Press release
High Flexible Coupling Market is Expected to Increase at a CAGR of 5.0% by the Forecast year 2032
High Flexible Coupling Market
High flexible coupling Market by Type (Elastomeric coupling, Grid coupling, Disc coupling, and Others (Membrane couplings, and Universal coupling), by Material (Rubber, Steel, and Others (Ceramics, Plastics, Composite Materials), End-user Industry (Oil & Gas, Automotive, Power generation, and Others (Plastic, and Transportation: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global high flexible coupling industry generated $2,238.7 million in 2022, and is anticipated to generate $3,629 million by 2032, witnessing a CAGR of 5.0% from 2023 to 2032.
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Prime determinants of growth
The growth of the automotive sector along with the rise in infrastructural development along with the rise in number of construction projects are factors driving the growth of the market. However, the fluctuating price of raw materials along with lack of technical proficiency and awareness are factors limiting the growth of market. On the contrary, development of industries in emerging countries along with integration of industrial automation and robotics in different manufacturing machinery are expected to offer lucrative opportunities for the growth of the market.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global high flexible coupling market, owing to a downfall in manufacturing activities during the lockdown.
Although the high flexible coupling industry faced losses, recovery of industries in different developing regions are on its way.
The Elastomeric Coupling segment to maintain its leadership status throughout the forecast period
Based on type, the elastomeric coupling segment held the highest market share in 2022, accounting for more than two-fifths of the global high flexible coupling market revenue owing to factors such as an increase in demand from end-use industries, such as automotive, aerospace & defense, and infrastructure & construction. However, grid coupling segment is projected to manifest the highest CAGR of 7.4% from 2022 to 2032, as such couplings are in greater demand owing to the growing focus on renewable energy and grid modernization.
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The Steel segment to maintain its leadership status throughout the forecast period
Based on material, the steel segment held the highest market share in 2022, accounting for more than two-fifths of the global high flexible coupling market as metal materials such as steel and alloys composition continue to be widely utilized in the coupling industry due to their high strength, durability, and capacity to endure tremendous loads and harsh conditions. However, the rubber segment is projected to manifest the highest CAGR of 6.4% from 2022 to 2032 as such material helps in increasing coupling performance and lifespan due to its superior elasticity. Rubber also has low friction properties, which minimize energy losses during power transmission and boost efficiency.
The Oil & Gas segment to maintain its lead position during the forecast period
Based on end user industry, the oil & gas segment accounted for the largest share in 2022, contributing to nearly one-third of the global high flexible coupling market revenue, and is projected to maintain its lead position during the forecast period. Growth in exploration and production activities, pipeline construction, and offshore drilling operations drive the coupling market expansion in this industry. However, the power generation segment is expected to portray the largest CAGR of 7.0% from 2023 to 2032. Rise in demand for coupling due to the expansion of renewable energy installation, such as wind and solar power, as well as the Maintenance and upgrade of conventional power plants, drive the growth of the coupling market in this sector.
Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global high flexible coupling market revenue. The demand for high flexible coupling is projected to expand in the region because of increased focus of Europe on the production of renewable energy such as wind, solar, hydro, and biomass. According to a report published on renewable energy in Europe in March 2020, by the European Commission, the European power production from renewable resources surpassed the power produced by coal in 2020. Furthermore, Finland, Sweden, Denmark, Austria, and Latvia were the five nations with the largest proportion of renewable energy generation. However, the LAMEA region is expected to witness the fastest CAGR of 8.7% from 2023 to 2032, as most countries in Latin America have witnessed 80% urbanization with a developing manufacturing industry which is one of the highest for any region in the world.
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Leading Market Players: -
Kawasaki Heavy Industries, VULKAN Group, Flender, The Timken Company, Renold PLC, KTR Systems GmbH, Stromag France, comintec, Renk aktiengesellschaft, Ortlinghaus-Werke GmbH
The report provides a detailed analysis of these key players in the global high flexible coupling market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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