Petrochemical Fasteners Market Investigation Highlights Role of Leading Players towards Growth Opportunities in the Coming Years
July 19, 2019 by Steve Blade
The petrochemical fasteners are mechanical joints for connecting pipes in the petrochemical industry. These joints connect two or three different pipes for the flow of products in a petrochemical industry. In addition to that, these petrochemical fasteners are used in both internal and external operations. In some applications these Petrochemical Fasteners are welded outside as a permanent joint for pipelines that are immersed in the ground. The most commonly used petrochemical fasteners are made of stainless steel, carbon steel, and alloy steel.
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The selection of the right petrochemical fastener in the right application is critical as it involves the flow of oil and gas. Petrochemical fasteners, which include screws and bolts used to connect the joints or pipes to a load bearing wall are critical to petrochemical production and transportation applications. The selection of the petrochemical fasteners involves the safety of critical assets and human labor and failure in selecting the right fastener will result in leakage.
In the petrochemical industry, there are various standards for the petrochemical fasteners and it determines the quality and application of the products. For example, ASTM standards such as A193 for high temperature and pressure, and A320 for low temperature services. Meeting the standards by the manufacturers and offering dedicated market hub which is functional using an ERP system for real time stock visibility improves the revenue for the manufacturers in the global petrochemical fasteners market.
Developing regions are expected to witness strong growth in the petrochemical fasteners market and establishing production units in these regions can benefit manufacturers with reduced labor and production costs and enhanced market share and presence. This will enhance the market share of key players and to keep their presence at a competitive price.
Global players in the petrochemical fasteners market are focusing on acquiring regional players and this is slated to remain a key strategy for major players over the forecast period.
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The petrochemical fasteners market is witnessing steady growth as manufacturers are looking to support end users by enhancing productivity and providing petrochemical fasteners with custom design, material selection and coating. The market for petrochemical fasteners is witnessing a trend of ‘manufactured to order’ which keeps the manufacturers to look for and acquire new orders.
Developing economies such as India, China, Indonesia, Brazil, Argentina and other South East Asian countries are key markets for the manufacturers and suppliers of petrochemical fasteners. The petrochemical industry is witnessing growth momentum in South East Asian countries, owing to industrial growth, population growth and other macro-economic factors that influence the production of petrochemical products.
Developed economies such as the U.S., Japan, the U.K., Germany and France are expected to witness a moderate growth trend in the global petrochemical fasteners market during the forecast period. The demand for petrochemical fasteners from these countries is estimated to register growth due to the adoption of green energy, which is reducing the production and transportation of petrochemical products. But still the growing population and industrialization in developing economies will positively impact the petrochemical industry in the forecast period with new orders and projects such as transcontinental pipelines.
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