Market Size of Global Butterfly Valve Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Butterfly Valve Market Analysis
The Global Butterfly Valve Market is expected to grow by registering a CAGR of 5.9% during the forecast period. Factors such as growth in demand for automation in the process industries, increasing demand from the oil & gas industry, and growing industrialization are driving the growth of the studied market.
- A Butterfly valve can be used in many different fluid services and perform well in slurry applications. The rising demand for Butterfly Valves can be strongly attributed to their availability in various material types, simple operation, and tight shut-off properties.
- Butterfly Valves are used in many diverse and demanding applications such as oil & gas, air, fire protection, high-temperature & high-pressure services, etc. The Valves are designed for functionality and reliability in many industries like agrochemicals, base, specialty, and fluoro chemical industries.
- The oil & gas industry is among the most promising sectors for adopting triple offset butterfly valves in various processes. Triple offset valves (TOVs), owing to their heavy-duty nature and ability to withstand demanding conditions, are among the most suitable solution for critical and non-critical upstream oil and gas applications that require positive isolation.
- Increasing demand for petroleum products across various parts of the world is expected to support the growth of the studied market. For instance, according to OPEC, Saudi Arabia, which is among the leading oil-producing countries in the world, exported about USD 286.5 billion worth of petroleum products in 2021.
- However, factors such as limited throttling service to low differential pressure, cavitation, and chocked flow that Butterfly valves are prone to may negatively impact the growth of the studied market.
- A notable impact of COVID-19 has been observed on the studied market. Disruption in the supply chain reduced demand across end-user industries such as oil and gas due to limited exploration and production activities. However, with the condition returning to normalcy, the market is expected to gain traction during the forecast period.
