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Global Butterfly Valve Market to Grow at a CAGR of 5% During 2019-2024, Facilitated by Rising Demand from Oil and Gas Industry

As per the latest report by IMARC Group, titled “Butterfly Valve Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global butterfly valve market is expanding at a moderate rate.  Butterfly valves are widely utilized in pipelines for starting, regulating and stopping the flow of gases or liquids. They have a disc positioned in the center of the connected pipe and a stem that is connected to a handle on the outside of the valve. When they are in the closed position, the disc becomes perpendicular to the flow and is sealed by the valve seat. As compared to other valves, butterfly valves are lightweight, highly reliable, cost-effective, easy to operate, require low maintenance and available in various sizes. As a result, they find applications in the oil and gas, chemical, and water supply and wastewater treatment industries worldwide.

Global Butterfly Valve Market Trends:

The increasing automation in the oil and gas industry represents one of the key factors strengthening the butterfly valve market growth. These valves are employed in the extraction of crude oil and gas in refineries and oil terminals. They also aid in enhancing the efficiency of industrial production processes. Apart from this, the increasing investment in power generation, in confluence with the development of numerous smart cities, are boosting the overall sales of butterfly valves across the globe. Furthermore, the introduction of technologically advanced product variants, such as double eccentric and triple offset valves, which are leakproof and can operate in a wide range of temperatures and pressures, is also impelling the market growth. Moreover, some of the leading players operating in the industry are investing in research and development (R&D) activities to gain a competitive edge. For instance, Wouter Witzel EuroValve B.V., a Netherland-based manufacturer, launched a series of butterfly valves called EV-i series in June 2018. The valves in this series are equipped with a vulcanized liner and have a combined hexagon connection for the disc and the shaft, which offers a lower operating torque. Owing to these factors, the market is anticipated to grow at a CAGR of around 5% during the forecast period (2019-2024).

Market Summary:

  • Based on the product type, the market has been segmented into rubber-, plastic- and metal lined butterfly valves.
  • On the basis of the material type, the market has been divided into stainless steel, cast iron, aluminum and others.
  • The market has been analyzed on the basis of the design into centric, single-eccentric, double-eccentric and triple-eccentric butterfly valves.
  • Based on the function, the market has been bifurcated into on/off and control valves.
  • On the basis of the end use industry, the market has been classified into oil and gas, water and wastewater, power generation, chemical, and others.
  • Region-wise, the market has been segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been examined, with some of the key players being Alfa Laval Corporate AB, Curtiss-Wright Corporation, Flowserve Corporation, Emerson Electric Co., Pentair PLC, Weir Group PLC, AVK Group A/S, Crane Company, Schlumberger Limited, Velan, Inc., KSB SE & Co. KGaA and Honeywell International Inc.

 

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