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Market Overview:
The global Fitting and Flanges Market is forecasted to reach $8.9 billion by 2030, growing at a CAGR of 5.7% during the forecast period of 2024-2030. The market's growth is being propelled by the expansion of steel industries, which are essential for the construction of stainless-steel fittings and flanges. Key industries driving demand include oil & gas, petrochemicals, power generation, and wastewater management. The increasing availability of cost-efficient labor and raw materials in the Asia-Pacific (APAC) region further supports market expansion.
Regional Insights:
The Asia-Pacific (APAC) region is expected to dominate the market throughout the forecast period due to rapid urbanization, growing construction activities, and the presence of a robust steel industry in countries like China, India, and Japan. China, in particular, leads in crude steel production, with a reported 145.5 million tons produced in November 2023, marking a 3.3% increase compared to the previous year. This growth directly impacts the demand for fittings and flanges in the region.
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Scope of the Report:
Recent Developments:
• In April 2023, BUHLMANN Group acquired Lockwood Partners, a leading distributor of valves, pipes, fittings, and flanges serving the petrochemical sectors in the US Gulf region. This acquisition strengthens BUHLMANN’s presence in the U.S. market.
• In February 2023, Texas Pipe & Supply acquired Industrial Valco, aligning it with Dodson Global to enhance its inventory and technological capabilities. This acquisition aims to improve the company’s offerings in the carbon fittings, flanges, and valves sectors.
Fitting and Flanges Market: Competitive Landscape
The Fitting and Flanges market is competitive, with key players focusing on product innovation, strategic partnerships, and geographical expansion. Major companies include: Mueller Water Products, McWane Ductile, Texas Flange, Kohler Corporation, Charlotte Pipe, Kerkau Manufacturing, AFG Holdings, Inc., API International, Inc., Federal Flange, Core Pipe Products, Inc.
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