September 08, 2019
Global flanges market is anticipated to exceed US $6 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Flanges are used in making flanged joints where two flanges are bolted together with gasket to provide seal. The equipment is major part of piping system and is used for connecting pipes, valves, and pumps in upstream activities and refineries. It provides easy access to various operations in the industry such as cleaning, inspection, and modification.
The expansion of oil & gas industry around the globe is projected to be main factor driving the growth of flange market, cites the report. According to the study, on the global scale, the daily crude oil consumption of 99.2 million barrels is estimated to rise to 100.6 million in 2019 owing to the low price of oil enabling the US & Europe to import profitably. The expansion of petrochemical industry has resulted in high demand for pipe fittings for supporting new distribution lines, thus fueling the demand for high grade flanges and fittings.
Power generation industry utilizes flanges across a plethora of operations such as boilers, heat exchangers, condensers, generators, valves, vessels, reactors, pumps, pipe work, and turbine halls. Increasing awareness about renewable energy resources is noted to have increased the power generation by 2.8% globally in 2017. The product has significant growth potential, however the related leakage issues which are caused by decrease in gasket load below minimum seal pressure will restrict the profitability of the flanges market.
Based on material type, stainless steel flanges segment of the market is projected to amass US $2.5 billion by the end of 2025 owing to the material’s ability to provide superior temperature & corrosion resistance, durability, and recyclability. Different grades of stainless steel flanges are made by varying the chromium percentage. The product is manufactured according to the American Society of Testing and Material standards and the process involves heat treatment, forging, and finishing.
Based on size of flanges, 0.5 to 12 inches segment is anticipated to capture 70% share of the overall market by 2025. The required nominal flange size varies according to industrial applications, as larger flange size is required for power generation while wastewater management requires small flange. The American Society of Mechanical Engineers (ASME) has set various standards for gasket & fastener dimensions and minimum material requirement among others.
Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/2105474/
Considering the shape type of flanges, the weld neck, owing to its ability to reduce turbulence and minimize erosion inside the pipe has become a preferred product type. The flange is butt welded circumferentially at neck to pipe which allows the stresses to transferred to wall thickness from base guaranteeing strong reinforcement. Moreover, lap joint flanges find application for parts of piping system which are often inspected or replaced.
As cited in the study, the oil & gas industry is expected to hold 35% share of global flanges market over the forecast period owing to its use as attachment component in pumps, valves, and pipelines. Additionally, the use of flanges in power generation sector will provide varied benefits like efficient & accurate measurement, optimized fuel consumption, and easy mounting, further increasing the demand for the product.
In terms of regional contribution, Asia Pacific flanges market is anticipated to witness maximum growth by covering almost 50% share over the forecast timeframe. Relocation of manufacturing industries in developing nations such as India, Thailand, China, and Indonesia owing to cheaper labor and raw material along with expansion steel industry will propel the flanges market growth.
The key contenders of flanges market profiled in the report include Outokumpu Armetal Stainless Pipe, Texas Flange, Coastal Flange, Suraj Limited, Mass Global Group, and Pro-Flange Limited.