Fittings and Flanges Market - Forecast(2021 - 2026)

 Global Fitting and Flanges Market is forecast to reach $6.75 billion by 2025, growing at a CAGR of 5.72% during the forecast period 2020-2025. The growth is attributed to the rising growth of steel industries which is deployed in construction of stainless steel fitting and flanges thereby propelling the market growth. Moreover, easy availability of cost efficient labors and raw materials in APAC region is contributing in the market growth in this region. Adding to it, growth of different end user verticals such as oil & gas, petrochemicals, power generation and others are estimated to boosts the market growth in the forecast period 2020-2025.

Report Coverage:

The report: “Fittings and Flanges Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Fitting and Flanges Market.

By Material Type: Carbon steel, Stainless steel, Alloy steel, Cast iron, Ductile iron, Aluminium, Plastics, Others
By Product Type: Fittings (Forged fitting, Bulkhead fitting, Compression fitting, Others) Flanges (Socket Weld Flange, Welding Neck Flange, Slip On Flange, Others)
By End user: Oil and Gas, Petrochemical, Food & Beverages, Irrigation, Residential, Process Instrumentation, Others
By Geography: Americas, Europe, APAC, RoW.


Key Takeaways:

  • Owing to the corrosion resistant property, high heat and temperature tolerance fitting and flanges mainly utilizes stainless material for construction. Moreover aesthetic appeal of stainless steel draws the attention of consumers for public or professional settings thus propelling the market growth for flanges and fittings made of stainless steel material.

  • APAC region dominated the fitting and flanges market in 2018 owing to the urbanization, changing lifestyle and the presence of large number of manufacturers in this region.
  •  
  • Application of fitting and flanges in pipelines provide the advantage of easy assemble and disassemble of pipelines for waste water treatment across the globe tends to drive the market for fitting and flanges.

By Material Type- Segment Analysis:

Stainless steel holds the largest market share in 2018 among all other materials for fittings and flanges owing to its property of corrosion resistive as it contains 10% chromium which results in the formation of a layer when exposed to oxygen. This layer thus prevents rusting as it is impermeable to water and air. Chromium content is varied and accordingly various grades of stainless steel is produced which could be used according to its requirement in the production of fitting and flanges. In addition, resistance to high temperature by steel alloys makes it suitable for oil and gas fittings. Exceptional efficacy under low cryogenic and high temperature – up to 1000 degrees Celsius is provided by the austenitic-ferritic chemical composition of steel alloy oil and gas fittings. Hence durability, recyclability and high temperature resistance are the factors which adds to the benefits of stainless steel thereby boosting the market growth.


By End user - Segment Analysis:

Energy and Power is the predominant end user industry in the global fitting and flanges market. This is due to the factors such as handling process water for energy production, boiler startups, feed pump re-circulation, steam conditioning, turbine by pass and cold reheat isolation in coal-fired plants. High pressure, high temperature and higher corrosion increase the demand of alloy steel based butt-weld and socket-weld flanges in Energy and Power industry thereby propelling the market growth.  40% of electricity is produced from coal, according to the World Economic Forum. APAC hosts numerous coal-fired plants providing enough opportunities to be capitalized on the region's demand for fittings and flanges.


By Geography - Segment Analysis:

APAC holds the highest market share of the fitting and flanges market in 2018. This growth is attributed to the developing countries along with the large number of manufacturers of fitting and flanges in this region. Well established steel market in China is the driving factor for fitting and flanges market.  Crude steel production grew by 8.3% in 2019 as compared to 2018 according to World Steel Association which in turn has a positive impact on the market growth of fitting and flanges. Furthermore, Europe driven by France, UK and Germany stainless steel market is anticipated to grow at a highest rate of CAGR during the forecast period 2020-2025 owing to the application in automotive vertical. Moreover Europe holds the major market share after APAC for stainless steel market in 2018 according to ISSF (International stainless steel forum). Consequently the presence of stainless steel industries and its end products including fitting and flanges tend to drive the market in this region.

"We also publish more than 100 reports every month in “Automation and Instrumentation”, Go through the Domain if there are any other areas for which you would like to get a market research study."




Location: United States

Comments

Post a Comment

Popular posts from this blog

Ethylene Methyl Acrylate Market - Forecast(2021 - 2026)

Ethylene Methyl Acrylate is one of the copolymer of ethylene that is exhibiting growing prevalence in the market. The Ethylene Methyl Acrylate (EMA) is projected to reach USD 9.8 billion by 2023 at a CAGR of 6.3% during the forecast period of 2018-2023. To develop new polymeric materials for both scientific and commercial purposes, the blending of two or more different polymers is often used. One such innovation is the production of Ethylene Methyl Acrylate (EMA). Ethylene Methyl Acrylate (EMA) is anticipated to increase the demand for Ethylene Methyl Acrylate in application such as plastics, adhesives and paints & coatings.  What is Ethylene Methyl Acrylate (EMA)? Technical grade acrylic acid is the key component for producing Ethylene Methyl acrylate. Acrylic acid formulated with methanol, in a reactor in elevated temperatures with water as by product to formulate ethylene methyl acrylate. It has a high ductility among thermoplastic and it as a very low tensile strength and l...
Read more

Mining Equipment Services Market - Forecast(2021 - 2026)

Mining Equipment Services market is analysed to grow at a   CAGR of 3.4%   during the forecast period 2021-2026 to reach   $160.9 billion by 2026 . Mining equipment services market is developing rapidly due to rise in the mining exploration activities and the growing demand of raw materials due to the rising mining projects. Moreover, rapid industrialization and globalization for improving a well-functioning economy is further driving the mining equipment market. Furthermore, the deployment of innovative services and parts such as part replacement services, maintenance services, fleet services and so on further rise the market’s growth. The third-party service providers also offer   predictive   maintenance contracts that enables loss of production, reducing in downtime, also leading to reduce the cost in the research and development of equipment maintenance services and inventors. These key drivers further propel the shift of companies towards third party vend...
Read more

Structural Insulated Panels Market

The Structural Insulated Panels Market is forecast to reach $547 million by 2025, growing at a CAGR of 6.56% during 2020-2025. Since the emergence of construction technology, construction of affordable and environmentally-sensible home at fast pace has brought dream home within the reach. Structural Insulated Panel (SIP) has become a topic of interest among researchers in the recent years. SIP has the advantages of minimal material wastage and labour-savingness whilst having potential to save house builders’ time and money as well as retaining the controlled quality. The report covers Structural Insulated Panels Market size by product and applications, Structural Insulated Panels Market share by top 5 companies and also the market share by start-ups during the forecast period. Report Coverage The report:  “Structural Insulated Panels Market – Forecast (2020-2025)”,  by IndustryARC, covers an in-depth analysis of the following segments of the Structural Insulated Panels Market....
Read more