Global Market Insights, Inc. has recently added a new report on Flanges market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of flanges industry.
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Flanges market size is anticipated to witness a massive momentum in the upcoming decades, perhaps attributing to the elevating cognizance of wastewater management initiatives across the globe.
The international guidelines enforced with respect to wastewater treatment and sanitation have laid accentuation on the organization of flanges in the pipelines. These flanges can be conveniently assembled or disassembled while helping in effortless cleaning and ensuring progressive flow of fluids thereby empowering the safety of marine environment.
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According to report by GMI, The global flanges market is estimated to record proceeds worth USD 6 billion by 2025.
Flanges find applications in power generation operations and are used extensively in heat exchangers, vessels, boilers, and various other operational equipment. Apparently, global power generation sector rose over 2.8 per cent in 2017 on the grounds of the robust expansion in renewable energy and is likely to fuel the market expansion during 2019-2025 as well.
The flanges used in different industrial sectors and applications have been manufactured from stainless steel, alloy steel, nickel alloy, and carbon steel. Stainless steel being the most preferable raw material is predicted to account for over 45 per cent of the total flanges market share by 2025.
The stainless steel flanges are commonly developed according to the material specifications declared by the American Society of Testing and Material. Accounting to its robust properties like durability, recycling, high temperature, resistance from corrosion, and great self-life, stainless steel has come to hold a major position as far as the material for flange production is considered. Estimates claim that the stainless steel flanges market size is likely to register USD 2.5 billion by 2025.
Flanges are manufactured in various sizes under the ANSI/ASME B16 standards. These standards define the size and the system for designating tests required in the processes. 0.5 to 12 inches flanges have been prominent in the market as far as the size bifurcation is concerned the segment is likely to hold over 70 per cent of flanges market share in 2025. The size of the flanges vary according to the industrial requirements. For instance, the power generation industries require large sized flanges compared to the wastewater management.
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As per estimates, the global weld neck flanges market is projected to account for over 60 per cent of the overall industry share by 2025.
A large number of industries have been leveraging the opportunity to make use of the weld neck flanges owing to the reduction in turbulence and erosion inside the pipeline circumference. The hub of the product transmits stresses from the base to the wall thickness of the pipe, building up a robust framework, thereby propelling the product penetration.
Flanges, owing to their aforementioned properties serve as a pivotal component for various plumbing and engineering equipment whilst serving expansively to the application industries some of which include, power generation sector, oil and gas, petrochemical, wastewater treatment, and various others.
Apparently, the utility of torque flanges in the power generation sector for easy mounting, accurate and efficient measurement, etc. would stimulate the market growth over the years. As per reports, the power generation industry will foresee a remuneration of over USD 750 million over the projected timespan.
On the other hand, the oil and gas industry would hold a substantial share of over 35 per cent of the market through 2025 eventually propelling the industry dynamics.
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Speaking of the regional landscape, several developing economies have subsequently come to emerge as key revenue pockets for flanges market. Asia Pacific and Europe contribute chiefly to the increasing industry size, having accounted for size of the industry for a share of over 50 per cent and 20 per cent respectively.
Asia Pacific apparently may hold almost 50% of the global flanges market share accounting to the rising demands for wastewater management in the states of China, India, Thailand, and Indonesia which would complement the product penetration in the region whilst supporting the business growth. For instance, the state of Karnataka of late announced submitting a proposal and an action plan for reusing over 20 per cent of secondary treated water in the region by the end of 2020.
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Source URL: https://marketersmedia.com/flanges-market-to-record-usd-6-billion-revenue-by-2025/88923270
Source: MarketersMedia
Release ID: 88923270
