NEW YORK, Feb. 17, 2021
NEW YORK, Feb. 17, 2021 /PRNewswire/ -- 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.
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.
Key Takeaways from Triple Offset Butterfly Valves Market Study
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"Growing demand for triple offset butterfly valves for zero leakage and low rubbing applications is increasing day by day, and this expected to drive market growth substantially through 2031. With a moderately fragmented market space, manufacturers are highly concentrated on increasing sales and distribution networks with different pressure ratings, standards, and sizes," says a Persistence Market Research analyst.
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Market Landscape Continues to Remain Moderately Fragmented
The global triple offset butterfly valves market has been identified as a moderately fragmented market, with the unorganized sector occupying a major section of the overall market. Tier-1 manufacturers account for a minimal share in the global market. Some of the leading players included in the report are Emerson Electric Co., The Flowserve Corporation, Cameron International Corporation (Schlumberger), and Velan, Inc. Manufacturers such as L&T Valves Limited, OHL Gutermuth Industrial Valves GmbH, Advance Valves Private Limited, and tier-3 manufacturers such WuZhou Valve Co., Ltd, Jiangsu Lotoke Valve Co. Limited, and many regional players across the globe are anticipated to create a tough competitive environment on a global level.
Global Triple Offset Butterfly Valves Market Report Conclusion
The global triple offset butterfly valves market is anticipated to increase substantially owing to rising sales across oil & gas and petrochemical industries. Fluctuation of raw material prices is expected to have a substantial impact on the market. The trend of offering custom-made valves has been increasingly adopted by manufacturers. Sales are is estimated to rise during the forecast period owing to rising demand for wear-resistant and high-performance butterfly valves.
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