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As Manufacturing PMI Dips, it Takes Down All Hopes for Normalcy in the Pressure Relief Valves Market. On the Cards is a $657.5 Million Erosion in Revenues
The global market for Pressure Relief Valves is expected to decline by -15.3% in the year 2020 and thereafter recover and grow to reach US$4.6 billion by the year 2027, trailing a post COVID-19 CAGR of 3.4% over the analysis period 2020 through 2027.
Manufacturing industries ranging from oil & gas, processing to paper & pulp, capital goods industry has been massively impacted by economic disruptions of COVID-19. Global economic activity is slumping with GDP growth forecast to dip as low as -4.9% in the year 2020. The manufacturing industry, which is the largest end-user of pressure sensitive valves, is the worst affected given its complex supply chains, labor intensive processes, and inter-dependencies. Division of labor, modular manufacturing strategie