The industrial valves industry can look back on a successful first half of 2024, exceeding expectations. Despite a decline in domestic [German] sales, overall growth of 5% in nominal terms was achieved as a result of a strong expansion of foreign business, according to Verband Deutscher Maschinen und Anlagenbau (VDMA; Frankfurt, Germany; www.vdma.org). While domestic business fell by 5%, foreign sales recorded an impressive increase of 13% compared to the same period of the previous year. However, there is a small downside: after adjusting for price changes, the overall increase in sales of 5% corresponds to a decline of 1%, VDMA said.
“The robust growth in foreign business more than offset the weakness in the domestic market in the first half of the year,” says Dr Laura Dorfer, Managing Director of VDMA Valves, explaining the current situation. “In the Asian and North American markets in particular, our members were able to further strengthen or at least successfully maintain their position. The positive performance of the companies at the leading trade fairs IFAT and ACHEMA in the spring also contributed to the fact that the extensive range of products and services offered by our members met with a positive response abroad.”
In contrast, the economy in Germany is still not running smoothly. Important customer industries such as the chemical industry have not yet returned to a growth path. VDMA member companies are also struggling with adverse location factors and are feeling the increasing shortage of skilled workers.
“Various risk factors are currently playing a role on the world markets, which is also clouding the outlook somewhat. Against this background, we expect a challenging second half of the year. For the full year 2024, we currently expect a 4% increase in sales,” predicts the managing director of the trade association.
