The latest market report published by Credence Research, Inc. “Global flanges Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The global flanges market generated revenue of around USD 4648.3 million in 2022 and is anticipated to grow a CAGR of over 5.50% during the forecast period from 2023 to 2030 to reach around USD 6761.78 million in 2030.
Reinforced by the flourishing oil & gas industry and rising power generation activities worldwide, the global flanges market is poised to attain substantial growth in the years to come. The oil & gas industry is amongst the leading users of flanges for pipelines and refineries applications. Increasing consumption of oil in Asian and North America countries makes them the major contributor towards augmented growth of the global flanges market. A robust expansion and growth of the petrochemical industry in the U.S. are fuelled by increasing exploration and production activities of crude oil in the country. These factors are crucial in influencing the demand for crude oil in the region. Additionally, upgrades, replacements, and refurbishments in the refineries for processing lighter crudes will further fuel the growth of the industry.
The global flanges market is bifurcated into type, material, end-user industry, and geography. Based on type, the market is categorized into welding neck, long welding neck, slip-on, socket weld, lap join, and others (threaded, blind). On the basis of material, the global market is segmented into carbon steel, stainless steel, aluminum, polymer, and others (cast iron, bronze). On the basis of the end-use industry, the global market is segmented into aviation and aerospace, petrochemical, architectural decoration, food & beverage processing, and construction. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia Pacific dominated the global flanges market, accounting for a major market revenue share value. This is majorly owing to the existence of major local and international players. However, the market holds opportunities for small and medium players owing to increasing government investments in the sector. The Indian market presents opportunities for growth over the forecast period, which is anticipated to drive market competition further.
The Flanges Market Major Challenges are a complex and multifaceted issue that requires careful consideration. One of the most significant challenges facing this market is the increasing competition from low-cost producers in countries such as China and India, which can often produce flanges at much lower prices than their Western counterparts. This has put pressure on traditional manufacturers to reduce costs and increase efficiency in order to remain competitive. In addition, changes in global trade policies have also impacted the market, with tariffs affecting some suppliers more than others.
The following are some of the key factors driving the growth of the flanges market worldwide:
- Growth in oil and gas industry: The oil and gas industry is one of the largest users of flanges, and the growth of this industry is driving the demand for flanges.
- Increase in demand for energy: The increasing demand for energy from various sectors, including power generation and transportation, is driving the demand for flanges.
- Growth in construction industry: The construction industry is a major user of flanges in the manufacturing of pipelines, which is driving the demand for flanges.
- Advancements in technology: The development of new technologies for the manufacturing of flanges, including 3D printing and automation, is driving the growth of the flanges market.
- Growth in emerging economies: The growth of emerging economies, particularly in the Asia-Pacific region, is driving the demand for flanges, as these economies are investing heavily in infrastructure development.
Overall, the flanges market is expected to continue to grow in the coming years, driven by the increasing demand from the oil and gas, energy, and construction industries, as well as advancements in technology and growth in emerging economies.
Why Buy This Report-
- The report provides a qualitative and quantitative analysis of the global flanges market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global flanges market segmentation based on type, material, and end-user.
- Major countries in each region with their import/export statistics
- The global Flanges market report also includes analyzing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
Browse Our Blog: https://www.credenceresearch.com/report/flanges-market
Related Report: https://www.credenceresearch.com/report/pbn-crucible-market
Related Report: https://www.credenceresearch.com/report/standard-roughened-copper-foil-market
Browse Our Blog: https://www.linkedin.com/pulse/flanges-market-size-industry-share-growth-demand-supply-singh