Metal Expansion Joints Market Size Projections Exhibit a CAGR of 5.28%, Likely to Attain a Value of USD 1.74 Billion by 2030
The global metal expansion joints market size is anticipated to grow from USD 1.10 billion to USD 1.74 billion in 8 years. The market will experience rapid growth due to the growing applications of metal expansion joints during the forecast period. Due to the increased usage of metal expansion joints in the power generation sector and their applicability, the power generation industry segment is anticipated to grow at the highest CAGR of 7.36% during the projected period.
Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the metal expansion joints market size USD 1.10 billion reach to USD 1.74 billion in 2030. The market is anticipated to grow significantly over the next few years due to industrial and technological development in the power generating, chemical industry, and science and innovation sectors. Demand for metal expansion joints is also anticipated to increase as more metal bellows, liners, covers, collars, control rods, flanges, and limit rods are used in construction. Metal expansion joints are viewed as a crucial value chain element in a number of sectors, particularly pipeline infrastructure. Market consolidation and technological developments in materials and processes will fuel the market’s growth.
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Key Insight of the Global Metal Expansion Joints Market
North America will dominate the market during the forecast period.
The expansion of this region may be aided by the rising demand for oil and gas, which has increased construction activity related to infrastructure development. Metal expansion joints are also becoming more and more necessary because they are widely used in various industries, such as power plants, petrochemical facilities, etc.
In 2021, the lateral expansion joints segment dominated the market with the largest market share of 30.25% and revenue of 0.33 billion.
The type segment is divided into angular expansion joints, universal expansion joints, axial expansion joints, and lateral expansion joints. In 2021, the lateral expansion joints segment dominated the market with the largest market share of 30.25% and revenue of 0.33 billion.
The power generation industry segment is anticipated to grow at the highest CAGR of 7.36% during the projected period.
The application segment is divided into the power generation industry, petrochemical industry, heavy industry, and others. The power generation industry segment is anticipated to grow at the highest CAGR of 7.36% during the projected period.
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Advancement in market
The joint venture between ArcelorMittal and Nippon Steel, AMNS India, would invest $7.4 billion to boost capacity and value-added capabilities. By 2026, the Hazira-based plant’s upstream capacity will be increased to 15 million tonnes, and additional downstream facilities costing $1 billion will be built to fulfil the growing demand for automobiles. The factory, which has a 9 million tonne annual capacity, will also build slurry pipes to connect its mines with beneficiation plants. Sales at AMNS India increased by about 6% in the first quarter, while crude steel output jumped by 9%. EBITDA also improved significantly year over year.
Driver: The use of sophisticated metal expansion joints is growing.
Metal expansion joints are extensively utilised in pipeline systems. The pipeline infrastructure’s extensive industrial application drives the market for metal expansion joints. In the expansion joint industry, low-pressure bellows, which facilitate pipe flow, have also recently advanced. The ability of metal expansion joints to withstand high pressures and temperatures is the key factor driving the demand for these joints. Expansion joints also require less maintenance and take up less space when fitted. The market is predicted to grow due to all the causes mentioned earlier.
Restraints: mobility restrictions.
For metal expansion joints, a primary market limitation is anticipated to be the exact motion of the joints, including linear or angular movement. A few acids are also incompatible with certain metals, harming both the metal and the fluid. The usage of steel in the creation of expansion joints is significantly constrained by the material’s ability to withstand low pressure. Additionally, oscillatory motions are less suitable for metal joints.
Opportunities: Growing public awareness and business demand.
Global possibilities for the metal expansion joint market include expanding end-user sector demand, rising infrastructure development spending, and technical advancements. There is an increase in the use of metal expansion joints in renewable energy installations. Due to growing safety and accident management awareness, metal expansion joints are now installed in many industrial applications.
Challenges: increased replacement costs.
The expensive installation and replacement costs can limit the market’s growth.
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Some of the major players operating in the global metal expansion joints market are:
• Senior Flexonics
• Witzenmann GmbH
• Gongyi Runda Pipeline
• BIKAR-METALLE GmbH
• Triad Bellows
• U.S. Bellows
• American BOA
• Shandong Hnegtong Expansion Joint Manufacturing
• Beijing Hangtian Taizhou Bellows
Key Segments covered in the market:
• Angular Expansion Joints
• Universal Expansion Joints
• Axial Expansion Joints
• Lateral Expansion Joints
• Power Generation Industry
• Petrochemical Industry
• Heavy Industry
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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