In 2023, India imported 21.55 million kilograms of pipe flanges of iron or steel, excluding stainless. The forecasted values depict a steady upward trend from 22.236 million kilograms in 2024 to 25.01 million kilograms by 2028, with year-on-year growth rates indicating consistent increase. Between 2024 and 2025, the import volume is projected to grow by 3.2%, between 2025 and 2026 by 3.1%, between 2026 and 2027 by 2.9%, and between 2027 and 2028 by 2.8%. The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is approximately 2.9%.
Future trends to monitor include:
- Global steel price fluctuations impacting import volumes.
- India's domestic manufacturing capacities for similar products.
- Trade policies influencing import duties and tariffs.
- Technological innovations and demand changes in related industries.
