Dublin, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The "Fittings and Flanges Market - Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
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 boost the market growth in the forecast period 2020-2025.
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.
Drivers - Fitting and Flanges Market
Rising awareness for wastewater management
Fitting and flanges are deployed in waste water treatment and sanitation as it can be easily assembled and disassembled. This feature helps in maintaining cleanliness effortlessly and ensuring constant flow of liquids. Moreover treatment of waste water helps in marine environment protection. Water Supply and Sanitation Collaborative Council (WSSCC) is the international regulating body that has laid emphasis on deployment of fitting and flanges for pipelines consequently boosting the market growth.
Growth of steel market
The choices of buyers for steel have grown to match many specific needs across a range of industries owing to the evolvement in manufacturing process and its growing complexity. Stainless steel fitting and flanges are highly resistant to corrosion which makes it more acceptable in pipelines in different verticals. Deployment of fitting and flanges due to rapid urbanization, construction activities and developments of industries is fostering the market growth.
Challenges - Fitting and Flanges Market
Leakage related issues
Fittings and flanges failure that results in leakage occurs due to corrosion. Moreover there are most of the cases such as leakage of water supply system, sewer system, oil and gas transportation and others are the result of man-made error. Improper installation, damages during handling and storing results in severe problems in the short run and in the long run. Sometimes industrial failure may occur if proper check is not made.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the fitting and flanges Market. As of 2020, the market for fitting and flanges is consolidated with the top players including Mueller Water Products, Outokumpu, McWane, Texas Flange, Sandvik Materials Technology, Kohler Corporation, Charlotte Pipe, Hitachi, Kerkau Manufacturing, Ameriforge Group Inc. among others.
In January 2019, an investment of $850 billion was made for Nayara Energy in Gujarat to expand the petrochemical business owing to the demand of stainless steel fitting and flanges for both CAPEX and OPEX projects.
In December 2019, a joint venture was formed between HBIS Group Co Ltd and POSCO to develop, produce and sell high-end steel products.
In June 2018, an investment of $270.45 million was made by Steel Authority of India Limited (SAIL) on expansion of its Bhilai Steel Plant in Chhattisgarh to include major facilities in the plant including coke oven battery, sinter machine, new blast furnace, steel melting shop and others.
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