According to the latest report by IMARC Group, titled "Butterfly Valve Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global butterfly valve market reached a value of US$ 9.39 Billion in 2020. A butterfly valve refers to a quarter-turn rotational motion valve that is employed to start, regulate and stop the flow of fluids in pipelines. Comprising two semi-circular discs hinged at the center, it also consists of a seal, actuator, gears and a stem that is connected to a handle on the outside of the valve. The disc positioned at the center of the connected pipe becomes perpendicular to the flow and is sealed by the valve seat when in a closed position. These kinds of valves are available in varied sizes and require low maintenance. They are also lightweight, cost-effective, highly reliable, and easy to operate. As a result, they find extensive applications across numerous industry verticals, including oil and gas, chemical, power generation, and wastewater treatment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Butterfly Valve Market Trends:
The global market is primarily driven by the increasing automation in the oil and gas industry. Butterfly valves are increasingly utilized in the sector for extracting crude oil and gas in refineries and oil terminals while enhancing the overall efficiency of industrial production processes at the same time. Apart from this, these valves are extensively used in power generation applications across the globe. Supported by increasing investments in the power sector by various public and private organizations, this is expected to provide an impetus to the market growth. The rapid expansion of several smart city projects is also expected to facilitate the uptake of butterfly valves. The market is further driven by the advent of technologically advanced product variants in the market. For instance, double eccentric and triple offset valves are gaining widespread prominence among end users as they can operate under extreme temperatures and pressures. Certain players are also equipping these valves with a vulcanized liner. They have a combined hexagon connection for the disc and the shaft, which is expected to lower the operating torque. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities, rising utilization of 3D printing technology for production processes and the widespread adoption of the Industrial Internet of Things (IIoT). On account of the aforementioned factors, the market is anticipated to reach a value of US$ 12.79 Billion by 2026, exhibiting a CAGR of 4.25% during 2021-2026.
- 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.
- On the geographical front, 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 in the report with the detailed profiles of the key players. Some of these include 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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