According to The Insight Partners' research, the Middle East & Africa flanges market was valued at US$ 395.01 million in 2023 and is expected to reach US$ 530.28 million by 2031, registering a CAGR of 3.8% from 2023 to 2031. Rise in investment in oil and gas pipeline infrastructure development and rapid growth of renewable energy industry are among the critical factors attributed to the Middle East & Africa flanges market expansion.
There is an increase in the development of new oil and gas rigs and the discovery of new offshore oil field areas across the world. Moreover, investments in oil and gas pipeline infrastructure development and refurbishment or reconstruction of existing oil and gas rigs have increased. For instance, in 2022, an agreement was made between Kuwait and Saudi Arabia regarding the joint development plan for the offshore gas resource known as Dorra. In 2023, in order to conduct offshore exploration in the Mediterranean Sea and the Nile Delta, Egypt intends to invest US$ 1.8 billion in the drilling of additional gas wells. Chevron, Eni, ExxonMobil, Shell, and BP are among the multinational corporations involved in the offshore exploration program. From now until July 2025, the program intends to drill 35 exploration gas wells. Also, in June 2023, Adnoc Drilling announced that it had signed a US$ 220 million deal to buy two new jack-up rigs for its offshore drilling. Furthermore, in January 2023, Masirah Oil, a subsidiary of Singapore-headquartered independent Rex International, announced that it had completed an offshore drilling campaign in Oman's Block 50. In October 2023, KCA Deutag-a leading drilling, engineering, and technology partner-announced its first locally made rig in Oman during a ceremony of Petroleum Development Oman (PDO). Similarly, in November 2023, Shell Egypt announced that it had successfully completed the drilling of the first well in its three-well exploration campaign, Mina West, located in the Northeast El-Amriya block in the Mediterranean Sea. Therefore, the rising investment in the development of oil and gas pipeline infrastructure worldwide is driving the demand for flanges in this pipeline network expansion. Such, increasing investments in the oil and gas sector drives the demand for flanges products across the globe.
On the contrary, raw material price fluctuations hamper the growth of Middle East & Africa flanges market.
Based on type, the Middle East & Africa flanges market is segmented into weld neck, slip-on, socket weld, lap joint, blind, and others. The weld neck segment held 25.8% share of the Middle East & Africa flanges market in 2023, amassing US$ 102.02 million. It is projected to garner US$ 133.59 million by 2031 to expand at 3.4% CAGR during 2023-2031.
By material, the Middle East & Africa flanges market is segmented into stainless steel, carbon steel, alloy steel, and others. The alloy steel segment held 34.2% share of the Middle East & Africa flanges market in 2023, amassing US$ 135.20 million. It is projected to garner US$ 196.44 million by 2031 to expand at 4.8% CAGR during 2023-2031.
In terms of industry, the Middle East & Africa flanges market is segmented into oil and gas, chemical and petrochemical, power generation, manufacturing, water management, food and beverages, and others. The oil and gas segment held 31.7% share of the Middle East & Africa flanges market in 2023, amassing US$ 125.04 million. It is projected to garner US$ 153.01 million by 2031 to expand at 2.6% CAGR during 2023-2031.
By country, the Middle East & Africa flanges market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The Rest of Middle East & Africa held 33.1% share of Middle East & Africa flanges market in 2023, amassing US$ 130.66 million. It is projected to garner US$ 168.97 million by 2031 to expand at 3.3% CAGR during 2023-2031.
Key players operating in the flanges market are AFG Holdings Inc; Armetal Stainless Pipe; Coastal Flange, Inc.; FLANGE WORKS BEBITZ GMBH; General Flange & Forge LLC; Kerkau Manufacturing Inc; KME Germany GmbH; London Fittings & Flanges Ltd; Metalfar Prodotti Industriali S.p.A.; and Texas Flange, among others.
- In July 2023, Vallourec has won two major orders to supply line pipes for phases 6 and 8 of the Buzios oil field development operated by Petrobras. These orders are in addition to the contract previously won for phase 7, representing a total of 48,000 tonnes of line pipe.
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