Flanges Marketto Grow at a CAGR of 5.0% from 2022 to 2031 Allied Market Research

Flanges Marketto Grow at a CAGR of 5.0% from 2022 to 2031 Allied Market Research

According to the report published by Allied Market Research, the global flanges market generated $4.50billion in 2021, and is projected to reach $7.39billion by 2031, witnessing a CAGR of 5.0% from 2022 to 2031.

A flange is typically known as a medium for binding valves,pipes, pumps, and other kit in order to craft a piping system. Moreover, it offers easy access for examination, scouring, or adjustment. Normally, flanges are welded and flanged joints are made by anchoring two flangestogether with a lining between them to lay out a proper seal.

The major driving factors of the flanges marketinclude rise in investments in the oil & gas industry across North America and developments in the food & beverage processing sector in the developing economies. On the other hand, increased tariff in the trade of raw materials impede the growth to some extent. However, surge in demand for high-tech flanges is expected to create lucrative opportunities in the industry.

The outbreak of the Covid-19 pandemic had a negative impact on the global flanges market. Disrupted transportation and construction activities were highly affected across the majority of industry verticals. This, in turn, gave way to declined demand for construction materials including flanges in the market. Nonetheless, with the global vaccination drives on board, industries are slowlyresuming their manufacturing services, and the market for flanges has also started getting back on track.

On the basis of type, the others segment accounted for nearly two-fifths of the global share in 2021, and is projected to retain the lion’s share by 2031. This is due to growing application of flanges by the end users. The same segment is also expected to cite the highest CAGR of 5.8% from 2022 to 2031. By material, the others segment held more than one-fourth of the total market revenue in 2021, and is projected to retain its dominance by 2031. It’s expected that the same segment would also display the fastest CAGR of 5.5% during the forecast period, owing to high strength and suppleness of flanges fabricated with alloy material.

By application, the oil and gas segment garnered nearly one-third of the total market in 2021. The presence of large-scale piping system in the sector drives the segment growth. Simultaneously, the others segmentwould showcase the fastest CAGR of 7.3% from 2022 to 2031. This is due to growing applications of piping in several industries.

By region, the flanges market across Asia-Pacific contributed to thehighest share in 2021, holding nearly two-fifths of the global market. It is anticipated that the same region would also exhibit the fastest CAGR of 6.0% during the forecast period. Significant development in economies such as India and China drives the market growth.

Key findings of the study

  • Based on type, the others segment garnered the highest market share in 2021.
  • On the basis of material, the others segment accounted for the major share in 2021.
  • By industry verticals, the oil & gas segment maintained the lion’s share throughout the forecast period.
  • By region, on the other hand, the market across Asia-Pacific is projected torule the roostduring the forecast period.
  • The global flanges market report offers an in-depth analysis of the industry outlook.

 

Military Drones Market to Grow at a CAGR of 11.7% from 2022 to 2031: Allied Market Research Previous post Military Drones Market to Grow at a CAGR of 11.7% from 2022 to 2031: Allied Market Research
Global Weathering Steel Marketto Register 7.2% CAGR by 2031: Allied Market Research Next post Global Weathering Steel Marketto Register 7.2% CAGR by 2031: Allied Market Research

Leave a Reply

Your email address will not be published.