Flanges Demand Is Estimated To Grow At Modest CAGR Of Over 5.5% By 2032

During the projected period (2019-2027), the global flanges market is anticipated to develop at a moderate CAGR of more than 5.5% and surpass US$ 7 Bn in value. Flange demand is anticipated to pick up steam in the near future and is anticipated to produce enormous revenue sales during the projection period.

In an effort to reduce the overall mass of the vehicle, major manufacturers are applying innovative manufacturing techniques and using novel materials to produce lightweight flanges. The petrochemical industry is another major user of refinery and pipeline flanges. The market for flanges is expanding in large part due to rising oil consumption in both North American and Asian nations.

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Key Segments Covered

• By Type :
  • Welding Neck
  • Long Welding Neck
  • Slip-On
  • Socket Weld
  • Lap Joint
  • Others (Threaded, Blind)
• By Material :
  • Carbon Steel
  • Stainless Steel
  • Aluminum
  • Polymer
  • Others (Cast Iron, Bronze)
• By End Use Industry :
  • Aviation and Aerospace
  • Petrochemical
  • Architectural Decoration
  • Food & Beverages Processing
  • Construction
• By Region :
  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

A comprehensive study of each market participant’s corporate strategy, including mergers, the launch of new products, joint ventures, and collaborations, is included in the Flanges Market Report.

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.
• 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 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

The current COVID-19 outbreak has had a very detrimental impact on the global flanges market. The temporary halt of manufacturing operations in all of the major manufacturing hubs has caused a significant delay in production. Demand and purchasing power among consumers are also impacted by COVID-19. When and how the market for flanges will return are very difficult to predict given the projected length of the suspension. The Cov-19 is projected to have a significant impact on the market study of flanges.

The following information was utilized in the study of the global flanges markets:

People’s global consumption patterns are changing.
Numerous challenges, possibilities, and factors are driving the global market for flanges.
Everyone needs fresh revenue streams in a field that is becoming more global.
Characteristics of involvement and degree of competition among the leading businesses in the industry
Technological and business innovations that take into account COVID-19’s effects on the market and how the pandemic might affect the market’s potential future growth.
Geographic segmentation is used to analyse the revenue and anticipated future growth of the Flanges Industry market.
There has been a significant decrease since last year. rising demand for the detection of the Flanges Market.