TABLE OF CONTENTS
SECTION PAGE
INTRODUCTION xiii
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Global Macroeconomic Environment 5
Recent Macroeconomic Performance 6
Macroeconomic Outlook 8
Global Fixed Investment Trends 10
Global Oil Industry Trends 12
Crude Production 13
Refined Products 14
World Energy Supply & Demand Trends 15
Energy Supplies 16
Energy Demand 18
Global Water Utilization Trends 22
Global Construction & Infrastructure Trends 23
Valve Pricing Patterns 24
Valve Materials & Technologies Trends 26
III. SUPPLY & DEMAND 27
General 27
World Valve Markets 28
Valve Products 30
Standard Multiturn Valves 32
Quarterturn Valves 34
Other Conventional Valves 35
Automatic Control Valves 37
Regulator Valves 39
Automatic Actuators & Other 40
World Valve Production 41
International Trade Flows 43
IV. NORTH AMERICA 46
General 46
North America: Supply & Demand 47
United States 50
Canada 54
Mexico 58
V. WESTERN EUROPE 63
General 63
Western Europe: Supply & Demand 65
Germany 67
France 71
United Kingdom 75
Italy 79
Other Western Europe 83
Austria 86
Belgium 90
Denmark 94
The Netherlands 98
Norway 101
Spain 105
Sweden 109
Switzerland 113
All Other West European Countries 117
VI. ASIA/PACIFIC 121
General 121
Asia/Pacific: Supply & Demand 123
Japan 126
China 131
Other Asia/Pacific 135
Australia 139
India 144
Indonesia 148
Malaysia 152
Singapore 156
South Korea 160
Taiwan 165
Thailand 169
All Other Asia/Pacific Countries 173
VII. OTHER REGIONS 178
General 178
Other Regions: Supply & Demand 180
Latin America 182
Brazil 186
Other Latin America 191
Eastern Europe 194
Czech Republic 199
Poland 202
Russia 206
Ukraine 211
Other Eastern Europe 214
Africa/Mideast 218
Iran 222
Saudi Arabia 225
South Africa 229
Turkey 233
Other Africa/Mideast 237
VIII. INDUSTRY STRUCTURE 241
General 241
Industry Composition & Market Share 242
Tyco 244
Flowserve 245
Emerson Electric 245
Dresser 246
Kitz 246
Mergers, Acquisitions & Industry Restructuring 247
Product Development 251
Manufacturing 252
Marketing & Distribution 254
Financial Dynamics 259
Company Profiles 261
ABB Limited 262
Alfa Laval AB 264
Aliaxis SA 266
AMRI Incorporated, see KSB AG
Argus GmbH, see Flowserve Corporation
Armstrong International Incorporated 269
ASCO Valve Incorporated, see Emerson Electric
Astore Valves and Fittings Srl, see Aliaxis SA
Austral Engineering Supplies Pty Limited 271
Barksdale Incorporated, see Crane Company
Bell & Gossett, see ITT Industries Incorporated
Brass Products, see Parker-Hannifin Corporation
Circle Seal Controls Incorporated, see Circor
International Incorporated
Circor International Incorporated 272
Conbraco Industries Incorporated 276
Cookson Group plc 277
Cooper Cameron Corporation 279
Corva Corporation, see Crane Company
Crane Company 280
Curtiss-Wright Corporation 285
Daniel Valve Company, see SPX Corporation
DeltaValve USA LLC Incorporated, see Curtiss-Wright
Dresser Incorporated 288
El-O-Matic, see Emerson Electric Company
Emco Limited 290
Emerson Electric Company 292
Enertech, see Curtiss-Wright Corporation
Etex Group SA 294
Europlast SpA, see Aliaxis SA
Everlasting Valve Company, see Armstrong
International Incorporated
Farris Engineering, see Curtiss-Wright Corporation
FCX International plc 295
Fisher Controls International LLC, see Emerson Electric
Flowserve Corporation 298
FMC Technologies Incorporated 302
Formatura Iniezione Polimeri SpA, see Aliaxis SA
FRIATEC AG, see Aliaxis SA
Gamma Foundries Company, see Victaulic
Company of America
General Electric Company 304
GESTRA GmbH, see Flowserve Corporation
Glynwed Pipe Systems Limited, see Aliaxis SA
GO Regulator Incorporated, see Circor International
Grinnell Valves and Controls, see Tyco International
Harrington Industrial Plastics Incorporated, see
Aliaxis SA
Hattersley Newman Hender, see Tomkins plc
Hitachi Limited 306
Hoffman Specialty, see ITT Industries Incorporated
Hoke Incorporated, see Circor International Incorporated
Honeywell International Incorporated 308
Hopkinsons Limited, see Weir Group plc
Hydro-Aire Incorporated, see Crane Company
Hyundai Heavy Industries Company Limited 310
Invensys Flow Control, see Flowserve Corporation
ITT Industries Incorporated 311
Jimten SA, see Aliaxis SA
KF Industries Incorporated, see Circor International
Kitz Corporation 313
KSB AG 315
Leslie Controls Incorporated, see Circor International
Lucifer Valve, see Parker-Hannifin Corporation
Marubeni Corporation 317
Masoneilan, see Dresser Incorporated
Metal Improvement Company Incorporated, see
Curtiss-Wright Corporation
Metso Corporation 318
Multikwik Limited, see Aliaxis SA
Naval Oy, see Flowserve Corporation
Nil-Cor Operations, see Dresser Incorporated
Nordstrom Audco, see Flowserve Corporation
Nuovo Pignone SpA, see General Electric Company
Nutron Industries Corporation, see Cooper Cameron
Okano Valve Manufacturing Company, see
Marubeni Corporation
Pacific Valves, see Crane Company
Parflex, see Parker-Hannifin Corporation
Parker-Hannifin Corporation 321
Partek/Atlantic, see Parker-Hannifin Corporation
Pegler Limited, see Tomkins plc
Philmac Pty Limited, see Aliaxis SA
Pibiviesse SpA, see Circor International Incorporated
Pneutronics, see Parker-Hannifin Corporation
Powers, see Watts Water Technologies Incorporated
Raimondi Valvole SpA, see Tyco International Limited
Reed Valve, see Curtiss-Wright Corporation
Regeltechnik Kornwestheim GmbH, see Circor International
Incorporated
Resistoflex-Aerospace, see Crane Company
Rockwood Swendeman, see Circor International
Saint-Gobain 327
Schwing GmbH 329
SED Flow Control GmbH, see Aliaxis SA
Sempell AG, see Tyco International Limited
Servo Controls, see Parker-Hannifin Corporation
Skinner Valve, see Parker-Hannifin Corporation
SPX Corporation 331
Stratoflex, see Parker-Hannifin Corporation
Suzhou KF Valve Company Limited, see Circor
International Incorporated
TAPCO International Incorporated, see Curtiss-Wright
Corporation
Target Rock, see Curtiss-Wright Corporation
Tetra Laval International SA 334
Tomkins plc 335
Tyco International Limited 337
US Para Plate Corporation, see Circor International
Valvulas Worcester de Argentina SA 341
Velan Incorporated 342
Veriflo, see Parker-Hannifin Corporation
Vesuvius International Corporation, see Cookson Group
Victaulic Company of America 344
Waukesha Cherry-Burrell, see SPX Corporation
Watts Water Technologies Incorporated 346
Weir Group plc 350
Westad Industri AS, see Crane Company
Worcester Controls, see Flowserve Corporation
Xomox Corporation, see Crane Company
Yarway Corporation, see Tyco International Limited
Z&J Technologies GmbH 353
Zimmermann & Jansen Group, see Z&J Technologies
LIST OF TABLES
TABLE NUMBER PAGE
SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Gross Domestic Product by Region 9
2 Gross Fixed Investment by Region 12
3 World Oil Products Supply Trends 13
4 World Energy Production by Type 18
5 World Primary Energy Consumption by Region 20
6 Real Growth in World Valve Shipments 25
SECTION III -- SUPPLY & DEMAND
1 World Valve Demand by Region 30
2 World Valve Demand by Type 32
3 World Valve Production by Region 43
4 Valve Net Exports by Region 45
SECTION IV -- NORTH AMERICA
1 North America -- Macroeconomic Outlook 47
2 North America -- Valve Supply & Demand 49
3 United States -- Macroeconomic Outlook 51
4 United States -- Valve Supply & Demand 54
5 Canada -- Macroeconomic Outlook 56
6 Canada -- Valve Supply & Demand 58
7 Mexico -- Macroeconomic Outlook 60
8 Mexico -- Valve Supply & Demand 62
SECTION V -- WESTERN EUROPE
1 Western Europe -- Macroeconomic Outlook 64
2 Western Europe -- Valve Supply & Demand 67
3 Germany -- Macroeconomic Outlook 69
4 Germany -- Valve Supply & Demand 71
5 France -- Macroeconomic Outlook 73
6 France -- Valve Supply & Demand 75
7 United Kingdom -- Macroeconomic Outlook 77
8 United Kingdom -- Valve Supply & Demand 79
9 Italy -- Macroeconomic Outlook 81
10 Italy -- Valve Supply & Demand 83
11 Other Western Europe -- Macroeconomic Outlook 84
12 Other Western Europe -- Valve Supply & Demand 86
13 Austria -- Macroeconomic Outlook 88
14 Austria -- Valve Supply & Demand 90
15 Belgium -- Macroeconomic Outlook 92
16 Belgium -- Valve Supply & Demand 94
17 Denmark -- Macroeconomic Outlook 96
18 Denmark -- Valve Supply & Demand 98
19 The Netherlands -- Macroeconomic Outlook 99
20 The Netherlands -- Valve Supply & Demand 101
21 Norway -- Macroeconomic Outlook 103
22 Norway -- Valve Supply & Demand 105
23 Spain -- Macroeconomic Outlook 107
24 Spain -- Valve Supply & Demand 109
25 Sweden -- Macroeconomic Outlook 111
26 Sweden -- Valve Supply & Demand 113
27 Switzerland -- Macroeconomic Outlook 115
28 Switzerland -- Valve Supply & Demand 117
29 All Other West European Countries -- Macroeconomic Outlook 118
30 All Other West European Countries -- Valve Supply & Demand 120
SECTION VI -- ASIA/PACIFIC
1 Asia/Pacific -- Macroeconomic Outlook 123
2 Asia/Pacific -- Valve Supply & Demand 126
3 Japan -- Macroeconomic Outlook 128
4 Japan -- Valve Supply & Demand 130
5 China -- Macroeconomic Outlook 132
6 China -- Valve Supply & Demand 135
7 Other Asia/Pacific -- Macroeconomic Outlook 137
8 Other Asia/Pacific -- Valve Supply & Demand 139
9 Australia -- Macroeconomic Outlook 141
10 Australia -- Valve Supply & Demand 144
11 India -- Macroeconomic Outlook 146
12 India -- Valve Supply & Demand 148
13 Indonesia -- Macroeconomic Outlook 150
14 Indonesia -- Valve Supply & Demand 152
15 Malaysia -- Macroeconomic Outlook 154
16 Malaysia -- Valve Supply & Demand 156
17 Singapore -- Macroeconomic Outlook 158
18 Singapore -- Valve Supply & Demand 160
19 South Korea -- Macroeconomic Outlook 162
20 South Korea -- Valve Supply & Demand 165
21 Taiwan -- Macroeconomic Outlook 167
22 Taiwan -- Valve Supply & Demand 169
23 Thailand -- Macroeconomic Outlook 171
24 Thailand -- Valve Supply & Demand 173
25 All Other Asia/Pacific Countries -- Macroeconomic Outlook 175
26 All Other Asia/Pacific Countries -- Valve Supply & Demand 177
SECTION VII -- OTHER REGIONS
1 Other Regions -- Macroeconomic Outlook 180
2 Other Regions -- Valve Supply & Demand 182
3 Latin America -- Macroeconomic Outlook 184
4 Latin America -- Valve Supply & Demand 186
5 Brazil -- Macroeconomic Outlook 188
6 Brazil -- Valve Supply & Demand 190
7 Other Latin America -- Macroeconomic Outlook 192
8 Other Latin America -- Valve Supply & Demand 194
9 Eastern Europe -- Macroeconomic Outlook 196
10 Eastern Europe -- Valve Supply & Demand 198
11 Czech Republic -- Macroeconomic Outlook 200
12 Czech Republic -- Valve Supply & Demand 202
13 Poland -- Macroeconomic Outlook 204
14 Poland -- Valve Supply & Demand 206
15 Russia -- Macroeconomic Outlook 208
16 Russia -- Valve Supply & Demand 210
17 Ukraine -- Macroeconomic Outlook 212
18 Ukraine -- Valve Supply & Demand 214
19 Other Eastern Europe -- Macroeconomic Outlook 216
20 Other Eastern Europe -- Valve Supply & Demand 218
21 Africa/Mideast -- Macroeconomic Outlook 220
22 Africa/Mideast -- Valve Supply & Demand 222
23 Iran -- Macroeconomic Outlook 223
24 Iran -- Valve Supply & Demand 225
25 Saudi Arabia -- Macroeconomic Outlook 227
26 Saudi Arabia -- Valve Supply & Demand 229
27 South Africa -- Macroeconomic Outlook 231
28 South Africa -- Valve Supply & Demand 233
29 Turkey -- Macroeconomic Outlook 235
30 Turkey -- Valve Supply & Demand 237
31 Other Africa/Mideast -- Macroeconomic Outlook 239
32 Other Africa/Mideast -- Valve Supply & Demand 240
SECTION VIII -- INDUSTRY STRUCTURE
1 Selected Acquisitions & Divestitures 248
2 Selected Cooperative Agreements 257
LIST OF CHARTS
CHART NUMBER PAGE
SECTION II -- MARKET ENVIRONMENT
1 World per Capita Valve Demand/per Capita Energy
Consumption, 2002 21
SECTION VIII -- INDUSTRY STRUCTURE
1 World Valve Market Share by Company, 2002 244
