Flanges Market size is anticipated to witness more than 5.5% CAGR between 2023 and 2032. The growing rate of power generation worldwide to cater to wide spectrum of industrial applications will boost the industry growth. As per Enerdata, the power generation growth in India rose 9.7% in 2022. The rising need for ensuring the safety and efficiency of power plant operations is driving the adoption of flanges to meet specific requirements, such as temperature resistance, pressure ratings, and material compatibility. The dire need to create strong as well as leak-proof connections for ensuring the safe and efficient transfer of fluids and gases within the power plants will prove favorable for the market expansion.
To understand key trends
Download Free Sample
The rising number of new food & beverage processing units will positively impact the market expansion. Stainless steel flanges are widely incorporated in the food & beverages sector to offer hygiene as they ensure the quality and safety of the products. In the contrary, the growing leakage issues associated with flanges and the strong presence of regulations by Environmental Protection Agency for fugitive emissions may limit the product uptake to some extent.
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||5.5%|
|Historical Data for:||2018 to 2022|
|No. of Pages:||378|
|Tables, Charts & Figures:||918|
|Segments covered:||Material, Size, Shape, End-user and Region|
|Pitfalls & Challenges:|
To understand market opportunities
Download Free Sample
The COVID-19 pandemic posed challenges for the flanges market as it made way for supply chain disruptions worldwide propelled by restrictions on movement, lockdowns, and factory closures. The hampered operations in the oil & gas, power generation, petrochemicals, and construction sectors affected production and availability. However, the growing focus of companies on remote work arrangements, exploring digital solutions, and enhanced safety protocols for continued operations positively impacted the product demand during the pandemic.
The growing rate of urbanization and population along with the consequent need for investing in water infrastructure for ensuring adequate water supply and wastewater management will influence the demand for flanges. According to the UNICEF, more than two billion people reside in countries with inadequate water supply. Rising usage to join sections of pipes together to facilitate easy installation, maintenance, and disassembly in wastewater systems to cater to the burgeoning need for regular inspection and repair will add to the market development.
Flanges market size from the stainless steel segment is set to reach significant revenue share by 2032. Stainless steel flanges are extensively used in several industries, including chemical processing, oil & gas, petrochemical, water treatment, food and beverage, and pharmaceuticals to provide high resistance to corrosion, ease of fabrication and endure extreme temperatures. On account of their ability to withstand harsh conditions and maintain safety, stainless steel flanges are employed for manufacturing as well as processing petrochemical products. Rising adoption in the aerospace and defense industries will also define the market expansion.
The weld neck shape segment accounts for over 60% of the flanges market share and will expand through 2032. The growth can be attributed to the growing usage of weld neck flanges in high stress application areas, including high pressure and elevated temperatures. The booming construction and infrastructure sector worldwide is contributing to the surging adoption of weld neck flanges in large-scale construction projects, including bridges and tunnels. Thriving shipbuilding activities coupled with the growing demand for flanges in ventilation systems, connecting pipelines, and fuel lines to offer strong and reliable connections at sea will add to the segment growth.
Flanges market size from the oil & gas segment is poised to record notable CAGR from 2023 to 2032, on account of growing usage in upstream pipeline, refineries and oil extraction processes for facilitating the flow of liquids. According to Global Data, there are 825 active refineries across the world. Flanges witness higher adoption in oil and gas applications as they serve as essential components to join valves and pipes together for creating a secure and leak-proof connection between different sections of vessels, pipelines, or other infrastructure. The growing incorporation of forged flanges in oil and gas pipelines will enhance the segment expansion.
Asia Pacific records around 45% share of the flanges market and is expected to observe significant traction through 2032, led by the well-established steel market along with the increasing steel production in the region. According to SteelMint, the crude steel production in India surged by 5.8%, reaching 124.45 million tonne in 2022. The growing focus on renewable energy sources, including solar and wind power is impacting the adoption of flanges to connect and support several components of renewable energy systems. The surging number of commercial, residential, and infrastructure projects will also drive the regional market growth.
Some of the major participants in the flanges market are:
Click here to Buy Section of this Report