(MENAFN- EIN Presswire)
Rupture Disc Market
Oil & Gas and Chemical Industry to Remain Leading End Users of Rupture Discs: Persistence Market Research
NEW YORK CITY, UNITED STATES , UNITED STATES, January 24, 2022 /EINPresswire.com / -- Global Rupture Disc Sales are set to be valued at US$ 587.5 Mn in 2021, with a stable long-term projection, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 3.7% CAGR from 2021 to 2031.
Growing need for high-performance safety devices in the industrial sector has led to intensify demand for rupture discs from the oil & gas and energy & chemical industry. Rapid technological advancements in rupture disc design and manufacturing are also projected to complement market growth over the coming years.
CLICK HERE TO GET A SAMPLE REPORT (INCLUDING FULL TOC, TABLE & FIGURES) –
Demand for rupture discs plummeted in 2020 due to the recessionary effects brought on by the COVID-19 pandemic outbreak. Offsetting of production rates and supply chain in end-use industries proportionately affected market growth. However, with the manufacturing sector and oil & gas industry gradually inching toward a growth recovery mode in the present fiscal, it is expected to auger well for the sales rupture discs.
Key Takeaways from Market Study
In several industries, the number of accidents (overpressure) is growing, and hence, there has been greater demand for enhanced safety in industrial operations, driving demand for rupture discs.
On the basis of material type, metallic rupture discs are anticipated to hold a prominent share as compared to graphite rupture discs, due to their growing preference across industries such as oil & gas, pharmaceuticals, and food & beverages.
Rupture disc companies are investing in technological advances design and manufacturing, using laser technology and advanced engineering to produce reliable, cost-effective rupture discs, which is anticipated to have a significant contribution to market growth over the years to come.
Rupture discs in combination with relief valves are expected to hold more than 50% market share.
Oil & gas and chemical industry are projected to hold nearly 40% of overall market share as end users by 2031-end.
The market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -4.4%.
The market in China and Japan is set to surge at around 4.3% CAGR over the next ten years.
GET A CUSTOMIZED SCOPE TO MATCH YOUR NEED ASK AN EXPERT –
“Surge in demand from oil & gas and chemical industry in recent years is expected to drive market growth of rupture discs. Demand will be fueled in healthy proportion for new and retrofit installations,” says a Persistence Market Research analyst.
The market is observed to be highly fragmented with key players accounting for less than one-fourth market share. Market players are likely to invest in new technology advancements and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are
BS&B Safety Systems, L.L.C.,
Parker Hannifin Corporation,
Emerson Electric Co,
Continental Disc Corporation LLC,
GAIN COMPLETE ACCESS TO THE REPORT –
Find More Valuable Insights
The research report analyzes demand for rupture discs. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.
As per Persistence Market Research's research scope, the market has been analyzed on the basis of material type, product type, application, end user, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
Read More Trending“PMR Exclusive Article”-
Persistence Market Research(PMR) is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers' experience by acting as the“missing” link between“customer relationships” and“business outcomes'. The best possible returns are assured therein.
email us here
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.