New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Butterfly Valve Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Butterfly Valve Market Size:
The global butterfly valve market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2023-2033. The market generated a revenue of ~USD 7100 Million in the year 2022 and is further expected to reach a revenue of ~USD 14102 Million by the end of 2033. The growth of the market can be attribute to increasing crude oil and gas extraction. For instance, 34 million metric tonnes (MMT) of crude oil were extracted in India during the 2018–19 fiscal year. These valves have proved to be beneficial for handling large flows of liquids or gases at relatively low pressure. Hence their demand is high is in and gases industry. They also used in handling slurries or liquids containing large number of suspended solids.
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Besides oil and gases, they provide their usefulness in other application s such as fire production, high-temperature and high-pressure services. Further growing demand for petroleum products all around the world could be another factor responsible to influence the growth of the market. World oil demand recovered from the COVID-19 pandemic to grow by 5.74 mb/d year over year, or by 6.3%, reaching an average of 96.92 mb/d in 2021. Industries demanding butterfly valve other than oil and gas industry are specialty, fluoro chemicals and more.
Global Butterfly Valve Market: Key Takeaways
- Asia Pacific region to capture the highest market share
- Oil and gas segment to propel highest growth
- Market in Europe region to have a significant growth
Growing Urbanization to Boost Market Growth of Global Butterfly Valve
There has been rapid growing urbanization owing to the large number of people shifting in cities because of varies factors. By 2050, 68% of the world's population, up from 55% in 2018, is anticipated to reside in urban regions. Also the standard of living of urban people is relatively high. Hence this factor is expected to boost the demand for butterfly valve over the forecast period. As people get richer they are expected to spend more on energy consumption which is turn would boost the market growth.
Another factor to drive the demand for butterfly valve market is growing population of people all around the world. The population of the world is projected to rise by 2 billion people during the next 30 years, from 7.7 billion people today to 9.7 billion in 2050, with a potential peak of approximately 11 billion people around the year 2100. This is expected to be one of the prime factor to increase the energy consumption. As the world's population and energy consumption rates rise, there is a need to improve water, food, and energy sources while remaining environmentally responsible and meeting the requirements of all people.
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Global Butterfly Valve Market: Regional Overview
The global butterfly valve market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expansion of Oil and Gas Industry to Drive Market Growth in Asia Pacific Region
The butterfly valve market in Asia Pacific region is estimated to hold the highest market share of 40% by the end of 2033, backed by expansion of oil and gas industry in this region. For instance, the building of two further commercial-cum strategic facilities with a combined storage capacity of 6.5 MT underground storages at Chandikhol (4 MT) and Padur (2.5 MT) was authorised by the government of India in July 2021 as part of phase II of the SPR programme. Phase II's completion will satisfy India's need for oil for an additional 12 days.
Largest Refining Capacity to Favour Growth of Market in Europe Region
The market in Europe region is expected to have a significant growth over the forecast period. The growth of the market in this region can be attributed to having the largest refining capacity. The EU has a refining capacity of more over 14 million barrels per day, or around 14% of all global capacities, according to the BP Statistical Review of World Energy 2018, making it the third-largest refining market after the US and China.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Butterfly Valve Market, Segmentation by End User
- Oil and Gas
- Water and Wastewater
- Power Generation
- Chemicals
- Others
The oil and gas segment is anticipated to capture the largest market share by 25% by the end of 2033. The growth of the segment can be attribute by growing extraction of oil. While OIL accounts for 10% of domestic crude oil production and 9% of gas production, ONGC accounts for almost 60% of domestic crude oil output and approximately 70 percent of domestic gas production. In the production of oil and gas, private/joint venture businesses have a respective share of about 29% and 20%.
Global Butterfly Valve Market, Segmentation by Type
- High-Performance
- Lined Butterfly Valves
Lined butterfly valves are estimated to grow at a significant rate over the forecast period backed by its growing importance in pulp and paper industry. Further growing pulp and paper industry is expected to boost the market growth. Production of pulp and paper is estimated to reach approximately 500 million tonnes globally in 2023. By 2023, online sales of pulp and paper will account for more than 14% of total sales in the US.
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Global Butterfly Valve Market, Segmentation by Application
- Centric Valves
- Eccentric Valves
Global Butterfly Valve Market, Segmentation by Function Type
- On/Off Valves
- Control Valves
Few of the well-known market leaders in the global butterfly valve market that are profiled by Research Nester are Valmet Oyj, Pentair, Emerson Electric Co., Schlumberger Limited., The Weir Group PLC, Bray International, Velan, Inc., L&T Valves Limited, Flowserve Corporation, Adams Armaturen GmbH, and other key market players.
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Recent Development in the Global Butterfly Valve Market
- In July 20, 2022, Emerson Electric Co., has introduced the TESCOM Anderson Greenwood Instrumentation H2 Valve Series for applications using hydrogen up to 15,000 psi (103.4 MPa). In high pressure gas applications like hydrogen filling stations and tube trailers, the innovative technology reliably isolates process pressure, lowering fugitive emissions and raising safety.
- In July 7, 2021, A new, adaptable butterfly valve product line from Neles makes it simple to configure the valve for a wide range of applications across all process sectors. With its tried-and-true technology and cutting-edge features, the product line offers improved process efficiency with a reduced environmental impact.
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