NEW YORK, Oct. 21, 2022 (GLOBE NEWSWIRE) — Research Nester has published an in-depth market report on “Global butterfly valve market‘ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional summary
- market segmentation
- growth accelerator
- challenges
- Key market players and their detailed profiling
Global Stop Valve Market Size:
It is estimated that the global butterfly valve market will grow at a CAGR of approximately 7% during the forecast period i.e. 2023-2033. The market generated ~$7100 million in revenue in 2022 and is expected to reach ~$14102 million in revenue by the end of 2033. The growth of the market is attributed to increasing crude oil and gas production. For example, 34 million tons (MMT) of crude oil were produced in India in the 2018/19 financial year. These valves have proven advantageous when handling large flows of liquid or gas at relatively low pressure. Therefore, their demand in the gas and gas industry is high. They are also used to handle slurries or liquids containing a large number of suspended solids.
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Besides oil and gas, they offer their utility in other applications such as fire generation, high temperature and high pressure applications. Keeping growing demand for petroleum products across the globe could be another factor affecting the growth of the market. Global oil demand recovered from the COVID-19 pandemic and rose 5.74 mb/d, or 6.3%, year-on-year to reach an average of 96.92 mb/d in 2021. fluorochemicals and more.
Global Butterfly Valves Market: Key Takeaways
- Asia Pacific region to capture the highest market share
- Highest growth oil and gas segment
- Market in the Europe region with significant growth
Growing urbanization to…
