207 Users Online
Expansion Joints Market Segmentation by Product Type - (Axial Expansion Joints, Universal Expansion Joints, Lateral Expansion Joints, Angular Expansion Joints, Domestic Engineering Expansion Joints).
The global expansion joints market is valued at US$ 1.65 billion in 2023 and is projected to expand steadily at a CAGR of 4.2 % to top a market valuation of US$ 2.5 billion by the end of 2033.
Increased industrial and technological progress in power generation as well as rising investments in the infrastructure, cement, railway infrastructure, chemical, and pharmaceutical sectors are prominent factors driving the demand growth for expansion joints. Infrastructural development is expected to drive the growth of natural gas and oil pipeline industries, which, in turn, will translate to higher demand for metallic and non-metallic expansion joints.
East Asia is anticipated to hold a prominent share of the global market due to the growing infrastructure sector in the region. Persistence Market Research has analyzed that East Asia will account for 24.5% of the global market share by 2033.
|
Expansion Joints Market Size (2022A) |
US$ 1.59 Billion |
|
Estimated Market Value (2023E) |
US$ 1.65 Billion |
|
Projected Market Value (2033F) |
US$ 2.5 Billion |
|
Value CAGR (2023 to 2033) |
4.2% |
|
Collective Share: Top 3 Countries (2023E) |
39.5 % |
FREE Report Sample is Available
In-depth report coverage is now just a few seconds away
Get FREE Report Sample
From 2018 to 2022, the global expansion joints market exhibited a growth rate of 2.7%.
Infrastructure, chemical, oil and gas, and research and technology industries are key sectors owing to the significant potential that they present for investments across numerous market end-use sectors. Expansion joints will be used more frequently in the construction industry, which includes the building of bridges, buildings, and other concrete structures.
Expansion joints are used in the petrochemical and refinery industries for FCC regenerator piping, CCR piping, energy recovery trains, turbine inlets and outlets, and others. The petrochemical industry is being driven by the rising demand for petrochemical products such as plastic, which fuels the demand for expansion joints.
Increasing demand for rubber expansion joints from the oil and gas sector to relieve strain between pipes caused by thermal expansion, a growing focus on the development of lightweight and reliable materials, and the rapid progress of the construction and building industry is expected to be key factors driving target market revenue growth over the forecast period.
Rapid industrial development and positive technological development have created lucrative market opportunities for expansion joint manufacturers. The growing number of pharmaceutical and food companies in developing countries such as China, ASEAN, and India is expected to be a key factor for joints market growth in the Asia Pacific region.
Persistence Market Research projects the global market to expand at a 4.2% CAGR through 2033.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized Version"Expanding Oil & Gas industry"
Expansion joints are mostly utilized in pipelines in the oil and gas sector to counter vibrations or movements caused by machinery, thermal movement, or any other movement in the line. Movements could be axial, angular, or lateral, which require the deployment of expansions at rubber or metal joints.
The oil and gas market consists of crude oil, natural gas, refined petroleum products and asphalt, and lubricating oil and grease. The growing automobile sector, rising use of natural gas and government initiatives to address the global warming problem, economic growth, and rising demand for electrical energy are driving the oil & gas industry, which will significantly fuel the demand for expansion joints.
"Growing Chemical and Pharmaceutical Sectors"
Manufacturers are rapidly expanding their markets and investing in new manufacturing facilities as a result of the pharmaceutical industry's healthy expansion. The pharmaceutical industry is constantly expanding and inventing, which necessitates more metal expansion joints and significantly drives target market growth.
With an expanding market and rising purchasing power, the chemical industry is set to flourish. End−user demand for textiles, paints, adhesives, and construction is predicted to be fueled by rising urbanization and disposable income, which will present development prospects for chemical firms and drive the market for expansion joints.
"Shift toward Renewable Sources of Energy"
The use of renewable sources of energy is increasing worldwide and attaining mainstream status. In the power industry, expansion joints are employed in a wide variety of applications and structures. These joints are used in a wide range of power plants, including hydroelectric, nuclear, coal, thermal, oil- or gas-fired combined-cycles, or cogeneration plants.
The power sector is experiencing a transition from fossil fuels to renewables at a substantial scale. This has been brought about for several reasons, such as the increasing efficiency of renewables, growing environmental concerns, environmental security, and growing demand for energy in developing economies. In hydroelectric facilities, expansion joints are used to adjust for misalignment, absorb shock and vibration, and reduce noise. Power stations that use solar energy have expansion joints installed where solar process pipes enter tanks.
This growing adoption of renewable sources of energy is opening a lucrative market for expansion joints. Also, both developed and developing economies are committing to the increased use of renewable energy. The G7 and the G20 both resolved to accelerate access to renewable sources of energy. The United Nations General Assembly also dedicated itself to promoting the growth of sustainable sources of energy.
Sales Team
Client Partner
Which is the Most Prominent Market for Expansion Joints?
“East Asia to Lead Global Market for Expansion Joints”
The East Asia market is expected to register significant year-on-year growth by volume in 2023. This regional market is projected to witness steady growth during the forecast period, with the development of new power generation, chemical, oil, and gas projects.
China is estimated to hold a significant market share in East Asia since the power generation industry growing significantly and is a manufacturing hub of end-use industries. Along with increasing industrialization and urbanization, this is slated to provide a firm platform for growth in the market.
According to this study, the East Asian market will generate revenue worth US$ 659.9 million by the end of 2033.
Where are Expansion Joints Most Widely Used?
"Petrochemical & Refinery and Power Generation to Lead Market Growth"
The power generation, petrochemical, and innovation sectors are witnessing increased industrial and technological development, which is considerably fueling the demand for expansion joints worldwide.
The power generation segment is predicted to experience a CAGR of 3.3% throughout the forecast period. Expansion joints are used to connect pipelines, equipment, etc., in the power production sector. These components are shielded by expansion joints from damage brought on by mechanical load, thermal strain, and vibration. A power plant can operate more efficiently by avoiding system component damage and continuing to function normally due to its ability to absorb motion between two elements.
The petrochemical end−use sector is anticipated to expand at a CAGR of 3% during the projected period. The popularity of petrochemical products is expanding as a result of their affordability, availability, and mass production, which makes them more cost-effective. Petrochemicals are used in almost every industry, from electronics to automobiles; petrochemicals are found in nearly every product we use. More refineries and plants have been set up as a result of rising product demand, which has increased the need for expansion joints.
The petrochemical industry is anticipated to drive the worldwide market for expansion joints because of the existence of complicated infrastructure, such as huge pipelines. A piping system's expansion joints are put in place to reduce stress and vibration. They also have advantages such as lowering pipe loads at connections to delicate equipment such as pumps and steam turbines, adjusting for misalignment and minimizing noise.
Which Material is Most Popular for Manufacturing Expansion Joints?
“Stainless Steel Expansion Joints Most Sought-after across Regions”
By product type, metal expansion joints are projected to hold a prominent market share owing to a rise in demand from end-use industries.
Stainless steel expansion joints are primarily used in pharmaceutical, chemical, petrochemical, water treatment, and food processing industries owing to their great thermal movement or vibration absorption capacity. Rising growth in end-use industries owing to industrialization and rising disposable income are anticipated to fuel the market growth for steel expansion joints.
Over the past few years, several industry players have invested in new product development and product launches to offer better products than previous ones. Many companies across the world are trying to compete to reduce the threat of market competition.
Key manufacturers are offering a wide range of expansion joints depending on end-use requirements and also provide services that are customized for each unique customer. The emergence of new manufacturers has also been witnessed in this market space.
|
Attribute |
Details |
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
By Product Type:
By Application:
By End Use:
By Material:
By Region:
The global expansion joints market is valued at US$ 1.65 billion in 2023.
Worldwide demand for expansion joints is projected to increase at 4.2% CAGR from 2023 to 2033.
Demand in India is projected to increase at 6.5% CAGR from 2022 to 2033.
Witzenmann, Unaflex, BOA Group, Flexider, Senior Flexonics Pathway, Macoga, Tofle, and S. Bellows are key suppliers of expansion joints.
The market for expansion joints in China is expected to surge at 5.7% CAGR by volume through 2033.
