- The shale gas and tight oil boom in North America and China are expected to drive the market for flame arrestors.
- Stringent safety norms and industry regulations are also contributing to the market.
- The Asia Pacific region is expected to grow at the fastest rate.
The global flame arrestors market is expected to grow at a CAGR of 5.31%, from 2018 to 2023, to reach a market size of $924.7 million by 2023. The shale gas and tight oil boom in North America and China are expected to drive the market for flame arrestors. Stringent safety norms and regulations in the industries also provide opportunities for the growth of the flame arrestors market.
The storage tank segment of the flame arrestors market, by application, is expected to grow at the fastest rate from 2018 to 2023. The segment is driven by shale gas and tight oil boom in North America and China as well as the rising investments in the chemical sector in the Asia Pacific region. Storage tanks containing combustible liquids require flame arrestors at the end of their vents to prevent an implosion caused due to an external ignition source.
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On the basis of type, the in-line segment is expected to grow at the fastest rate from 2018 to 2023. This segment is expected to grow rapidly owing to the rising demand of detonation type in-line flame arrestors for storage tank, pipelines, and ventilation systems. Detonation arrestors are mainly used where highly combustible liquids such as gasoline, aviation fuel, and LNG are stored or transferred. Stringent safety norms across industries have ensured that the demand for detonation arrestors remains steady.
The oil & gas segment, by component, is estimated to grow at the fastest rate during the forecast period. The oil & gas is the largest market for flame arrestors, and the rapid growth of this segment is attributed to the shale gas and tight oil boom in North America and China. The increasing oil & gas activity has ensured the construction of storage terminals and tank farms for capacity addition of crude oil and natural gas. Additionally, rising investments in refinery capacity expansions in the Asia Pacific is contributing to the growth of this segment.
The flame arrestors market has been segmented, by region, into North America, Europe, the Asia Pacific, the Middle East, South America, and Africa. The Asia Pacific is expected to grow at the fastest rate during the forecast period, followed by North America. The growth in the market in the Asia Pacific is driven by countries such as China, India, and Indonesia where rising investments in refineries and the chemical sector are creating a demand for storage terminals and tank farms, thereby driving the growth of flame arrestors in the region.