Flanges Market Share

APAC Market Statistics

Asia Pacific industry is poised to account for largest revenue share of 47% by 2037. The market growth in the region is also expected on account of rapid urbanization. The need for construction projects has surged as a result which may augment the flanges market.

As per the World Bank, with an average yearly urbanization rate of 3%, East Asia and the Pacific are the regions that are urbanizing the fastest in the world.

Japan, an island nation encircled by ocean, is the third-largest shipbuilding nation in the world today, behind South Korea and China. Flanges are essential to shipbuilding to preserve the structural integrity of the ship's systems, whether they be for cargo ships, cruise liners, or military boats.

The bulk of global steel production is accounted for by Asia-Pacific, which is led by China owing to low labor and raw material prices, leading to rising demand for stainless steel flange.

For instance, China produced over 35 million tonnes of crude stainless steel in 2023, an increase of around 12%.

Additionally, the world's most renowned manufacturers and traders of pipeline items are headquarters in Korea and supply top-notch flanges and fittings.

North American Market Analysis

The North America region will also register a robust CAGR for the flanges market during the forecast period and will hold the second position owing to the increasing aerospace industry in this region fueled by rising air traffic. This is likely to boost the adoption of flanges which are often used in fuel systems, hydraulic power unit, and aircraft engines to improve overall performance and dependability while also boosting safety and fuel efficiency.

One of the biggest car marketplaces in the world is found in the United States, leading to a significant demand for automobile flanges including threaded, flat, blind, slip-on, and welding neck.

For instance, more than 2% of the US GDP is generated by the automotive sector.

The Canadian government has pledged to support infrastructure projects worth approximately USD 185 billion over 12 years, which may fuel the flanges industry in the region.