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Oil & Gas And Chemical Industry To Remain Leading End Users Of Rupture Discs Market From 2021-2031
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Demand for rupture discs plummeted in 2020 due to the recessionary effects brought on by the COVID-19 pandemic outbreak. Offsetting of production rates and supply chain in end-use industries proportionately affected market growth. However, with the manufacturing sector and oil & gas industry gradually inching toward a growth recovery mode in the present fiscal, it is expected to auger well for the sales rupture discs.
Key Takeaways from Market Study
• In several industries, the number of accidents (overpressure) is growing, and hence, there has been greater demand for enhanced safety in industrial operations, driving demand for rupture discs.
• On the basis of material type, metallic rupture discs are anticipated to hold a prominent share as compared to graphite rupture discs, due to their growing preference across industries such as oil & gas, pharmaceuticals, and food & beverages.
• Rupture disc companies are investing in technological advances design and manufacturing, using laser technology and advanced engineering to produce reliable, cost-effective rupture discs, which is anticipated to have a significant contribution to market growth over the years to come.
• Rupture discs in combination with relief valves are expected to hold more than 50% market share.
• Oil & gas and chemical industry are projected to hold nearly 40% of overall market share as end users by 2031-end.
• The market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -4.4%.
• The market in China and Japan is set to surge at around 4.3% CAGR over the next ten years.
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Competitive Landscape
The market is observed to be highly fragmented with key players accounting for less than one-fourth market share. Market players are likely to invest in new technology advancements and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Fike Corporation, BS&B Safety Systems, L.L.C., Parker Hannifin Corporation, Halma Plc, Graco Inc, V-TEX Corp, Emerson Electric Co, Continental Disc Corporation LLC, Mersen Group, and BASCO.
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