The need for flexible material storing and stacking architectures with new safety features and resource efficiency for all industries is a vital factor driving the need for triple offset butterfly valves. The Industrial manufacturing sector has witnessed significant growth in recent years, which is estimated to persevere over the coming years. High usage of triple offset butterfly valves across oil & gas and chemical industries is giving impetus to market growth.
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As per Persistence Market Research analysis, the global triple offset butterfly valves market is estimated to expand at a CAGR of more than 4% over the forecast period of 2021-2031.
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Key Takeaways from Triple Offset Butterfly Valves Market Study
- Demand for stainless steel triple offset butterfly valves has seen prominent growth in recent years, and is expected to continue over the forecast period. These valves prevent galling and scratching, making them highly sought-after for various applications.
- Increasing demand for butterfly valves from the oil & gas industry is expected to propel market growth over the coming years.
- The market dynamics of the global triple offset butterfly valves industry is expected to be more regional. For instance, in chemicals and petrochemicals, countries in East Asia and North America will witness substantial growth over the forecast period.
- Increasing demand for high performance and improved wear resistance butterfly valves is expected to push global sales.
- Need for traditional valve replacement has seen tremendous growth in recent years. Replacement of aged valves in industrial applications such as oil & gas, chemicals & petrochemicals, power generation, and water and wastewater is extremely important for seamless operations.
- Due to the COVID-19 crisis, the triple offset butterfly valves market declined by -2.1% in 2020. However, long-term growth looks positive.
- The market in China is expected to expand at 4.6% CAGR through 2031.
- Demand in the U.S. will increase at over 3% CAGR over the next ten years.
- The market in Germany and India will witness CAGRs of 3.6% and 4.1%, respectively, through 2031.
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