API 600 applies to gate valves and may be a reasonable starting point. Material compatibility is a greater issue in the chemical industry than the oil and gas business. You need to know the fluid to consider what metals and resilient components are attacked by the fluid. Other criteria include the temperature, the pressure drop (for control valves), velocity, erosion, etc. Hard facing is common for control valves and seating surfaces.
For some processes a licensor recommends the trim.