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The phrase "are tripling" is correct and usable in written English.
It can be used when describing an increase in quantity or frequency that is three times greater than a previous amount.
Example: "The number of participants in the event are tripling compared to last year."
Alternatives: "are increasing threefold" or "are multiplying by three".
Dictionary
are tripling
noun
A drink with three portions of alcohol.
Exact(9)
American troop levels in Afghanistan are tripling on his watch.
Mrs. Levine of the Carnegie said retail rents in the neighborhood "have been going up; they are tripling them, and that's been putting people out of business.
"You know, Republicans doubled the debt when we were in charge and then Democrats are tripling the debt," he said on "This Week With Christiane Amanpour" on ABC.
Iran's president, Mahmoud Ahmadinejad, made another blustering claim this week: that his scientists are tripling the size of their nuclear fuel program.
Some hotels are tripling or even quadrupling their rates — a room at the Red Roof Inn in Secaucus that costs $103.49 a night now will cost $499.99 on the two nights before the game — and claim to be filling up.
But now they are tripling the fees, came the reply.A clutch of 16 and 17 year olds from John Roan sixth form college in London insisted the threat of student debt was enough to put them off from applying.
Similar(51)
Damage awards under RICO are tripled.
These amounts are tripled under the RICO law.
"ISIS is tripling down," she wrote on Twitter on Monday.
The company is tripling investment, mainly in ten big projects.
It's tripled its profits.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com