Triple offset butterfly valve market to grow at CAGR of 4.1% from 2019 to 2025
NEW YORK, Jan. 7, 2020 /PRNewswire/ --
Triple offset butterfly valve market to grow at CAGR of 4.1% from 2019 to 2025.
The triple offset butterfly valve market is expected to grow from USD 2.8 billion in 2019 to USD 3.6 billion by 2025, at a CAGR of 4.1%. Rising need for tight shutoff, light in weight, high pressure handling capacity with lower installation cost in critical processes, growing demand for energy & power generation in Asia Pacific, increasing adoption of valves in oil & gas industry, and growing urbanization are the major driving factors for the market's growth during the forecast period. Growing industrialization in developing economies, rising use of 3D printing in manufacturing valves, need for valve replacement, and focus of valve manufacturers to offer improved customer service are among the other factors fueling the growth of the triple offset butterfly market. However, lack of standardized certifications and government policies is likely to hinder the growth of the triple offset butterfly market in the future.
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Stainless Steel to hold the largest market share during the forecast period.
Steel offers efficient mechanical properties and good resistance to stress corrosion and sulfides.Carbon steel offers high- and low-temperature strength.
Carbon steel valves can be used in many locations where extreme pressure and extreme temperature make other materials unusable.Carbon steel is used in the manufacturing of various types of triple offset butterfly valves.
Also, the rising demand for high-quality triple offset butterfly valves in food & beverages and chemicals industries to mitigate the threat of contamination will drive the market for stainless steel triple offset butterfly valves during the forecast period.
>3" to 10" sized triple offset butterfly valves to hold largest markt share during the forecast period.
Triple offset butterfly valves sized >3"–10" are the most widely manufactured valves; these valves held the largest market share in 2018 and are expected to be the largest share holder during the forecast period also.These valves are selected on the basis of flow pressure, noise, media, and vibration.
These valves are mostly used in industries such as chemicals, oil & gas, energy & power, and water & wastewater treatment because of their efficient working mechanisms. Typically, these valves require less maintenance time and are easy to replace.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to record the highest growth rate during the forecast period. Rapid population growth and urbanization in developing economies, such as China, Japan, South Korea, and India have prompted speedy development of several industries, such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas, which, in turn, will upsurge the demand for triple offset butterfly valves.
The break-up of profiles of primary participants for the report has been given below.
• By Company Type: Tier 1 = 56%, Tier 2 = 23%, and Tier 3 = 21%
• By Designation: C-Level Executives = 75% and Directors = 25%
• By Region: North America = 40%, Europe = 23%, APAC = 26%, and RoW = 11%
Bürkert Fluid Control Systems (Germany), Emerson (US), Flowserve (US), IMI plc. (UK), Curtiss Wright (US), Trillium Flow Technologies (Weir Group) (US), Cameron - Schlumberger (US), Metso Corporation (Finland), Crane Co. (US), KITZ Corporation are among the major players in the triple offset butterfly valve market.
Research Coverage:
The triple offset butterfly valve market, in this report, is segmented into material, size, industry, and geography. The market based on material is further classified into satinless steel, cast iron, alloy based, cryogenic, and others. The triple offset butterfly valve market, by size, is further segmented into up to 3", >3" to 10", >10" to 25", <25" to="" 50",="" and="">50". The triple offset butterfly valve market, by industry, is further segmented into oil & gas, water & wastewater treatment, energy & power, pharmaceuticals & healthcare, food & beverages, chemicals, building & construction, pulp & paper, metals & mining, and others.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market, by material, size, industry, and geography have been provided to give the overall view of the triple offset butterfly valve market.
Major drivers, restraints, opportunities, and challenges pertaining to the triple offset butterfly valve market have been provided in the research report.
The report includes a detailed competitive landscape and revenues of key players.
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