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Implementation of control technologies has assisted in reducing the wastage of liquid passing through the pipes and valves that result in reduction of costs, which in turn drives the growth of the global flanges market. Stainless Steel 304 90 Degree Elbow
PORTLAND, Ore. , Aug. 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Flanges Market by Type (Slip-on, Socket Weld, Threaded, Others), by Material (Stainless Steel, Carbon Steel, Aluminum, Others), by Industry Verticals (Automotive, Oil and Gas, Manufacturing, HVAC, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global flanges industry was estimated at $4.50 billion in 2021, and is anticipated to hit $7.39 billion by 2031, registering a CAGR of 5.0% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
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Implementation of control technologies has assisted in reducing the wastage of liquid passing through the pipes and valves that result in reduction of costs, which in turn drives the growth of the global flanges market. At the same time, growing focus on increasing the production of oil & gas, especially in North America has supplemented the growth even more. Moreover, significant growth opportunities across the developed and developing regions have been beneficial for the key players in the industry.
The others segment to dominate by 2031-
By type, the others segment contributed to nearly two-fifths of the global flanges market share in 2021, and is expected to lead the trail by 2031, owing to large scale application of flanges by the end users. The same segment would also garner the fastest CAGR of 5.8% during the forecast period. Segments such as slip-on, socket weld, and threaded are also covered in the report.
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The others segment to maintain the lion's share-
Based on material, the others segment generated more than one-fourth of the global flanges market revenue in 2021, and is expected to lead the trail by 2031. The same segment would also portray the fastest CAGR of 5.5% from 2022-2031, due to high strength and flexibility of flanges manufactured with alloy material. Segments such as stainless steel, carbon steel, and aluminum are also covered in the report.
The oil and gas segment to retain its dominance-
Based on application, the oil and gas segment held nearly one-third of the global flanges market revenue in 2021. This is attributed to the large-scale piping system in the industry. The others segment, however, would manifest the fastest CAGR of 7.3% from 2022 to 2031. This is owing to increase in general application of piping across several industries. Segments such as automotive, manufacturing, and HVAC are also analyzed in the study.
Asia-Pacific garnered the major share in 2021-
Based on region, Asia-Pacific held the major share in 2021, generating nearly two-fifths of the global flanges market. The same region would also cite the fastest CAGR of 6.0% throughout the forecast period. Rapid development in countries such as China and India propels the market growth. The other regions assessed through the report include North America , Europe , and LAMEA.
Key players in the industry-
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The report analyzes these key players in the global flanges market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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