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.
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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.
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- 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
Global Flanges Market: In-Depth Assessment on Key Segments
The global flanges market is segmented on the basis of type, material, end use industry and region.
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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.
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