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Press Release:

Global Ball Valves Market to Witness Moderate Growth During 2021-2026, Supported by Advent of Smart Variants

COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Ball Valves Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global ball valves market grew at a CAGR of around 6% during 2015-2020. A ball valve is a quarter-turn spherical closure device used to control the pressure and flow of suspended solids, slurries, liquids or gases in pipelines. The valve is usually manufactured using materials, such as cast iron, stainless steel, brass, bronze, titanium and plastics. It consists of a handle, a perforated, hollow and pivoting ball and is commonly available in full port, reduced port, cavity filler and multiport variants. It is used for bubble-tight applications, low-point drains, high-point vents and cooling water and feedwater systems. As a result, the ball valve finds extensive applications across various industries, including food & beverages, mining, oil and gas, agriculture, water & wastewater treatment, and building & construction.

The global ball valve market is primarily being driven by the increasing product demand from the medical and pharmaceutical industries. The valves are widely used to manufacture medical devices, manage pressure relief in the equipment and sterilize materials. Ball valves are also used in oxygen therapy devices and blood analyzers in hospitals and other healthcare centers, which is also driving their demand. Furthermore, widespread product adoption for water and wastewater treatment is also driving the market growth. Additionally, various product innovations, such as the development of smart valves, are acting as other growth-inducing factors. In line with this, product manufacturers are utilizing 3D printing technologies for producing cost-effective and durable ball valves. Other factors, including the upgradation of existing systems, along with the advent of the Industrial Internet of Things (IIoT) in industrial plants, are anticipated to drive the market further. Looking forward, IMARC Group expects the global ball valves market to exhibit moderate growth during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global ball valves market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, material, valve type, size and end use industry.

Breakup by Material:

  • Stainless Steel
  • Cast Iron
  • Alloy Based
  • Others
     

Breakup by Valve Type:

  • Trunnion Mounted Ball Valves
  • Floating Ball Valves
  • Rising Stem Ball Valves
     

Breakup by Size:

  • Up To 1”
  • 1-6”
  • 6-25”
  • 25-50”
  • 50” and Larger
     

Breakup by End Use Industry:

  • Oil & Gas
  • Water & Wastewater Treatment
  • Energy & Power
  • Food & Beverages
  • Chemicals
  • Building & Construction
  • Pulp & Paper
  • Pharmaceuticals Metals & Mining
  • Agriculture
  • Others
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aalberts N.V., Alfa Laval, Schlumberger Limited, The Crane Company, The Curtiss-Wright Corporation, Dwyer Instruments Inc., Emerson Electric Co., The Flowserve Corporation, IMI Plc, KITZ Corporation , Niuwei Group Co. Ltd. and Velan Inc.

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1   Primary Sources
        2.3.2   Secondary Sources
    2.4   Market Estimation
        2.4.1   Bottom-Up Approach
        2.4.2   Top-Down Approach
    2.5   Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Ball Valves Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Material
    6.1    Stainless Steel
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Cast Iron
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Alloy Based
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Others
        6.4.1 Market Trends
        6.4.2 Market Forecast
7    Market Breakup by Valve Type
    7.1    Trunnion Mounted Ball Valves
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Floating Ball Valves
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Rising Stem Ball Valves
        7.3.1 Market Trends
        7.3.2 Market Forecast
8    Market Breakup by Size
    8.1    Up To 1”
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    1-6”
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    6-25”
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    25-50”
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    50” and Larger
        8.5.1 Market Trends
        8.5.2 Market Forecast
9    Market Breakup by End Use Industry
    9.1    Oil & Gas
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Water & Wastewater Treatment
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Energy & Power
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Food & Beverages
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Chemicals
        9.5.1 Market Trends
        9.5.2 Market Forecast
    9.6    Building & Construction
        9.6.1 Market Trends
        9.6.2 Market Forecast
    9.7    Pulp & Paper
        9.7.1 Market Trends
        9.7.2 Market Forecast
    9.8    Pharmaceuticals Metals & Mining
        9.8.1 Market Trends
        9.8.2 Market Forecast
    9.9    Agriculture
        9.9.1 Market Trends
        9.9.2 Market Forecast
    9.10    Others
        9.10.1 Market Trends
        9.10.2 Market Forecast
10    Market Breakup by Region
    10.1    North America
        10.1.1   United States
            10.1.1.1 Market Trends
            10.1.1.2 Market Forecast
        10.1.2   Canada
            10.1.2.1 Market Trends
            10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1   China
            10.2.1.1 Market Trends
            10.2.1.2 Market Forecast
        10.2.2   Japan
            10.2.2.1 Market Trends
            10.2.2.2 Market Forecast
        10.2.3   India
            10.2.3.1 Market Trends
            10.2.3.2 Market Forecast
        10.2.4   South Korea
            10.2.4.1 Market Trends
            10.2.4.2 Market Forecast
        10.2.5   Australia
            10.2.5.1 Market Trends
            10.2.5.2 Market Forecast
        10.2.6   Indonesia
            10.2.6.1 Market Trends
            10.2.6.2 Market Forecast
        10.2.7   Others
            10.2.7.1 Market Trends
            10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1   Germany
            10.3.1.1 Market Trends
            10.3.1.2 Market Forecast
        10.3.2   France
            10.3.2.1 Market Trends
            10.3.2.2 Market Forecast
        10.3.3   United Kingdom
            10.3.3.1 Market Trends
            10.3.3.2 Market Forecast
        10.3.4   Italy
            10.3.4.1 Market Trends
            10.3.4.2 Market Forecast
        10.3.5   Spain
            10.3.5.1 Market Trends
            10.3.5.2 Market Forecast
        10.3.6   Russia
            10.3.6.1 Market Trends
            10.3.6.2 Market Forecast
        10.3.7   Others
            10.3.7.1 Market Trends
            10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1   Brazil
            10.4.1.1 Market Trends
            10.4.1.2 Market Forecast
        10.4.2   Mexico
            10.4.2.1 Market Trends
            10.4.2.2 Market Forecast
        10.4.3   Others
            10.4.3.1 Market Trends
            10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2  Market Breakup by Country
        10.5.3 Market Forecast
11    SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12    Value Chain Analysis
13    Porters Five Forces Analysis
    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14    Price Analysis
15    Competitive Landscape
    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1   Aalberts N.V.
            15.3.1.1 Company Overview
            15.3.1.2 Product Portfolio
            15.3.1.3 Financials
        15.3.2   Alfa Laval 
            15.3.2.1 Company Overview
            15.3.2.2 Product Portfolio
            15.3.2.3 Financials
            15.3.2.4 SWOT Analysis
        15.3.3   Schlumberger Limited 
            15.3.3.1 Company Overview
            15.3.3.2 Product Portfolio
        15.3.4   The Crane Company
            15.3.4.1 Company Overview
            15.3.4.2 Product Portfolio
        15.3.5   The Curtiss-Wright Corporation
            15.3.5.1 Company Overview
            15.3.5.2 Product Portfolio
        15.3.6   Dwyer Instruments Inc.
            15.3.6.1 Company Overview
            15.3.6.2 Product Portfolio
        15.3.7   Emerson Electric Co.
            15.3.7.1 Company Overview
            15.3.7.2 Product Portfolio
            15.3.7.3 Financials
            15.3.7.4 SWOT Analysis
        15.3.8   The Flowserve Corporation
            15.3.8.1 Company Overview
            15.3.8.2 Product Portfolio
        15.3.9   IMI Plc
            15.3.9.1 Company Overview
            15.3.9.2 Product Portfolio
            15.3.9.3 Financials
            15.3.9.4 SWOT Analysis
        15.3.10   KITZ Corporation 
            15.3.10.1 Company Overview
            15.3.10.2 Product Portfolio
            15.3.10.3 Financials
        15.3.11   Niuwei Group Co. Ltd.
            15.3.11.1 Company Overview
            15.3.11.2 Product Portfolio
            15.3.11.3 Financials
        15.3.12   Velan Inc.
            15.3.12.1 Company Overview
            15.3.12.2 Product Portfolio
            15.3.12.3 Financials
            15.3.12.4 SWOT Analysis

List of Figures

Figure 1: Global: Ball Valves Market: Major Drivers and Challenges
Figure 2: Global: Ball Valves Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Ball Valves Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 4: Global: Ball Valves Market: Breakup by Material (in %), 2020
Figure 5: Global: Ball Valves Market: Breakup by Valve Type (in %), 2020
Figure 6: Global: Ball Valves Market: Breakup by Size (in %), 2020
Figure 7: Global: Ball Valves Market: Breakup by End Use Industry (in %), 2020
Figure 8: Global: Ball Valves Market: Breakup by Region (in %), 2020
Figure 9: Global: Ball Valves (Stainless Steel) Market: Sales Value (in Million US$), 2015 & 2020
Figure 10: Global: Ball Valves (Stainless Steel) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 11: Global: Ball Valves (Cast Iron) Market: Sales Value (in Million US$), 2015 & 2020
Figure 12: Global: Ball Valves (Cast Iron) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 13: Global: Ball Valves (Alloy Based) Market: Sales Value (in Million US$), 2015 & 2020
Figure 14: Global: Ball Valves (Alloy Based) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 15: Global: Ball Valves (Other Materials) Market: Sales Value (in Million US$), 2015 & 2020
Figure 16: Global: Ball Valves (Other Materials) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 17: Global: Ball Valves (Trunnion Mounted Ball Valves) Market: Sales Value (in Million US$), 2015 & 2020
Figure 18: Global: Ball Valves (Trunnion Mounted Ball Valves) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 19: Global: Ball Valves (Floating Ball Valves) Market: Sales Value (in Million US$), 2015 & 2020
Figure 20: Global: Ball Valves (Floating Ball Valves) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 21: Global: Ball Valves (Rising Stem Ball Valves) Market: Sales Value (in Million US$), 2015 & 2020
Figure 22: Global: Ball Valves (Rising Stem Ball Valves) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 23: Global: Ball Valves (Up To 1”) Market: Sales Value (in Million US$), 2015 & 2020
Figure 24: Global: Ball Valves (Up To 1”) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 25: Global: Ball Valves (1-6”) Market: Sales Value (in Million US$), 2015 & 2020
Figure 26: Global: Ball Valves (1-6”) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 27: Global: Ball Valves (6-25”) Market: Sales Value (in Million US$), 2015 & 2020
Figure 28: Global: Ball Valves (6-25”) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 29: Global: Ball Valves (25-50”) Market: Sales Value (in Million US$), 2015 & 2020
Figure 30: Global: Ball Valves (25-50”) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 31: Global: Ball Valves (50” and Larger) Market: Sales Value (in Million US$), 2015 & 2020
Figure 32: Global: Ball Valves (50” and Larger) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 33: Global: Ball Valves (Oil & Gas) Market: Sales Value (in Million US$), 2015 & 2020
Figure 34: Global: Ball Valves (Oil & Gas) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 35: Global: Ball Valves (Water & Wastewater Treatment) Market: Sales Value (in Million US$), 2015 & 2020
Figure 36: Global: Ball Valves (Water & Wastewater Treatment) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 37: Global: Ball Valves (Energy & Power) Market: Sales Value (in Million US$), 2015 & 2020
Figure 38: Global: Ball Valves (Energy & Power) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 39: Global: Ball Valves (Food & Beverages) Market: Sales Value (in Million US$), 2015 & 2020
Figure 40: Global: Ball Valves (Food & Beverages) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 41: Global: Ball Valves (Chemicals) Market: Sales Value (in Million US$), 2015 & 2020
Figure 42: Global: Ball Valves (Chemicals) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 43: Global: Ball Valves (Building & Construction) Market: Sales Value (in Million US$), 2015 & 2020
Figure 44: Global: Ball Valves (Building & Construction) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 45: Global: Ball Valves (Pulp & Paper) Market: Sales Value (in Million US$), 2015 & 2020
Figure 46: Global: Ball Valves (Pulp & Paper) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 47: Global: Ball Valves (Pharmaceuticals Metals & Mining) Market: Sales Value (in Million US$), 2015 & 2020
Figure 48: Global: Ball Valves (Pharmaceuticals Metals & Mining) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 49: Global: Ball Valves (Agriculture) Market: Sales Value (in Million US$), 2015 & 2020
Figure 50: Global: Ball Valves (Agriculture) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 51: Global: Ball Valves (Other End Use Industries) Market: Sales Value (in Million US$), 2015 & 2020
Figure 52: Global: Ball Valves (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 53: North America: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 54: North America: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 55: North America: Ball Valves Market: Breakup by Country (in %), 2020
Figure 56: United States: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 57: United States: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 58: Canada: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 59: Canada: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 60: Asia-Pacific: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 61: Asia-Pacific: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 62: Asia-Pacific: Ball Valves Market: Breakup by Country (in %), 2020
Figure 63: China: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 64: China: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 65: Japan: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 66: Japan: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 67: India: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 68: India: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 69: South Korea: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 70: South Korea: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 71: Australia: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 72: Australia: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 73: Indonesia: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 74: Indonesia: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 75: Others: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 76: Others: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 77: Europe: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 78: Europe: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 79: Europe: Ball Valves Market: Breakup by Country (in %), 2020
Figure 80: Germany: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 81: Germany: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 82: France: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 83: France: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 84: United Kingdom: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 85: United Kingdom: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 86: Italy: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 87: Italy: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 88: Spain: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 89: Spain: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 90: Russia: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 91: Russia: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 92: Others: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 93: Others: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 94: Latin America: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 95: Latin America: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 96: Latin America: Ball Valves Market: Breakup by Country (in %), 2020
Figure 97: Brazil: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 98: Brazil: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 99: Mexico: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 100: Mexico: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 101: Others: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 102: Others: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 103: Middle East and Africa: Ball Valves Market: Sales Value (in Million US$), 2015 & 2020
Figure 104: Middle East and Africa: Ball Valves Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 105: Middle East and Africa: Ball Valves Market: Breakup by Country (in %), 2020
Figure 106: Global: Ball Valves Industry: SWOT Analysis
Figure 107: Global: Ball Valves Industry: Value Chain Analysis
Figure 108: Global: Ball Valves Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Ball Valves Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Ball Valves Market Forecast: Breakup by Material (in Million US$), 2021-2026
Table 3: Global: Ball Valves Market Forecast: Breakup by Valve Type (in Million US$), 2021-2026
Table 4: Global: Ball Valves Market Forecast: Breakup by Size (in Million US$), 2021-2026
Table 5: Global: Ball Valves Market Forecast: Breakup by End Use Industry (in Million US$), 2021-2026
Table 6: Global: Ball Valves Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 7: Global: Ball Valves Market: Competitive Structure
Table 8: Global: Ball Valves Market: Key Players

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Key Question Answered in this Report

According to the estimates by IMARC Group, the global ball valves market is expected to witness moderate growth during 2021-2026.According to the estimates by IMARC Group, the global ball valves market is expected to witness moderate growth during 2021-2026.

The increasing adoption of ball valves in the healthcare sector to manufacture medical devices, manage pressure relief in the equipment, and sterilize materials, represents one of the key drivers for the global ball valves market.

The emergence of Industry 4.0 trends, along with the rising utilization of automated industrial machinery, represent some of the key trends in the global ball valves market.

Sudden outbreak of the COVID-19 pandemic had led to the increase in demand of ball valves across the healthcare sector to be utilized in oxygen therapy devices and blood analyzers.

On the basis of the material, the market has been segregated into stainless steel, cast iron, alloy based, and others. Currently, stainless steel dominates the global market.

On the basis of the valve type, the market has been bifurcated into trunnion mounted ball valves, floating ball valves, and rising stem ball valves. Currently, trunnion mounted ball valves hold the majority of the total market share.

On the basis of the end-use industry, the market has been segmented into oil & gas, water & wastewater treatment, energy & power, food & beverages, chemicals, building & construction, pulp & paper, pharmaceutical, metals & mining, agriculture, and others. At present, the oil & gas industry exhibits a clear dominance in the market.

Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.

The key companies in the global ball valves market are Aalberts N.V., Alfa Laval, Schlumberger Limited, The Crane Company, The Curtiss-Wright Corporation, Dwyer Instruments Inc., Emerson Electric Co., The Flowserve Corporation, IMI Plc, KITZ Corporation, Niuwei Group Co. Ltd. and Velan Inc.

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