HS Code:
Safety or relief valves (HS Code: 8481.40) are critical components used in various industries to protect equipment and systems from overpressure by releasing excess pressure. These valves are essential in sectors such as oil and gas, chemical processing, power generation, and manufacturing. They ensure operational safety by preventing potential explosions or damage due to pressure build-up. The global trade of safety or relief valves reflects the demand for industrial safety equipment and the growth of industries requiring pressure management solutions.
Total Trade Volume
USD 3.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 620 million
19.4% of total trade of total trade
Increasing
USD 580 million
18.1% of total trade of total trade
Stable
USD 450 million
14.1% of total trade of total trade
Increasing
USD 310 million
9.7% of total trade of total trade
Stable
USD 250 million
7.8% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand in renewable energy sector
Increased need for safety valves in hydrogen and geothermal energy systems has boosted trade by 8% annually.
2021-2022
Technological advancements in valve design
Smart safety valves with IoT integration are gaining traction, driving exports from tech-savvy countries like Germany and the US.
2020-2022
Shift towards Asia-Pacific manufacturing
Lower production costs in China and India have increased their export share, impacting traditional exporters like Japan.
2019-2022
The European Union introduced updated safety certification requirements for relief valves, mandating compliance with new EN ISO standards.
March 2023
Non-compliant exporters may face restricted access to the EU market, potentially increasing costs for manufacturers.
A new phase of the US-China trade agreement reduced tariffs on industrial components, including safety valves, from 7.5% to 4%.
January 2023
This reduction is expected to boost Chinese exports to the US by 10% in the next year.
Increased investments in oil and gas infrastructure in Saudi Arabia and UAE have driven demand for safety valves.
June 2023
Exporters from Europe and the US are likely to see a 15% rise in orders from the region over the next two years.