Flanges Market Research, 2031
The global flanges market size was valued at $4.50 billion in 2021, and is projected to reach $7.39 billion by 2031, growing at a CAGR of 5% from 2022 to 2031. Flange is a protruding ridge/rim that is used to improve strength or distribute load. Flanges are used to connect valves, pumps, pipes & other equipment to form a piping system. It also allows for simple washing, inspection, and alteration. Flanges are welded or screwed together. Flanged joints are created by bolting two Flanges together and placing a gasket between them to form a seal.
The development of control technology in the flanges provides monitoring of the fluids that helps in reducing the energy consumption along with wastage of fluids. In addition, the oil & gas industry is the largest consumer of the flanges globally. The energy sector in North American countries such as U.S. and Canada is largely privately operated, financed, and owned. Owing to this, the investment over the development of oil & gas sector has grown, which boosts the demand of flanges in order to connect the components of equipment. Moreover, the demand for food from developing countries such as India, Brazil and others have boosted the agriculture industry. This led to establishment of new food & beverage processing units in the country. The food & beverage processing industry is the largest consumer of the flanges. This in turn has driven flanges market growth.
However, different countries such as the U.S. has increased the tariffs on steel and aluminum imports that has affected the manufacturing sector of the country. Thus, this led to cause a hike over the price of the raw materials from which flanges are made, thereby, restraining the flanges market share.
Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of various construction materials as well as their demand in the market, thereby restraining the growth of the flanges market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of flanges companies at their full-scale capacities, that helped the market to recover by end of 2021.
On the contrary, addition of new technologies, such as fluid monitoring technology along with the further R&D for the development of new technologies for flanges that help in finding out new processes while inserting the flanges in order to reduce the amount of time, which is expected to offer new flanges market outlook.
The flanges market is segmented into type, material and industry verticals. On the basis of type, it is further classified into slip-on, socket weld, threaded and others. By material, it is divided into stainless steel, carbon steel, aluminum and others. By industry vertical, it is categorized into automotive, oil & gas, manufacturing, HVAC, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, in 2021 the others segment dominated the flanges industry, in terms of revenue, and is expected to witness growth at the highest CAGR during the forecast period. As per material, in 2021, the others segment led the market, and is expected to exhibit highest CAGR in the near future. By industry verticals, the oil & gas segment led the market in 2021, in terms of revenue and others segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2021; and is anticipated to register highest CAGR during the forecast period.
The major players profiled in the global flanges market include, AFG Holdings, Inc., Coastal Flange, Inc., Flanschenwerk Bebitz GmbH, General Flange & Forge LLC, Hitachi, Kerkau Manufacturing, Kohler Corporation, Mass Global Group, METALFAR Prodotti Industriali S.P.A., Outokumpu Armetal Stainless Pipe Co. Ltd (OASP), Pro-Flange, Qontrol Devices, Inc., Saini Flange (p) ltd., Sandvik AB, Simtech Process Systems, SSI Technologies, Inc. and Texas Flange. Major companies in the market have adopted product launch, partnership, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the flanges market analysis from 2021 to 2031 to identify the prevailing flanges market forecast.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global flanges market trends, key players, market segments, application areas, and market growth strategies.
Flanges Market Report Highlights
By Industry Verticals
Key Market Players
General Flange & Forge LLC, Qontrol Devices, Inc., Hitachi, Mass Global Group, Flanschenwerk Bebitz GmbH, Pro-Flange, Texas Flange, Saini Flange (p) ltd., Kerkau Manufacturing, METALFAR Prodotti Industriali S.P.A., Outokumpu Armetal Stainless Pipe Co. Ltd (OASP), SSI Technologies, Inc., AFG Holdings, Inc., Simtech Process Systems, Sandvik AB, Coastal Flange, Inc., Kohler Corporation
The global flanges market is expected to possess organic growth potential during the forecast period. The demand for flanges is witnessed from oil & power industries, mainly owing to high infrastructural upgradations under the ”Industry 4.0” development. With the development in automated regulation and control of flanges, the market is likely to garner high revenues globally.
Moreover, the increased investments in oil & gas extraction infrastructure in the North American countries including the U.S. and Canada is driving the demand of flanges, which in turn boosts the growth of flanges market. The high demand from North America is satisfied by major manufacturers of flanges located in China, Germany, India, and others, which has resulted in significant growth of flanges market globally.
Many competitors in the flanges market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies.