PUNE, India, August 8, 2018 /PRNewswire/ --
According to a new market research report "Flame Arrestors Market by Type (In-Line and End-of-Line), Application (Storage Tank, Pipeline, Incinerator, Ventilation System), End-user (Oil & Gas, Chemical, Pharmaceutical, Waste-to-Energy Plant), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 713.8 million in 2018 and is projected to reach USD 924.7 million by 2023, at a CAGR of 5.31% during the forecast period. The market is set to grow because of the stringent safety norms and regulations in industries, such as the US Coast Guard Regulations and EU's TRCI (Tank Farm Guidelines for Chemical Industries) which have mandated the installation of flame arrestors for storage of combustible materials.
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The storage tank segment is expected to hold the largest share of the Flame Arrestors Market, by application, during the forecast period.
Storage tanks used for storing combustible liquids such as crude oil, gasoline, aviation fuel, and LNG require safety instrumentation equipment for prevention of hazards like fire and explosions. Flame arrestors are an intrinsic part of a storage tank safety system, and several regulations mandate the installation of flame arrestors at the end of the tank vents. The segment is expected to be driven by the rising investments in the refinery expansions and petrochemical and pharmaceutical industries in the Asia Pacific. The shale gas and tight oil boom in North America and China are further contributing to the growth as new storage terminals emerge in these regions.
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The in-line segment is expected to dominate the Flame Arrestors Market, by type, in 2018.
In-line flame arrestors are bi-directional flame arrestors installed between pipelines or vents. They are mainly used for the prevention of flame traveling through the pipe in case of accidental ignition. In-line flame arrestors are further categorized as detonation arrestors and deflagration arrestors. Detonation arrestors are an important component of safety instrumentation for facilities and storages where highly combustible substances such as gasoline, propane, LNG, ethyl alcohol, and aviation fuel are stored. The stringent safety norms in industries such as EU's TRCI (Tank Regulation for Chemical Industry) and US Coast Guard Regulations for storage terminals have resulted in the rising demand for detonation arrestors which is driving the market for the in-line segment.
Asia Pacific: Expected to be the leading market for flame arrestors during the forecast period.
The Flame Arrestors Market has been analyzed with respect to 6 regions, namely, North America, Europe, the Asia Pacific, South America, the Middle East, and Africa. The market in the Asia Pacific is expected to lead the Flame Arrestors Market, by region. This region is witnessing rapid economic growth and large investments in sectors such as oil & gas refineries, chemicals & petrochemicals, pharmaceutical, and manufacturing. This has resulted in an increased demand for industrial safety equipment such as flame arrestors. Shale gas and tight oil extraction in China has also resulted in an increased number of storage tank farms and terminals, thus driving the market for the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Flame Arrestors Market. These include Emerson (US), Braunschweiger Flammenfilter (Germany), BS&S (US), Elmac Technologies (UK), and Tornado Combustion Technologies (US). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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