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 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.
Post time: Jan-11-2021