225 Users Online
Global Triple Offset Butterfly Valves Market Analysis and Review by Material Type (Cast Steel, Stainless Steel, Cast Iron, and Others)
In 2023, the Global Triple Offset Butterfly Valves Market will be worth US$ 1,613.1 Mn. and is projected to expand steadily at a CAGR of 4.4 % to reach a market valuation of close to US$ 2,471.6 Mn by 2033.
|
Global Triple Offset Butterfly Valves Market Size (2022A) |
US$ 1,551.0 Mn |
|
Estimated Market Size (2023E) |
US$ 1613.1 Mn |
|
Projected Market Value (2033F) |
US$ 2471.4 Mn |
|
Value CAGR (2023-2033) |
4.4 % |
|
Collective Share: Top 3 Countries (2022) |
35.8 % |
Triple offset butterfly valves, also known as quarter turn valves, high-pressure valves, or shut-off valves, are used to isolate and control high-pressure, superheated fluids and gases in a variety of industries.
Since the triple offset butterfly valves (TOBV) were introduced, they have become a success with end users in the downstream oil and gas, process, and power industries. It is recognized as a reliable, robust, and valid alternative to gate and globe valves, as well as ball valves.
The triple offset butterfly valve has many advantages over other valves used in most upstream applications. TOBV is inherently fire-safe with non-rubbing rotation, requires minimum maintenance, offers better control capabilities, and eventually reduces space, weight, and cost. These factors made the triple offset butterfly valve popular with end users, which generates significant demand in the market.
The U.S. is anticipated to hold a majority of the market share owing to a large number of Triple Offset Butterfly valve plants. The Triple Offset Butterfly valve market accounts for about 14 to 16 % of its parent market, the global Industrial valve market.
FREE Report Sample is Available
In-depth report coverage is now just a few seconds away
Get FREE Report Sample
From 2017 to 2022, the Global Triple Offset butterfly Market expanded at a CAGR of around 2.3 %.
The COVID-19 pandemic has had a severe impact on the global economy at various levels, and the impact is seen in the valve market as well. Most manufacturers are attempting to maintain production levels in the expectancy of a coming back to normal operations and an increase in demand. Uncertainty has continued to be one of the few constants in the manufacturing business for more than two years since the outbreak of COVID-19.
The key driver of the triple offset butterfly valve market is innovation in the triple offset butterfly valve market for end-use industries. Rising demand for butterfly valves from the oil and gas and petrochemical industries and the requirement for larger and deeper pipelines and bigger wells are expected to drive the growth of the butterfly valves market. Furthermore, heavy investment in refineries and pipelines in the oil and gas industry, the growing pharmaceutical industry, and rising requirements for electric power are expected to generate a huge market for butterfly valves over the forecast period. The market for triple offset butterfly valves is expected to remain a profitable segment for the duration of the forecast period. According to Persistence Market Research, the market will grow at a 4.4 % CAGR through 2033.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized Version“Increase in demand from Oil & Gas Industry”
Over the years, butterfly valve technology has advanced significantly. Butterfly valves are gaining popularity in the oil and gas industry due to their ability to operate at extreme temperatures and pressures. The valves are designed for functionality and reliability in many industries, like the oil and gas and petrochemical industries.
The oil and gas industry is one of the most prominent industries that use triple offset butterfly valves for various processes. Triple offset valves (TOBV) are the most suitable solutions for critical and non-critical upstream oil and gas uses that demand positive isolation owing to their heavy-duty nature and ability to withstand harsh conditions. The study market is expected to grow due to the rising demand for petroleum products across the world.
Factors driving the oil and gas industry are increased oil and gas drilling activities to meet demand, increased exploration of unconventional gas resources, and rapid technological advancements through investments in R&D to increase the efficiency of equipment and improve volume. The economic development of a country, increasing per capita income, growing automotive sectors, and changing lifestyles of end users have significant impacts on the oil and gas industry. These are expected to propel growth in the oil and gas industry during the forecast period, which will also increase the demand for triple-offset butterfly valves.
“High-Performance Triple Offset Butterfly Valves are gaining more popularity among the end users”
As the number of accidental incidents (overpressure) in various industries rises, there is a greater demand for enhanced safety in any industrial operation. Numerous regulations have been developed by regulatory bodies to improve operational safety, resulting in increased demand for high-performance industrial valves. Triple-offset butterfly valves perform better under high pressure than other valves. This butterfly valve is designed to handle a wide range of applications, including general applications, viscous and corrosive liquids, corrosive gases, and steam.
Butterfly valves are used in the exploration and production of oil and gas both onshore and offshore. The increase in project agreements in the oil and gas industries across countries and states will benefit the butterfly valves market.
Technological advancements and product developments have a significant impact on the global market for high-performance triple-offset butterfly valves. Furthermore, increasing the adoption of high-performance valves in sewage pumping, wastewater treatment, plants, and a variety of other applications will fuel the global growth of the triple offset butterfly valve market. With the continued expansion of the industrial sector, demand for high-performance triple offset butterfly valves from end-use industries is increasing.
Hydropower projects have been increasing, as they are one of the most reliable sources of renewable energy. Efficiently controlling high-pressure water is an important part of hydropower plants, which require high-performance valves. These projects necessitate a large number of valves for various flow control applications, fuelling the growth of high-performance triple offset butterfly valves.
Sales Team
Client Partner
Which is the most prominent market for the Triple offset butterfly valves market?
“U.S. is anticipated to hold the Prominent Market Share in triple offset butterfly valves market”
In 2023, the U.S. triple offset butterfly valve market is expected to account for approximately 16.3 % of the global market by value share.
The U.S. holds a significant share of the global triple offset butterfly valve market owing to being a leading producer of oil & gas on the global market. In addition, the rising number of activities and the production of oil from the Permian Basin in the U.S. are expected to create a lucrative market for oil and gas, which boosts the triple offset butterfly valves market. Furthermore, to address the global warming issue, shifts over the renewable energy source to meet the demand for energy also fuelling the market for high-performance triple offset butterfly valves.
Triple offset butterfly valves have high performance in overpressure and temperature, which creates good demand from the industrial sector.
Which is the most prominent market for triple offset butterfly valves in Europe?
“Germany is anticipated to hold the Prominent Market Share in the European market”
In 2023, the German market is expected to account for approximately 24.2% of the European market by value. A significant share of Germany in the global triple offset butterfly valve market is owing to manufacturers' increasing their fleet by developing a new consumer base in Germany.
Germany is investing in wastewater treatment plants in order to combat water scarcity and pollution. Furthermore, industrial regulations to reduce wastewater will necessitate the installation of multiple valves. Demand is expected to increase significantly.
How is India Faring in the Triple Offset Butterfly Valves Landscape?
India is the largest market for triple offset butterfly valves in South Asia and the Pacific region. The chemical and gas industry in India is one of the most diversified industrial sectors, covering thousands of commercial products. Growing industrial development in India, a rising economy, and India's becoming a manufacturing hub under the Make in India program are significantly increasing the market for triple offset butterfly valves. Emphasis on clean water management and stringent government regulations governing industrial waste management has resulted in significant growth in India for the butterfly valves market, which is expected to continue through 2033.
Why is Stainless Steel Triple Offset Butterfly Valve Popular?
The stainless triple offset butterfly valve is designed especially for flow control and regulation of corrosive material, particularly strong acids such as sulphuric acid and aqua regia. The stainless steel seat provides a more consistent, tight shut-off than a soft seat design.
The stainless triple offset butterfly valves (TOBV) are widely used in a lot of applications and industries, such as chemical, pharmacy, food and beverage, chemicals and petroleum refining, ultrapure water, paper, nuclear power, irrigation, and other industries. Stainless steel triple offset butterfly valves are used to prevent the scratching and galling between metal seats and discs owing to their unique design, which is making stainless steel triple offset butterfly valves popular among others.
Which Size of Triple Offset Butterfly Valves is Most Widely Used?
The medium-size (10-25 inches) segment accounts for the majority of the triple offset butterfly valve market and is expected to remain high throughout the forecast period. The segment is expected to grow at a CAGR of 4.7 % between 2023 and 2033. These valves come with different pressures, noises, vibrations, and materials. More product variants and specifications in the medium-size valve range provide customers with greater flexibility in selecting the appropriate valve for specific applications.
The global triple offset butterfly valve market is highly competitive in nature, with numerous significant businesses active in the field. Global players are taking initiatives to grow their businesses and market share.
Global players of triple offset butterfly valves adopt strategic acquisition, collaboration, and regional expansion strategies such as establishing facilities for manufacturing, sourcing, and strategic marketing in developing countries to enhance their foothold in fast-growing markets.
Some of the leading companies operating in this butterfly valve market are Emerson Electric Co., The Flowserve Corporation, Cameron International Corp., Adams Armaturen GmbH, L&T Valves Limited, Neles Oyj, The Weir Group, Bray International, Inc., Velan, Inc., The Crane Company, and others.
|
Attribute |
Details |
|
Forecast Period |
2023-2033 |
|
Historical Data Available for |
2017-2022 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
Triple offset butterfly valve Market by Material Type:
Triple offset butterfly valve Market by Size Type:
Triple offset butterfly valve Market by End-use Industry Type:
Triple offset butterfly valve Market by Region:
The Triple offset butterfly valve Market is expected to total US$ 2471.4 Mn in 2023.
The demand for Triple offset butterfly valves will increase by 4.4 % during the forecasted period from 2023 to 2033.
Emerson Electric Co., The Flowserve Corporation, Cameron International Corp., The Weir Group, and others are the leading market players which hold around 38 to 40 % of the market share.
The demand in Germany is expected to increase by 3.7 % CAGR from 2023 to 2033 on a value basis.
The U.S. is the leading country in the triple offset butterfly valve market. Sales in the country will be over 16.3% of total global demand throughout the forecast period.
