Butterfly Valve Market size is poised to reach USD 14,102 Million by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of butterfly valve was over USD 7,100 Million. 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.
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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 7,100 Million |
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Forecast Year Market Size (2033) |
~ USD 14,102 Million |
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Regional Scope |
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End-user (Oil, Gas, Water, Wastewater, Power Generation, Chemical)
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 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.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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By Function Type |
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By End User |
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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 market in the region during the forecast period.
A new TESCOM Anderson Greenwood Instrumentation H2 Valve Series has been launched by Emerson Electric Co to meet the needs of hydrogen applications up to 15,000 pounds per square inch (psi) (103.4 megapascals (MPa).
Neles Corporation (Valmet Oyj) has launched a range of versatile butterfly valves for superior process performance and minimal environmental impact
Author Credits: Harshita Srivastava, Saima Khursheed
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