February 03, 2020
According to the research report titled ‘Flanges Market Size By Material (Stainless Steel, Alloy Steel, Nickel Alloy, Carbon Steel), By Size (0.5 To 12 Inches, 13 To 24 Inches, 25 To 60 Inches), By Shape (Weld Neck, Slip-On, Socket Weld, Lap Joint, Blind), By End-user (Oil & Gas [Upstream, Midstream, Downstream], Petrochemical, Power Generation, Wastewater Management, Chemical Industry), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global flanges market is expected to cross USD 6 billion by the year 2025.
According to the report, rapid expansion of oil and gas industry across the globe is a major factor driving the flanges market growth. Flanges are used to connect valves, pumps, and pipes and other objects in order to form a piping system in upstream and refineries applications. Growing petrochemical industry has boosted the demand for pipe fitting equipment which in turn is further aiding the market expansion. Moreover, flanges are extensively used in power generation industries such as nuclear plants and oil & gas , thereby stimulating the industry outlook. However, leakage problems associated with the product may hinder the market growth.
As per material type, the report states that stainless steel flanges market segment is expected to be worth USD 2.5 billion by the year 2025. Flanges made from stainless steel offer properties such as corrosion and high temperature resistance, recyclability, and durability, which in turn is contributing towards the popularity of these flanges across the globe.
In terms of size, 0.5 to 12 inches segment is presumed to hold 70% share of flanges market by the year 2025. Rising adoption of such flanges in power generation industry are fueling the segmental growth.
Speaking of shape, the report cites that weld neck flanges market segment is poised to amass commendable gains in the forthcoming years. Increasing utilization of such flanges in piping systems that need to be dismantled for replacement and inspection activities are facilitating the business scenario.
Citing the end-use landscape, oil & gas industry is expected to hold 35% share of the flanges market by the year 2025. Increasing usage of flanges in oil & gas industry are augmenting the demand for the product. On the other hand, the demand for flanges in power generation industry will witness rapid growth in the subsequent years.
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As per regional analysis, Asia-Pacific flanges market is expected to hold 50% share by the year 2025. High growth is attributed to flourishing steel industry and increasing relocation of manufacturing units, owing to availability of cheap raw materials and labor, in countries such as Indonesia, Thailand, India, and China.
The prominent companies operating in the flanges market are AFGlobabl, MetalFar, Flanschenwerk Bebitz GmbH, Sandvik Materials Technology, Viraj Profiles Ltd., Texas Flange, General Flange & Forge LLC, Kerkau Manufacturing, Suraj Ltd., Rajendra Industrial Corporation, Mass Global Group, Coastal Flange, Pro-Flange Ltd., Outokumpu Armetal Stainless Pipe Co Ltd (OASP), and Jignesh Steel.
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