Press release
Triple Offset Butterfly Valves Market To Witness A CAGR Of 4% Between 2021-2031
The Industrial manufacturing sector has witnessed significant growth in recent years, which is estimated to persevere over the coming years. High usage of triple offset butterfly valves across oil & gas and chemical industries is giving impetus to market growth. As per Persistence Market Research analysis, the global triple offset butterfly valves market is estimated to expand at a CAGR of more than 4% over the forecast period of 2021-2031.
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Key Takeaways from Triple Offset Butterfly Valves Market Study
Demand for stainless steel triple offset butterfly valves has seen prominent growth in recent years, and is expected to continue over the forecast period. These valves prevent galling and scratching, making them highly sought-after for various applications.
Increasing demand for butterfly valves from the oil & gas industry is expected to propel market growth over the coming years.
The market dynamics of the global triple offset butterfly valves industry is expected to be more regional. For instance, in chemicals and petrochemicals, countries in East Asia and North America will witness substantial growth over the forecast period.
Increasing demand for high performance and improved wear resistance butterfly valves is expected to push global sales.
Need for traditional valve replacement has seen tremendous growth in recent years. Replacement of aged valves in industrial applications such as oil & gas, chemicals & petrochemicals, power generation, and water and wastewater is extremely important for seamless operations.
Due to the COVID-19 crisis, the triple offset butterfly valves market declined by -2.1% in 2020.
However, long-term growth looks positive.
The market in China is expected to expand at 4.6% CAGR through 2031.
Demand in the U.S. will increase at over 3% CAGR over the next ten years.
The market in Germany and India will witness CAGRs of 3.6% and 4.1%, respectively, through 2031.
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Market Landscape Continues to Remain Moderately Fragmented
The global triple offset butterfly valves market has been identified as a moderately fragmented market, with the unorganized sector occupying a major section of the overall market. Tier-1 manufacturers account for a minimal share in the global market. Some of the leading players included in the report are Emerson Electric Co., The Flowserve Corporation, Cameron International Corporation (Schlumberger), and Velan, Inc. Manufacturers such as L&T Valves Limited, OHL Gutermuth Industrial Valves GmbH, Advance Valves Private Limited, and tier-3 manufacturers such WuZhou Valve Co., Ltd, Jiangsu Lotoke Valve Co. Limited, and many regional players across the globe are anticipated to create a tough competitive environment on a global level.
Conclusion
The global triple offset butterfly valves market is anticipated to increase substantially owing to rising sales across oil & gas and petrochemical industries. Fluctuation of raw material prices is expected to have a substantial impact on the market. The trend of offering custom-made valves has been increasingly adopted by manufacturers. Sales are is estimated to rise during the forecast period owing to rising demand for wear-resistant and high-performance butterfly valves.
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