Jan 21, 2020
Flanges Market Resurgent, as Oil Consumption in North America and APAC Soars, Finds Fact.MR
by Team Fact.MR
The global flanges market is projected to grow at a CAGR of over 5.5% and is estimated to reach a value pool of over US$ 7 Bn by the end of the forecast period (2019-2027). Strengthened by a booming petrochemical industry, with an impetus to power generation activities around the world, the global flanges market is positioned to achieve significant growth during the forecast period. The petrochemical industry is among the principal utilizers of refinery and pipeline flanges. Increasing oil consumption in both Asian and North American countries is the primary contributor to market growth for flanges. Other key factors influencing the demand for flanges is the robust expansion of the U.S. petrochemical industry caused by increasing exploration and the country's crude oil production activities. Refurbishments, replacements, and improvements in refineries is further fueling industry growth.
Key Takeaways of Flanges Market:
- Global power generation increased by over 3% in 2018, led by strong renewable energy growth. In addition, hydroelectricity and solar energy are the two main drivers behind the steady growth of the flanges market.
- The stainless steel segment acquired a share of over 40% of all the manufacturing content on the flanges market due to its ability to provide high corrosion resistance, extreme temperatures and ease of manufacture
- Welded neck flanges will hold a significant share of over 50% during the forecast period. Welded neck flanges are identified as long-tapered hubs, which can typically be used in any pipe / fitting, accentuating its demand.
- The petrochemicals segment holds a prominent share of over 35% within the global flanges market in 2018. Flanges are used to allow the movement of liquids in upstream pipelines, refineries and in oil extraction processes
- Driven by the region's numerous developing countries, Asia Pacific has emerged as the largest flanges market in 2018 with over 1/3rd market share
“The market for automotive flanges is expected to gather momentum in the near future and is projected to generate high revenue sales over the forecast period. The key factors behind the growing sales of automotive flanges are facilitated cleaning and reducing maintenance costs” says the Fact.MR analyst
Fragmented Market Hinging on Production Capabilities, with Maximum Concentration in APAC
The competitive flanges business environment is shaped by the existence of several small and large-scale businesses. The players in the market are concentrated primarily in Asian countries followed by North America. Companies are adopting different strategies to distinguish themselves from other players. For example, in Italy, AF Global has integrated their business with Special Flanges. The merger is intended to strengthen the company’s production capability and product portfolio for flanges.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for flanges, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for flanges based on type (welding neck, long welding neck, slip-on, socket weld, lap joint, others(threaded, blind)), material (carbon steel, stainless steel, aluminum, polymer, others (cast iron, bronze)) and end use industry (aviation and aerospace, petrochemical, architectural decoration, food & beverages processing, construction) across several major regions.
>>> To Get more insights on flanges market, visit- https://www.factmr.com/report/4472/flanges-market
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.