Flanges Market Trends

Growth Drivers

• Rising adoption of renewable energy - As the demand for renewable energy continues to grow, so does the need for wind turbine flanges which are usually made of materials that are strong and resistant to corrosion, and are used to assemble the bodies of the steel towers supporting the wind turbines.
  
  As per the data from the International Energy Agency, through 2026, about 95% of the expansion in the world's electricity capacity is expected to come from renewable sources.
• Increasing need for food safety - Industry norms and regulations about food safety and cleanliness have increased, leading to a higher demand for sanitary flange, which is used in bread, dairy, and beverage processing processes within the food processing industry for the maintenance of hygienic conditions.
  
  According to the United Nations, foodborne illnesses claim the lives of an estimated 420,000 people worldwide each year, with children under the age of five accounting for 40% of these deaths.
• Rising construction sector - For tasks involving infrastructure and building of various shapes and sizes, flanges are a great option as they function as a joining point for two pipes or between a pipe and a valve, other elements, and structural parts.
  
  For instance, the global construction sector has increased to about USD 11 trillion in spending value.

Challenges

• Leakage issues - Flange leakage can be caused by several things in modern industry, including poorly installed gaskets, loose bolts, and other issues such as ordinary wear and tear or heat shock that has the potential to seriously endanger plants that are currently in operation.

• Varying price of raw materials - Aluminum, bronze, brass, nickel alloy, carbon steel, cast iron, and stainless steel are often used materials to make flanges, and any fluctuations in the price of these raw materials directly impact the production costs and pricing.