Future Market Insights (FMI) has unveiled a promising forecast for the global oil and gas fittings market, forecasting a steady annual growth rate of 3.4% from 2022 to 2029. With this trajectory, the market is poised to achieve a notable valuation of approximately US$ 1,675.4 million by the end of 2029.
FMI’s comprehensive analysis offers valuable insights into the dynamic evolution of the oil and gas fittings market, supported by meticulous half-yearly comparisons. A significant catalyst for the market’s robust growth is the increasing influx of tender and contract orders, particularly in emerging economies. The rising demand is fueled by the proliferation of pipeline projects linking countries such as China, India, the Middle East, and the ASEAN region. These initiatives play a pivotal role in enhancing regional connectivity and facilitating the efficient transportation of oil and gas resources, thereby stimulating the need for diverse oil and gas fittings.
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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
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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