New York, Oct. 24, 2022 (GLOBE NEWSWIRE) -- The India expansion Joints market is estimated to expand at a value CAGR of 6.5% during the forecast period of 2022-2032 to reach a growth of US$ 143.2 Mn by the end of 2032.
The power sector in India is one of the most diverse in the world. The sources of power used in India range from viable non-conventional sources such as solar, wind, domestic waste, and agriculture to conventional sources such as lignite, coal, oil, natural gas, hydro, and nuclear power. The country's need for power is rising rapidly. Massive additions to installed producing capacities are necessary due to the nation's rapidly rising need for power.
Expansion joints are used in the power sector for cooling waste lines, low-pressure steam systems, feed water systems, turbines, hot air ducts, and others. Therefore, growth of the power sector is set to have a positive influence on the expansion joints market in the country.
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The HVAC industry is anticipated to grow significantly during the forecast period due to increasing heat waves, and this is set to directly benefit expansion joint manufacturers. Demand for rubber expansion joints will be further boosted by the growing requirement for sewage, marine, and water pipeline systems. The oil & gas industry's explosive growth will soon also be a major factor driving the demand for rubber expansions. The market for nonmetallic expansion joints will continue to increase as combined cycle gas turbine usage rises and natural gas pipeline systems are expanded.
Key Takeaways from Market Study
• By type, sales of flexible metal joints are projected to expand at the fastest CAGR of 7% through 2032.
• The metallic expansion joints is expected to hold the largest market share of 71% (2022) under the material segment.
• By end-use industry, power generation is estimated to create an absolute $ opportunity worth US$ 10.8 Mn by 2032.
• By application, piping and expansion will remain dominant and account for more than 26% market share by 2032.
• By region, the market in East India is projected to expand at a CAGR of 7.3% through the forecast period.
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“The expansion joints market in India is expected to witness significant growth due to strong economic growth coupled with the expanding industrial in the country,” says a Persistence Market Research analyst.
Market Landscape
The market is moderately consolidated among tier i, tier ii, and tier ii players. Leading players in the market account for 40% to 45% share on a value basis.
Some of the key players in this industry include, but are not limited to, Eagleburgmann, Flexatherm Expanllow Pvt Ltd, Flexpert, Frenzelit India, Keld Ellentoft India, Lbh Expansion Joints, Pliant Bellows, Sbm Bellows, Shivam Cast Products, and Witzernmann India.
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Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the India expansion joints market that contains industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, type, material type, application, end-use industry, and region.
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