PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424952
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1424952
Global Flanges Market is valued at approximately USD 4.73 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5% during the forecast period 2023-2030. Flanges is a protruding rim or edge on an object, typically a round one, that is designed to provide strength, support, or facilitate attachment. In various industries and engineering applications, flanges serve different purposes, but they commonly involve connecting or joining components. The Flanges Market is expanding because of factors such as growing demand for food & beverage and rising energy consumption. As a result, the demand for Flanges has progressively increased in the international market during the forecast period 2023-2030.
The food and beverage industry relies heavily on processing equipment such as pumps, mixers, and conveyors, which are interconnected using piping systems. Flanges are essential components in these piping systems, ensuring secure connections. As the demand for processed food and beverages increases, so does the demand for reliable and efficient piping systems, thereby influencing the demand for flanges. According to Statista, in 2021, the global market for functional foods and beverages reached a valuation of USD 281.14 billion and is anticipated to exhibit a substantial growth rate of approximately 9.5% from 2021 to 2028. Another important factor that drives the Flanges Market is increasing energy consumption. Flanges play a crucial role in power generation facilities, such as in the construction of pipelines, boilers, and reactors. As energy demand rises, there is a proportional increase in the need for power generation infrastructure, contributing to higher demand for flanges. In addition, as per Statista, global consumption of renewable energy has increased significantly nearly reaching 45.18 exajoules in 2022. Moreover, growing adequate water supply and wastewater management and a rising focus on renewable energy sources are anticipated to create lucrative growth opportunities for the market over the forecast period. However, the high cost of Flanges and the lack of availability of raw materials are going to impede overall market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Flanges Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the increasing steel production in the region. Higher steel production is often associated with industrial expansion and growth. Industries such as manufacturing, petrochemicals, and energy require substantial amounts of steel, leading to an increased need for flanges in the fabrication of pipelines, machinery, and equipment. The region's dominant performance is anticipated to propel the overall demand for Flanges. Furthermore, North America is expected to grow fastest over the forecast period, owing to factors such as a growing focus on renewable energy sources, including solar and wind power in the region. The expansion of renewable energy infrastructure and the integration of clean energy technologies contribute to increased usage of flanges in various applications within the renewable energy sector.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable