Fittings and Flanges Market - Forecast(2024 - 2030)

Global Fitting and Flanges Market is forecast to reach $8.9 billion by 2030, growing at a CAGR of 5.7% during the forecast period 2024-2030. 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.

There is a notable shift towards eco-friendly and sustainable materials in fitting and flange manufacturing processes. This trend aligns with the increasing emphasis on environmental responsibility and sustainability across industries. Moreover, advancements in technology, particularly in the realm of digitalization and automation, are revolutionizing the design, production, and inspection processes of fittings and flanges. Digital tools such as CAD/CAM software and advanced simulation techniques enable manufacturers to optimize product designs and enhance production efficiency. Additionally, there is a growing demand for customized and specialized fittings and flanges tailored to specific industrial applications. This trend reflects the increasing complexity and diversity of industrial processes and infrastructure projects globally. Furthermore, the globalization of supply chains and manufacturing networks is driving greater competition and innovation in the fittings and flanges market. Collaboration and partnerships between manufacturers, suppliers, and end-users are becoming more prevalent as stakeholders seek to leverage expertise and resources across geographical boundaries are estimated to boosts the market growth in the forecast period 2024-2030.

The report: “Fittings and Flanges Market – Forecast (2024-2030)”, 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, Energy and Power, Process Instrumentation, Others

By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands and Others), APAC (China, Japan India, South Korea, Australia & New Zealand, Indonesia, Malaysia, Taiwan and Others), South America (Brazil, Argentina, Chile, Colombia and others), and RoW (Middle East and Africa).

• 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 2023 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.

Stainless steel holds the largest market share in 2023 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.

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.

APAC holds the highest market share of the fitting and flanges market in 2023. 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 was 145.5 million tonnes (Mt) in November 2023 and grew by 3.3% as compared to November 2022 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 2024-2030 owing to the application in automotive vertical. Moreover Europe holds the major market share after APAC for stainless steel market in 2023 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.

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.

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.

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 2023, the market for fitting and flanges is consolidated with the top players including Mueller Water Products, McWane Ductile, Texas Flange, Kohler Corporation, Charlotte Pipe, Kerkau Manufacturing, AFG Holdings, Inc., API International, Inc., Federal Flange and Core Pipe Products, Inc. among others. 

• In April 2023, Translink Corporate Finance and Dinan & Company advised BUHLMANN Group on the acquisition of Lockwood Partners, a leading distributor of valves, pipes, fittings, and flanges serving the midstream and downstream petrochemical sectors in the US Gulf region.

 

In February 2023, Texas Pipe & Supply acquired Industrial Valco, a master distributor of carbon fittings, flanges, and valves, aligning with Dodson Global within the Texas Pipe Family of Companies, bolstering inventory, personnel, and technology