The flanges global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Flanges Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The flanges market size has grown strongly in recent years. It will grow from $4.92 billion in 2023 to $5.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to industrial growth and infrastructure development, expansion of oil and gas exploration, power generation projects, shipbuilding and marine industries, chemical and petrochemical sector growth..
The flanges market size is expected to see strong growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to growth of renewable energy projects, emphasis on corrosion-resistant materials, increased focus on sustainable practices, rise in pipeline construction projects, global events and energy policies.. Major trends in the forecast period include integration with digital twin technologies, focus on sealing technologies, technological integration in flange design, advancements in manufacturing technologies, global events and energy policies..
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Scope Of Flanges Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Flanges Market Overview
Market Drivers –
The increasing expansion of petroleum industry is expected to propel the growth of flanges market going forward. Flanges are crucial components in piping systems. The construction and expansion of pipelines, refinery operations, oil and gas exploration, upstream and downstream projects, global energy demand, technological advancements, government policies, and international trade all contribute to the rising need for flanges. For instance, in March 2023, according to Statistique Canada, a Canada-based statistical agency, in 2022, the production of refined petroleum products reached 112.3 million cubic meters, marking a 0.8% increase compared to the preceding year. This upturn was primarily attributed to a substantial rise in the production of kerosene-type jet fuel, which saw a growth of 44.7%, and distillate fuel oil, which experienced a 2.1% increase. Therefore, the increasing expansion of petroleum industry is driving the growth of flanges market.
Market Trends –
Major companies operating in flanges market are focused on innovating advance stainless steel seal to replace existing gasket technology. The innovative stainless steel sealing solutions that offer improved performance, durability, and corrosion resistance compared to traditional gasket materials. For instance, in June 2023, Pipeotech, a Norway-based Gasket manufacturer, launched new 304L stainless steel DeltaV-Seal for nitric acid service. This innovation is expected to benefit fertilizer plants by extending the time between gasket changes, resulting in substantial cost savings. DeltaV-Seal tackles the industry’s difficulty of properly sealing nitric acid lines, especially in the context of fertilizer manufacture. The DeltaV-Seal technology, which promises to cut carbon emissions while also giving operational benefits, demonstrates the company’s dedication to developing long-lasting and high-performance sealing solutions.
The flanges market covered in this report is segmented –
1) By Type: Welding Neck, Long Welding Neck, Slip-On, Socket Weld, Lap Joint, Other Types
2) By Material: Carbon Steel, Stainless Steel, Aluminum, Polymer, Other Materials
3) By End User: Aviation And Aerospace, Petrochemical, Architectural Decoration, Food And Beverages Processing, Construction, Other End-Users
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Regional Insights –
Asia-Pacific was the largest region in the flanges market in 2023. The regions covered in the flanges market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the flanges market report are SSI Technologies LLC, Simtech Process Systems, Qontrol Devices Inc., Saini Flange Pvt Ltd, AFG Holdings, Coastal Flange, Flanschenwerk Bebitz GmbH, General Flange and Forge LLC, Mass Global Group, METALFAR Prodotti Industrial SA, Outokumpu Armetal Stainless Pipe Co., Pro-Flange Ltd., Sandvik AB, Texas Flange, Fastenal Company, Wilhelm Bollhoff GmbH und Co KG, STANLEY Engineered Fastening, Locknut Technology Inc., Bebitz GmbH, Bonney Forge Corporation, C&N Industrial Limited, Cangzhou Ritia Pipe-Fittings Manufacture Co Ltd., Changsha Jetsun Trade Development Co., China Steel Flange Manufacturer, Dinesh Industries, Dynamic Forge & Fittings Pvt Ltd, Elite Piping Manufacture Co Ltd, Flange Wizard Inc., Forged Components Inc. .
Table of Contents
1. Executive Summary
2. Flanges Market Report Structure
3. Flanges Market Trends And Strategies
4. Flanges Market – Macro Economic Scenario
5. Flanges Market Size And Growth
…..
27. Flanges Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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