Flanges Market to exceed US$ 10,589.40 million by 2031

    Published on 13-Jun-2024
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    Report : Flanges Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Weld Neck, Slip-On, Socket Weld, Lap Joint, Blind, and Others), Material (Stainless Steel, Carbon Steel, Alloy Steel, and Others), Industry (Oil & Gas, Chemical & Petrochemical, Power Generation, Manufacturing, Water Management, Food & Beverages, Others), and Geography

    According to our latest study on "Flanges Market Analysis to 2031 - Global Analysis - by Type and Industry," the market is expected to grow from US$ 7,460.20 million in 2023 to US$ 10,589.40 million by 2031; it is anticipated to record a CAGR of 4.5% from 2023 to 2031. The report includes growth prospects owing to the current flanges market trends and their foreseeable impact during the forecast period.

    Flange manufacturers worldwide are engaged in investing in research and development to enhance the performance and durability of flanges. Innovations in flange materials such as carbon steel, stainless steel, and alloy steel have resulted in improving their resistance to corrosion, temperature, and pressure. These advances ensure the longevity and reliability of the flanges under challenging operating conditions. In addition, the increase in efforts to reduce energy consumption and reduce environmental impact is fueling the demand for flanges with high energy efficiency. Flanges designed with optimized sealing features have the potential to reduce leakage, resulting in significant energy savings.

    Manufacturers also design flanges with lower pressure drops to improve overall system efficiency. Furthermore, the introduction of digital technologies such as the Internet of Things (loT) and cloud computing has started to positively impact the flanges market. By integrating sensors and real-time monitoring, the performance of flanges can be continuously tracked, enabling predictive maintenance and minimizing downtime. Digitalization also enables better inventory management and supply chain optimization. Furthermore, the use of computer numerical control (CNC) machining, 3D printing, automation and robotics, and machine learning is expected to be the key trend in flanges manufacturing in the coming years. Therefore, innovations in flange materials and the integration of advanced technologies in flange manufacturing are expected to propel the flanges market growth in the near future.

    Key Findings of Market Study:

    The flanges market has been segmented into the 5 major regions: North America, Europe, Asia Pacific, Middle East and Africa, South and Central America.

    Asia Pacific dominated the flanges market in 2023. Europe is the second-largest contributor to the global flanges market, followed by North America. Strict government policies and regulations in terms of proper application of onsite wastewater treatment systems, rise in occurrences of waterborne diseases, and development in portable water treatment technology are the major factors boosting the growth of water treatment systems in the US, which is positively influencing the application of flanges in the country. Moreover, the emphasis on water pollution reduction, the surge in requirement for water retrieval and reuse technologies, and the increase in the number of manufacturing plants are driving the demand for water treatment systems, simultaneously boosting the growth of the flanges market in the US. The presence of key flange manufacturers such as AFG Holdings, Inc.; Coastal Flange Inc.; and General Flange & Forge LLC is positively impacting the flanges market in the US.

    Growing energy demand and increasing application of natural gas in various end-use sectors such as commercial, manufacturing, and industrial are anticipated to boost the gas pipeline infrastructure growth, driving the flanges market in Canada. The growing government focus on increasing the number of onshore oil and gas rigs and production activities is also fueling the application of flanges. In 2023, TC Energy announced the completion of the construction of 670-km Coastal GasLink in British Columbia, which spans two mountain ranges and 800 water crossings. The project involved trenchless technologies to carry natural gas to the LNG Canada export terminal in Kitimat. In 2023, Hydro One Networks Inc. announced that the Chatham to Lakeshore Transmission Line project would be accomplished by the end of 2024. The mounting advancement in the oil & gas sector is also propelling the application of flanges, which is demonstrating as a key driver for the market in the country. In 2023, the governments of Canada and British Columbia invested US$ 24.3 million in the construction of a water treatment plant. The developments in the sewer and water treatment facilities drive the flanges market in Canada. Southern Ontario's food sector is a major part of Canada's economy. Ontario's food & beverages sector is crucial to the Canadian economy. The food & beverages sector is the third-largest in North America, with annual revenues of over US$ 48 billion. The growth of the food & beverages sector is positively impacting the flanges market in the country.

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