New York, United States , Dec. 11, 2023 (GLOBE NEWSWIRE) -- The Global Flanges Market Size is to Grow from USD 5.63 Billion in 2022 to USD 10.09 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.1% during the projected period.
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Flanges, additionally referred to as rims, are symmetrical parts that look like discs and are used to join or connect mechanical parts that are fixed in place, such as pipes or containers. These disc-shaped parts are typically found in plumbing and are used in pairs. As a sort of safety system, they connect piping connections to various pieces of machinery. Flanges, the second most popular connecting method available today, have several advantages for the system in which they are used. Its composition varies according to where it will be used, but it may contain brass, copper, and iron. One of these benefits is that it makes pipe system maintenance easier by allowing for adaptability. The global flanges market has been steadily growing in recent years, owing to an increase in energy production activities Flanges, additionally referred to as rims, are symmetrical parts that look like discs and are used to join or connect mechanical parts that are fixed in place, such as pipes or containers. These disc-shaped parts are typically found in plumbing and are used in pairs. As a sort of safety system, they connect piping connections to various pieces of machinery. Flanges, the second most popular connecting method available today, have several advantages for the system in which they are used. Its composition varies according to where it will be used, but it may contain brass, copper, and iron. One of these benefits is that it makes pipe system maintenance easier by allowing for adaptability. The global flanges market has been steadily growing in recent years, owing to an increase in energy production activities.
COVID 19 Impact
The COVID-19 pandemic posed obstacles for the flanges market by causing supply chain disruptions around the world caused by movement restrictions, lockdowns, and factory closures. Production and availability were impacted by the hampered operations in the oil and gas, power generation, petrochemicals, and construction sectors. However, the growing emphasis of businesses on remote work arrangements, digital solutions, and enhanced safety protocols for continued operations boosted product demand during the pandemic.
Browse key industry insights spread across 210 pages with 100 market data tables and figures & charts from the report on "Global Flanges Market Size, Share, and COVID-19 Impact Analysis, By Type (Slip-on, Socket Weld, Threaded), By Material (Carbon Steel, Aluminium, Stainless Steel, Others), By End Use Industry (Automotive, Oil & Gas, Manufacturing, HVAC, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The socket weld segment dominates the market with the largest revenue share over the forecast period
Based on the type, the global flanges market is segmented into slip-on, socket weld, and threaded. Among these, the socket weld segment is dominating the market with the largest revenue share over the forecast period. Compared to other fittings, socket welds have less expensive installation costs and meet less exacting dimensional requirements. Typically used on smaller-diameter high-pressure pipes, they connect pipes by placing the pipe into the socket end and filleting welding the top. This results in a smooth bore and improved fluid or gas flow within the pipe.
The stainless-steel segment is witnessing significant CAGR growth over the forecast period.
On the basis of material, the global flanges market is segmented into carbon steel, aluminium, stainless steel, and others. Among these, the stainless-steel segment is witnessing significant growth over the forecast period. Stainless steel flanges are used in the water, oil and gas, food and beverage, and transportation industries. Stainless steel flanges have additional advantages, such as corrosion and stain resistance. Stainless steel flanges are corrosion-resistant in a variety of atmospheric conditions and corrosive media.
The oil & gas segment is expected to hold the largest share of the global Flanges market during the forecast period.
Based on the end-use industry, the global Flanges market is classified into automotive, oil and gas, manufacturing, HVAC, and others. Among these, the oil & gas segment is expected to hold the largest share of the flanges market during the forecast period. Flanges are becoming more common in oil and gas applications because they are required parts for connecting valves and pipes to create a secure and leak-proof connection between various parts of vessels, pipelines, or other infrastructure. The growing use of forged flanges in oil and gas pipelines will propel the segment forward.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. The presence of several key flange manufacturers throughout the region is one of the primary factors driving market demand. Countries like India and China are rapidly industrializing, raising demand for energy and power. As a result, demand for energy and power industry accessories such as flanges is increasing. Furthermore, as a result of the region's rapidly growing population, urbanization, and infrastructure development, the region's construction sector is expanding. The construction industry needed many components, including flanges, which are used in pipes, tanks, and other equipment.
North America is expected to grow the fastest during the forecast period. The petrochemical industry in the United States has expanded and grown rapidly, owing to increased crude oil exploration and production in the country. The largest consumers are based in the food & processing segment. These factors have a significant impact on crude oil demand in the region. The replacement of oil refineries and refurbishments to crudes will also drive the flanges market.
The Europe market is expected to register a substantial growth rate during the forecast period. Infrastructure development and construction activities are receiving increased attention, particularly in emerging economies, which demand extensive pipeline networks, fueling demand for flanges.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the Global Bioresorbable Polymers Market include Corbion, Evonik Industries, Poly-Med Inc, KLS Martin Group, Foster Corporation, DURECT Corporation, Zeus, Ashland and other key vendors. Major vendors in the global flanges market General Flange & Forge LLC, Mass Global Group, Metal far Prodotti Industrial S.P.A., Outokumpu Armetal Stainless Pipe Co. Ltd (OASP), Pro-Flange, Sandvik Ab, Texas Flange,AFG Holdings, Inc., Coastal Flange, Inc., Flanschenwerk Bebitz Gmbh, SSI Technologies, Inc, Kerkau Manufacturing, Qontrol Devices, Inc., Kohler Corporation, and many others.
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Recent Market Developments
In June 2021, AFG Holdings, Inc. purchased Maass Global Group's North American assets, including its businesses in Canada and Mexico, to offer combined bundling opportunities through a unified supply chain at a lower cost.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Flanges Market based on the below-mentioned segments:
Flanges Market, Type Analysis
- Slip-on
- Socket Weld
- Threaded
Flanges Market, Material Analysis
- Carbon Steel
- Aluminium
- Stainless Steel
- Others
Flanges Market, End-Use Industry Analysis
- Automotive
- Oil and Gas
- Manufacturing
- HVAC
- Others
Flanges Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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