regulator, actuators) and valve market (e.g., process manufacturing, utilities, resource extraction, construction).

The study also considers market environment factors, details industry structure, evaluates company market share and profiles 38 industry players, including Tyco, Emerson Electric and SPX.

TABLE OF CONTENTS

                                     
SECTION                                                                      PAGE

               INTRODUCTION                                                     x
               
          I.   EXECUTIVE SUMMARY                                                1
               
         II.   MARKET ENVIRONMENT                                               4
               General                                                          4
               Macroeconomic Overview                                           5
               Nonresidential Fixed Investment Trends                          10
               Manufacturing Outlook                                           13
                   Chemical Industry Overview                                  16
                   Petroleum Refining Industry Overview                        20
                   Pulp & Paper Industry Overview                              21
                   Utilities Outlook                                           23
                   Water & Sewage Industry Overview                            25
                   Electric Power Industry Overview                            27
                   Natural Gas Industry Overview                               30
               Resource Extraction Outlook                                     32
                   Crude Oil & Natural Gas Overview                            32
                   Mining Industry Overview                                    35
               Construction Industry Overview                                  36
               
        III.   VALVE OVERVIEW                                                  41
               General                                                         41
               Supply & Demand                                                 42
                   Valve Shipments by Type                                     45
                   Valve Shipments by Material                                 46
                     Steel & Steel Alloys                                      49
                     Iron                                                      51
                     Copper-Based                                              53
                     Plastic & Other Materials                                 55
               Historical Market Trends                                        58
               Pricing Trends                                                  61
               Regulations & Standards                                         63
               Technology                                                      67
               World Industrial Valve Market                                   70
               US Foreign Trade                                                72
                   Imports                                                     73
                   Exports                                                     76

         IV.   STANDARD VALVES                                                 78
               General                                                         78
               Application-Specific Valves                                     81
                   Waterworks Valves                                           84
                   Plumbing, Heating & Cooling Valves                          85
                   Nuclear Valves                                              88
               Multiturn Valves                                                91
                   Gate, Globe & Check Valves                                  94
                     Gate                                                      95
                     Globe                                                     96
                     Check                                                     97
                   Pinch & Diaphragm Valves                                    98
               Quarterturn Valves                                             100
                   Ball Valves                                                104
                   Butterfly Valves                                           107
                     General Purpose                                          110
                     High Performance                                         111
                     Parts & Actuators                                        113
                   Plug Valves                                                113
               Safety & Relief Valves                                         116
               Other Industrial Valve Products                                118
                   Gas Cylinder Valves                                        120
                   Separately Sold Actuators                                  121
                   Steam Traps                                                122
                   Other Standard Valves & Parts                              123
                   
          V.   AUTOMATIC VALVES                                               124
               General                                                        124
               Control Valves                                                 127
                   Pneumatic                                                  131
                   Solenoid                                                   132
                   Electric & Other                                           134
               Regulator Valves                                               137
               Automatic Actuators                                            139

         VI.   MARKETS                                                        142
               General                                                        142
                   Demand by Market                                           142
                   Demand by Source                                           144
               Process Manufacturing                                          145
                   Chemicals                                                  149
                   Petroleum Refining                                         151
                   Pulp & Paper                                               153
                   Other                                                      155
               Utilities                                                      158
                   Water & Sewage                                             161
                   Electric Power Generation                                  163
                   Natural Gas                                                166
               Resource Extraction Industries                                 168
                   Crude Petroleum & Natural Gas                              170
                   Mining                                                     173
               Construction                                                   174
               Other                                                          176
               
        VII.   INDUSTRY STRUCTURE                                             179
               General                                                        179
               Industry Composition                                           180
               Market Share                                                   183
               Product Development                                            186
               Manufacturing                                                  189
               Marketing & Distribution                                       191
               Financial Issues                                               193
               Mergers & Acquisitions                                         195
               Company Profiles                                               198
                   Alfa Laval AB                                              199
                   Aliaxis SA                                                 201
                   American Cast Iron Pipe Company                            202
                   American R/D, see McWane                                      
                   Amot Controls, see Roper Industries
                   AMRI, see KSB                                                 
                   Armstrong International Incorporated                       204
                   ASCO Valve, see Emerson Electric                              
                   Barksdale, see Crane                                          
                   Becker Precision Equipment, see Dresser                       
                   Bettis, see Emerson Electric                                  
                   Cameron International Corporation                          205
                   Circle Seal Controls, see Circor                              
                   Circor International Incorporated                          207
                   Clow Valve, see McWane                                        
                   Conbraco Industries Incorporated                           210
                   Control Components, see IMI                                   
                   Crane Company                                              212
                   Curtiss-Wright Corporation                                 215
                   DeltaValve, see Curtiss-Wright                                
                   Dresser Incorporated                                       218
                   Emerson Electric Company                                   220
                   Enertech, see Curtiss-Wright                                  
                   EnPro Industries Incorporated                              223
                   Entegris Incorporated                                      225
                   Everlasting Valve, see Armstrong International                
                   Farris Engineering, see Curtiss-Wright                        
                   Fisher Controls International, see Emerson Electric           
                   Flowserve Corporation                                      226
                   FMC Technologies Incorporated                              228
                   Ford Meter Box Company                                     230
                   France Compressor Products, see EnPro Industries              
                   FRIATEC, see Aliaxis                                          
                   General Electric Company                                   231
                   Hansen Technologies, see Roper Industries                     
                   Harrington Industrial Plastics, see Aliaxis                   
                   Harsco Corporation                                         232
                   Hoffman Specialty, see ITT                                    
                   Honeywell International Incorporated                       233
                   Horizon Compressor Services, see EnPro Industries             
                   Hydro-Aire, see Crane                                         
                   IMI plc                                                    235
                   Invensys plc                                               237
                   ITT Corporation                                            238
                   Kennedy Valve, see McWane                                     
                   KF Industries, see Circor                                     
                   Kitz Corporation                                           241
                   KSB AG                                                     242
                   Leslie Controls, see Circor                                   
                   M&H Valve, see McWane                                         
                   Masoneilan, see Dresser                                       
                   Maxon, see Honeywell International                            
                   McWane Incorporated                                        244
                   Metso Corporation                                          246
                   Mueller Water Products Incorporated                        248
                   NIBCO Incorporated                                         249
                   Parker-Hannifin Corporation                                251
                   Pure-Flo, see ITT                                             
                   RAM Air, see EnPro Industries                                 
                   Roper Industries Incorporated                              255
                   Shafer Valve, see Emerson Electric                            
                   Sherwood, see Taylor-Wharton International                    
                   Snap-tite Incorporated                                     257
                   Spence Engineering, see Circor International                  
                   SPX Corporation                                            259
                   Swagelok Company                                           261
                   TapcoEnpro International, see Curtiss-Wright                  
                   Target Rock, see Curtiss-Wright                               
                   Taylor-Wharton International LLC                           262
                   Tescom, see Emerson Electric                                  
                   Tyco International Limited                                 264
                   Valve Systems and Controls, see Curtiss-Wright                
                   Velan Incorporated                                         266
                   Vetco Gray, see General Electric                              
                   Victaulic Company of America                               268
                   Watts Water Technologies Incorporated                      269
               Additional Valve Companies                                     272

                                              LIST OF TABLES
                                        
TABLE NUMBER                                                                 PAGE


               SECTION I -- EXECUTIVE SUMMARY
               Summary Table                                                    3

               SECTION II -- MARKET ENVIRONMENT
           1   Macroeconomic Indicators                                        10
           2   Nonresidential Fixed Investment Expenditures                    13
           3   Manufacturers' Shipments                                        16
           4   Chemical Shipments                                              19
           5   Refined Petroleum Production & Consumption                      21
           6   Paper & Paperboard Production                                   23
           7   Utilities Construction Expenditures                             25
           8   Water Withdrawal Trends                                         27
           9   Electricity Generation                                          30
          10   Natural Gas Utility Indicators                                  32
          11   Crude Oil & Natural Gas Supply & Demand                         35
          12   Mining Materials Handled                                        36
          13   Construction Expenditures                                       40

               SECTION III -- VALVE OVERVIEW
           1   Industrial Valve Supply & Demand                                44
           2   Industrial Valve Shipments by Primary Material                  48
           3   Steel & Steel Alloy Valve Shipments                             51
           4   Iron Valve Shipments                                            53
           5   Copper-Based Valve Shipments                                    55
           6   Plastic & Other Valve Shipments                                 58
           7   Industrial Valve Market, 1998-2008                              60
           8   Industrial Valve Price Deflators                                62
           9   World Valve Demand by Region                                    72
          10   US Foreign Trade in Industrial Valves                           73

               SECTION IV -- STANDARD VALVES
           1   Standard Industrial Valve Supply & Demand                       80
           2   Application-Specific Valve Supply & Demand                      83
           3   Waterworks Valve Shipments by Type                              85
           4   Plumbing, Heating & Cooling Valve Shipments by Type             88
           5   Nuclear Valve Shipments by Type                                 91
           6   Multiturn Valve Supply & Demand                                 93
           7   Gate, Globe & Check Valve Shipments 
                   by Parts & Material                                         95
           8   Pinch & Diaphragm Valve Shipments                              100
           9   Quarterturn Valve Supply & Demand                              103
          10   Ball Valve Shipments by Material                               107
          11   Butterfly Valve Shipments by Type & Material                   110
          12   Plug Valve Shipments by Parts & Material                       115
          13   Safety & Relief Valve Supply & Demand                          118
          14   Other Industrial Valve Product Supply & Demand                 120

               SECTION V -- AUTOMATIC VALVES
           1   Automatic Industrial Valve Supply & Demand                     126
           2   Control Valve Supply & Demand                                  130
           3   Pneumatic Valve Shipments by Type                              132
           4   Solenoid Valve Shipments by Type                               134
           5   Electric & Other Control Valve Shipments by Type               136
           6   Regulator Valve Supply & Demand                                138
           7   Automatic Actuator Supply & Demand                             141

               SECTION VI -- MARKETS
           1   Industrial Valve Demand by Market                              143
           2   Industrial Valve Demand by Source                              145
           3   Process Manufacturing Valve Demand                             148
           4   Chemical Industry Valve Demand                                 151
           5   Petroleum Refining Industry Valve Demand                       153
           6   Pulp & Paper Industry Valve Demand                             155
           7   Other Process Industry Valve Demand                            158
           8   Utilities Valve Demand                                         160
           9   Water & Sewage Valve Demand                                    163
          10   Electric Power Valve Demand                                    166
          11   Natural Gas Utilities Valve Demand                             168
          12   Resource Extraction Valve Demand                               170
          13   Crude Petroleum & Natural Gas Valve Demand                     173
          14   Mining Industry Valve Demand                                   174
          15   Construction Valve Demand                                      176
          16   Other Markets for Valves                                       178

               SECTION VII -- INDUSTRY STRUCTURE
           1   Industrial Valve Sales by Company, 2008                        182
           2   Capital Spending Patterns: Selected Industrial 
                   Valve Manufacturers                                        191
           3   Composite Financial Ratios: Selected Industrial 
                   Valve Manufacturers                                        195
           4   Selected Acquisitions & Divestitures                           197

                                  LIST OF CHARTS
                                        
CHART NUMBER                                                                 PAGE

               
               SECTION III -- VALVE OVERVIEW
           1   Industrial Valve Demand by Type                                 45
           2   Industrial Valve Shipments by Primary Material                  48
           3   Industrial Valve Market, 1999-2008                              61
           4   Industrial Valve Pricing                                        63
           5   Industrial Valve Imports by Source, 2008                        75
           6   Industrial Valve Exports by Destination, 2008                   77

               SECTION IV -- STANDARD VALVES
           1   Standard Valve Demand by Type                                   81
           2   Application-Specific Valve Shipments by Type, 2008              83
           3   Quarterturn Valve Shipments by Type, 2008                      104

               SECTION V -- AUTOMATIC VALVES
           1   Control Valve Shipments by Type, 2008                          130
           2   Regulator Valve Shipments by Type, 2008                        139

               SECTION VI -- MARKETS
           1   Process Manufacturing Valve Demand by Market, 2008             148
           2   Utilities Valve Demand by Market, 2008                         161

               SECTION VII -- INDUSTRY STRUCTURE
           1   Industrial Valve Market Share by Company, 2008                 183