A bleed ring is very similar to a spacer ring in its design but has a small difference in that a spacer ring has a handle-like structural design whereas a bleed ring doesn’t have a handle. Bleed rings have one or more radial pipe connections. These rings are fitted inside the circular bolts between the standard flanges that connect valves or instruments.

Bleed rings are also known as drip rings. 
 

Bleed rings are used to drain pipes or bleed off excess liquid through a pipe or a valve. With the ability to remove any liquid material, they minimize the risk of corrosion in steel pipes or valves.

These rings are available in various sizes, generally in the standard sizes of NPS 1 to NPS 24 and ASME pressure classes 150 through 1500. Bleed rings are usually made from stainless steel or carbon steel; other alloys can be used upon request.