Flanges Market Analysis

Flanges Market Analysis

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.