Key Market Insights
"Increase oil & gas projects will spur the market revenue growth"
The global oil & gas fittings market accounted for US$ 1.3 Bn in 2021 and is anticipated to grow to US$ 1.6 Bn growing at a CAGR of 3.3% during the forecast period from 2023 to 2030.
The global oil & gas fittings market is anticipated to grow at a moderate rate owing to new oil & gas projects and new pipeline contracts globally. One of the key factors driving the growth of oil & gas fittings market is the increasing consumption of oil & gas fittings in upstream and downstream operations. The upswing in transcontinental pipeline projects in the Asia Pacific and Middle East & Africa region coupled with favorable government policies are likely to drive the global oil & gas fittings market. Besides, a substantial rise in consumption of crude oil, and rising demand for stainless steel oil & gas fittings due to its properties such as high resistance are factors further proliferating the demand of the oil & gas fittings market.
Additionally, rising investments in refinery up-gradation and replacement activities are further enhancing the growth of the oil & gas fittings market. Key players are adopting strategies such as mergers and acquisitions and partnerships among others. For instance, in 2019, Anvil international and Smith-Cooper announced their merger. Through this merger, the company will be able to provide a more comprehensive product portfolio and penetrate further into the market.
Thickener Analysis
"Tees segment to dominate the market throughout the forecast period"
Based on product type, the oil & gas fittings market is further classified into tees (studded tees, and flow tees), flanges (blind/test, companion, and weld neck), adapters (bottom hole test adapters and double studded adapters), male pins, and studded crosses. The Tees segment led the market with a revenue share of more than 25%. This can be attributed to the benefits offered by it including restricting bar welded internally to avoid scrappers to enter, enabling directional changes due to its 90-degree branch, and reduction in the size of the pipes among others.
In contrast, the flanges segment is anticipated to expand with the highest growth rate throughout the forecast period. This can be associated with the advantages provided by them including connecting pipes, valves, pumps, and blocking off pipelines among others.
End-user Analysis
"Downstream segment expected to dominate the market during the forecast period"
Based on operations, the global oil & gas fittings market is bifurcated into upstream, midstream, and downstream. The downstream segment dominated the global oil & gas fittings market and contributed XX% of revenue share. This can be attributed to low feedstock prices, healthy demand for both transportation fuels and chemical products among others.
On the other hand, the upstream segment is expected to witness the highest growth throughout the forecast period. This can be associated with the increasing application of upstream operations coupled with a growing number of projects including new drilling wells.
Regional Analysis
"North America region dominated the global oil & gas fittings market"
North America region dominated the oil & gas fittings market and represents US$ XX Bn in terms of market share and is anticipated to register a CAGR of XX% during the forecast period. Owing to new and replacement projects for installation and increased onshore exploration activities in the region. The US held the major share of the market contributing more than 75% of market revenue in the region.
On the contrary, the Asia Pacific region is anticipated to grow with a significant rate owing to increasing intra country trading activities in the region between China, and India among others, and an increasing the number of onshore drilling projects and rising numbers of oil and gas pipeline projects in China.
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Oil And Gas Fittings market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Product Type
| |
Application
| |
Material Type
| |
Operation
| |
|
Region Segment (2022-2032; US$ Billion)
|
Key questions answered in this report
