Demand From Chemical Industry is Driving the Global Butterfly Valve Market at 6.34% of Cagr by 2027
“According to a new market research report published by Inkwood Research, the Global Butterfly Valve Market is projected to evolve at a CAGR of 6.34% during the forecasting years of 2019-2027.”
“Browse 81 market Data Tables and 38 Figures spread over 181 Pages, along with an in-depth TOC on Global Butterfly Valve Market Forecast 2019-2027.”
Butterfly valves or quarter-turn valves are shut-off valves used to isolate and control the fluid and gas flow in numerous industrial applications. A butterfly valve is composed of a disk placed in the middle of a pipe and swivels on the sideways or on uprights, which start and stop the flow of fluids and gases. In comparison with other valves, these valves are budget-friendly, lightweight and are designed ergonomically. The primary driver of the global butterfly valve market is the increase in demand from the oil & gas industry, which largely requires stainless steel butterfly valves. Besides, rapid industrialization in developing regions has led to an increase in demand for butterfly valves, which is expected to boost market growth.
Demand from Chemical Industry is Driving the Global Butterfly Valve Market
The rising demand for butterfly valves from the chemical industry is fueling the global market. Valves help to handle several toxic chemicals at the various temperature & pressure levels in chemical processing. They are also required to control the dosage of various chemicals. The chemical industry makes use of several variants of valves, such as butterfly, gate, and the globe, and are used for various applications, such as venting, draining and plugging.
To know more about this report, request a free sample copy.
Water & Waste-water is the Fastest-Growing Segment in the Global Butterfly Valve Market
Water & waste-water industries make use of control valves for various functions like slurry movement. The increase in the adoption of pipeline transportation and the use of effluent treatment in various processing industries, along with water treatment plants and desalination projects are driving the global market for butterfly valves in the water & waste-water segment. Several industry players offer a wide variety of efficient, reliable butterfly valves for the water & waste-water industry so that the supply and demand-related challenges, owing to the global population growth, and increasing consumption & urbanization can be dealt with. Flowserve Corporation is one such company that offers a wide range of lined and high-performance butterfly valves for numerous industrial applications, which includes water & wastewater treatment.
Asia-Pacific to hold the Fastest Growth Rate in the Global Butterfly Valve Market
Asia-Pacific is anticipated to be the fastest-growing in the global market for butterfly valves, with 7.27% of CAGR over the forecast period. Japan, China, and India contribute largely to the growth, given the rise in pipeline projects and an increase in the adoption of transportation by pipeline. There is an increasing need in China for the diversification in its energy sources. Moreover, several oil & gas reserves have been discovered in India. Such factors majorly drive the Asia-Pacific butterfly valve market. The growth in construction activities in the region, owing to rapid urbanization and industrialization, has also resulted in increased adoption of butterfly valves.
Alfa Laval, AVK Holding A/S, Crane Co., Curtiss-Wright Corporation, Flowserve Corporation, Georg Fischer, Honeywell International Inc., IMI plc, ITT Inc., KSB SE & Co. KGaA, NIBCO INC., Schlumberger Ltd., The Weir Group PLC, and Velan Inc. are some of the prime players in the global butterfly valve market. Large capital investment is required for setting up new units for manufacturing butterfly valves; this makes it extremely difficult for new players to enter the market. There is high consumer loyalty towards the established brands in the market, that offer an extensive product portfolio, catering to various end-users. Leading players in the market are devising various strategies, such as mergers and acquisition, which has intensified competition amongst them. Additionally, there is a high focus on product innovation, with companies investing heavily in R&D.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.