Global Oil and Gas Fittings Market Anticipated to Grow with 3.2% CAGR by 2029: Future Market Insights Report

The Oil and Gas Fittings Market report, published by Future Market Insights, an organization with ESOMAR Certified Market Research and Consulting Firm, provides insights and analysis into the Oil and Gas Fittings market. It outlines the scope and content of the research, covering driving factors, market size, and forecast data for Oil and Gas Fittings. The report includes detailed segmentations in revenue and shipment, along with 7-year forecasts extending to 2029. Additionally, it discusses key players in the industry, their market shares, the competitive landscape, and regional insights.

According to a projection by Future Market Insights (FMI), the worldwide Oil and Gas Fittings Market is anticipated to experience a 3.2% annual expansion in 2022, culminating in an approximate value of US$ 1,326.8 Million by the conclusion of that year.

The primary sectors within this market, namely tees and flanges, are predicted to be the dominant segments. These fittings find widespread use across upstream, midstream, and downstream applications. Notably, in the upstream category, fittings like adapters, male pins, and studded crosses are expected to be the most popular choices.

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The global oil and gas fittings market is set to receive a significant boost from the expansion of transcontinental pipelines, paralleled by the increasing consumption linked with GDP growth. This trend will lead to a surge in sales, driven by the growing opportunities in India for the procurement and bidding of new and replacement oil and gas fittings.

However, existing manufacturers are encountering a challenge posed by energy suppliers who are vertically integrating into the production of oil and gas fittings. This integration enables them to offer similar products at lower costs, resulting in intense competitive pressures within local markets and reduced profitability throughout the value chain. Such a practice adoption is detrimental to the overall market growth.

East Asia Region Projected to Witness Bolstering Growth

The East Asia region is poised for robust growth in the global oil and gas fittings market. While North America is expected to maintain a significant market share due to upcoming installation projects for oil and gas fittings, the East Asia market, particularly led by China, is projected to experience substantial expansion during the forecast period from 2019 to 2029.

China's prominence in this growth can be attributed to its rapid increase in onshore drilling endeavors and the proliferation of oil and gas pipeline projects. Furthermore, Africa emerges as a promising avenue for oil and gas fittings manufacturers to secure new contracts and ventures throughout the forecast timeframe.

The growth of the oil and gas fittings market is not only influenced by regional dynamics but also by macroeconomic factors such as crude oil and natural gas production and consumption. Key countries' oil and gas production data, the rise in new oil and gas pipeline projects, and contracts related to pipes, valves, and fittings (PVC) also contribute to the positive trajectory of the market.

Competitive Landscape:

Over the past few years, an increment in the number of acquisitions and expansion activities has been witnessed in the Oil and Gas Fittings market. Several key players are focusing on improving the product performance parameters for various applications. The emergence of various manufacturers had also been witnessed in global businesses, especially in India, the USA, and China.

Key Players:

Anvil International
AVK UK Ltd
B.O.P Products LLC.
Bonney Forge Corporation
FitTech Industries Pvt. Ltd.
Gelbach UK Ltd
Grupo Cuñado
Guezco Manufacturing Inc.
Hy-Lok USA, Inc.
ICARUS SA
JVS Engineers, among others.

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Key Segments Covered:

By Product Type:
Tees
Studded Tees
Flow Tees
Flanges
Blind/Test
Companion
Weld Neck
Adapters
Bottom Hole Test Adaptors
Double Studded Adapters
Male Pins
Studded Crosses

By Working Pressure:
Less than 1000 psi
1000 - 2000 psi
2000 - 3000 psi
3000 - 4000 psi
4000 - 5000 psi
Above 5000 psi

By Operation:
Upstream
Midstream
Downstream

By Material Type:
Carbon Steel
Stainless Steel
Alloy Steel
Fiberglass
Composite
Others

By Application:
Onshore
Offshore

By Region:
North America
Europe
Middle East and Africa(MEA)
East Asia
South Asia
Oceania
Latin America

Reference:

Oil and Gas Fittings Market Size @ https://www.globenewswire.com/news-release/2022/01/18/2368788/0/en/Oil-and-Gas-Fittings-Market-is-reaching-a-valuation-of-US-1-675-4-Million-by-2029-Comprehensive-Research-Report-by-FMI.html

About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.