Butterfly Valve (BFV) Market, by Type (High-Performance Butterfly Valve, Lined Butterfly Valve), Design (Concentric Butterfly Valve, Eccentric Butterfly Valve) Material Type (Stainless Steel Valves, Cast Iron Valves, Others), Function (On/Off Valve, Control Valve), End-User (Oil & Gas, Water & Wastewater, Energy & Power, Pharmaceutical, Chemical) and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The butterfly valves market size was estimated at USD 10.97 billion in 2023 and is projected to reach USD 16.64 billion in 2030 at a CAGR of 6.13% during the forecast period 2023-2030.
Butterfly valves are a type of quarter-turn valve used to control the flow of liquids or gases through a pipe. They consist of a circular disc or plate with a pivot axis at its centre. When the valve is rotated a quarter turn, the disc either allows or blocks the flow of fluid, similar to the movement of a butterfly’s wings, hence the name “butterfly valve”. Butterfly valves are commonly used in industries such as water treatment, HVAC systems, chemical processing, food and beverage, and more. Their simple design, ease of operation, and cost-effectiveness make them a versatile choice for controlling the flow of fluids in various applications.
The growth of the market is being driven by the rising demand for oil and gas industry, increasing demand from water and wastewater treatment industry, development of new technologies and growing demand from the power generation industry. Moreover, the urbanization of cities and the building of infrastructure has increased the demand for the butterfly valves.
However, factors such as competition from other types of valves, high cost of butterfly valves, availability of reasonably priced products and strict set of quality control and safety regulations might hamper the growth of the market.
The COVID-19 pandemic had a considerable impact on the market. Disruption in the supply chain reduced demand across end-user industries such as oil and gas due to limited exploration and production activities hampered the growth of the market during the pandemic.
The market is expected to grow during the forecast period. This growth can be attributed to several factors. The oil & gas industry is one of the largest consumers of butterfly valves. Butterfly valves are used in a variety of applications in the oil and gas industry, such as flow control, isolation, and throttling. The rising demand for oil and gas is expected to drive the demand for butterfly valves in this industry. Moreover, the increasing demand for clean water and wastewater treatment is expected to drive the demand for butterfly valves in this industry. However, there are a number of other types of valves that can be used in place of butterfly valves. The competition from these other types of valves could hamper the growth of the butterfly valve market. Moreover, butterfly valves can be expensive, especially for large sizes and high-pressure ratings. This could be a barrier to adoption for some applications.
Asia-Pacific to Dominate the Market