Categories: Market Research

Flanges Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Flanges by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Flanges , 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..

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.

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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

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 report table of contents includes: