Asia Pacific remains a significant market for flanges, accounting for a third of the global revenues, owing to ongoing diversification in the automotive industry.
DUBLIN, IRELAND / ACCESSWIRE / February 11, 2020 / Global flanges market is set to grow at a promising CAGR of over 5%, reaching a value of US$ 7 Bn by the 2027-end, according to a new Fact.MR study. Flanges market players need to focus their efforts towards the development of high efficiency offerings along with customer service facilities.
"The flanges market continues to gain momentum as lightweighting and fuel-efficiency gain center stage. In addition to the evolving regulations, the emergence of carbon-conscious consumers is also providing impetus to market growth," says the Fact.MR report.
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Flanges Market: Key Findings
- Increasing demand from petrochemical industry is sustaining growth
- Adoption of flanges in renewables energy sector remains an exciting prospect
- Stainless steel flanges remain the bestselling variant, owing to their superior features
- Asia Pacific is the largest market for flanges, accounting for nearly one-third revenue share
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Flanges Market: Key Driving Factors
- Strong demand from automotive industry continues to create a steady stream of opportunities for market players
- Production of flanges as components for attachments in pumps, pipes and valves is a key factor driving petrochemical applications of flanges
- Global regulations towards sanitation and waste water treatment are driving usage of stainless steel flanges for pipelines
Flanges Market: Key Restraints
- Limitation of flanges to curb leakages continues to be a challenge for broader adoption
- Availability of low-cost flanges with dubious quality continues to create skepticism among end-users
Competition Landscape
The global flanges market is fragmented, with stronger presence of a number of small- and large-scale manufacturers. Manufacturers are primarily focusing their efforts on designing effective flanges for a range of end-use industries, and providing effective after-sales support to consumers. Emerging players are focusing on production of specific flanges, with a greater scope of customization to keep up with the competition. The key players in the market include, but are not limited to, in the global flanges market include General Flange & Forge LLC, Outokumpu Armetal Stainless Pipe Co Ltd and Pro-Flange Limited, Kerkau Manufacturing, Texas Flange, and Mass Global Group.
About the Report
This 200+ page study provides readers with an in-depth market forecast on the flanges market. The major categories covered through this report include product type (welding neck, long welding neck, slip-on, socket weld, lap joint, and others), material (carbon steel, stainless steel, aluminum, polymer, and others), end-use industry (aviation and aerospace, petrochemical, architectural decoration, food and beverage processing, and construction) and 25+ countries across key regions North America, Latin America, Europe, APAC, and MEA
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SOURCE: FactMR