Butterfly Valve Market Size & Share, by Type (High-performance, Lined); Application (Centric Valves, Eccentric Valves); Function Type (On/Off Valves, Control Valves); End-user (Oil, Gas, Water, Wastewater, Power Generation, Chemical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

 Global Butterfly Valve Market Highlights Over 2023 - 2033

 Global Butterfly Valve Market Highlights Over 2023 - 2033

The global butterfly valve market is estimated to garner a revenue of USD 14,102 Million by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 7,100 Million in the year 2022. The growth of the market can be attributed primarily to the increasing crude oil and gas extraction worldwide. For instance, crude oil extraction accounted for 34 million metric tonnes (MMT) in the financial year 2018-19 in India.

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Butterfly valves are three-way, rotary valves that are used for starting, regulating, and stopping gas or liquid flow through pipes. The actuator is made up of two semi-circular plates hinged at the center, a seal, stem, disc, handles and gears, and an actuator. This device is extremely reliable, economical, and requires little maintenance, and has a wide range of applications in the power generation industry, the oil and gas industry, and others. Moreover, a rise in butterfly valve production using 3D printing, combined with industrial Internet of Things (IIoT) for improved performance is further expected to drive market growth during the forecast period. 

Global Butterfly Valve Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Urbanization And Industrialization – Approximately 4.5 million people are considered urban in the World Bank's statistics, which is 57% of the total population. The number of people living in urban areas is projected to double over the next two decades with 7 out of 10 people in urban areas.

The rapid urbanization and industrialization of the world have fueled high demand for butterfly valves in a variety of end use industries, such as oil and gas, chemicals, and automotive. During oil extraction, butterfly valves isolate or regulate the flow of oil. This increased demand is anticipated to speed up the growth rate of the global butterfly valve market. 

• Growing Energy Consumption Worldwide- For instance, in 2018, the global energy demand grew by 2.8%, and by 2040, global energy consumption is expected to reach 730 million terajoules, an increase of 29%.

• Rising Investments In Power Sector-  According to estimates, it is predicted that the Indian power sector is set to receive investments worth USD 120 to 130 billion between FY19 and FY23.

• Expansion of the Automotive Sector- For instance, the Indian automotive industry is expected to generate 200 billion dollars by 2031, making it the world's third largest industry.

• Increasing Research and Development Spending- As of 2020, the World Bank estimates global research and development expenditures were 2.63% of GDP. A significant increase from the 2.2% reported in 2018.

Challenges

• Increasing Price Of Butterfly Valve
• High Manufacturing Cost
• Presence Of Low Cost Product In The Market

The global butterfly valve market is segmented and analyzed for demand and supply by end user into the oil and gas industry, water and wastewater industry, power generation industry, chemical industry, and others. Among these segments, the oil and gas industry segment captured the largest market size by 25% in the year 2022 in the global butterfly valve market owing to the rising demand for stainless steel butterfly valves in the extraction of oil. Oil and gas facilities require deeper pipelines and bigger wells to reduce production costs, which require highly specialized equipment. Moreover, the increase demand for butterfly valves in shale gas as an energy source is expected to augment segment growth over the forecast period.

Global Butterfly Valve Market Regional Synopsis

Regionally, the global butterfly valve market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific captures the highest market share of 40% in the year 2022 owing to the expansion of the oil and gas industry in the region. For instance, the government of India plans to commercialize 48 percent of its SPRs (strategic petroleum reserves) in order to raise funds and build additional storage tanks in order to cope with high oil prices. Furthermore, the usage of butterfly valves in various end use industries, along with the rising need for wastewater management in the region particularly in China, Japan, and India, and the growing exploration & manufacturing activities in the region are expected to drive the butterfly valve market in the region during the forecast period. 

The global butterfly valve market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global butterfly valve market includes the following segments:

Top Featured Companies Dominating the Global Butterfly Valve Market

• Valmet Oyj
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Pentair
• Emerson Electric Co.
• Schlumberger Limited.
• The Weir Group PLC
• Bray International
• Velan, Inc.
• L&T Valves Limited
• Flowserve Corporation
• Adams Armaturen GmbH