Future Market Insights (FMI) has forecasted the global Oil and Gas Fittings Market to register year-on-year growth of 3.2% in 2022 reaching a value of about USD 1,326.8 Million by 2022 end.
Oil and gas fittings such as tees and flanges are major segments expected to dominate the market. It is used in upstream, midstream, and downstream applications, with the most popular upstream fittings such as adapters, male pins, and studded crosses.
| Attribute | Details |
|---|---|
| Global Oil and Gas Fittings Market Analysis (2021A) | USD 1,285.2 Million |
| Global Oil and Gas Fittings Market Analysis Estimated Year Value (2022E) | USD 1,326.8 Million |
| Global Oil and Gas Fittings Market Analysis Projected Year Value (2028F) | USD 1,675.4 Million |
| Value CAGR (2022 to 2029) | 3.4% |
| Collective Value Share: Top 3 Countries (2022E) | 36.2% |
Pipes, wellhead systems, transmission and distribution pipelines, and other applications cater to the prominent demand for specialized Oil and Gas Fittings. The global business is anticipated to witness a considerable value CAGR of 3.4% during the period 2022 and 2029.
FMI has identified North America to remain a key market for Oil and Gas Fitting over the forecast period owing to increasing demand from end-use applications. The region is estimated to witness a value CAGR of 3.8% in the industry of Oil and Gas Fittings.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 3.1% |
| H1,2022 Projected (P) | 3.2% |
| H1,2022 Outlook (O) | 2.9% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 34 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 24 ↓ |
FMI presents a half-yearly comparison and insightful analysis of oil and gas fittings market growth. Rising tender and contract orders, especially in developing nations, are key factors driving the strong growth trend in oil and gas fittings sales. Due to the increasing number of pipeline projects linking countries like China, India, the Middle East, and the ASEAN region, the demand for various oil and gas fittings is projected to increase in the upcoming years.
According to FMI analysis, the variation between the BPS values observed in the Oil and Gas Fittings market in H1, 2022-Outlook over H1, 2022 projected reflects a decline of 34 units. However, compared to H1, 2021, the market is expected to fall by 24 BPS in H1 -2022.
Transcontinental pipeline extensions and consumption that are rising in tandem with GDP development will further boost the global market for oil and gas fittings. Sales will be boosted during the projection period by the expanded potential for Indian tendering and auctioning for the deployment of new and replacement oil and gas fittings.
Current manufacturers face a threat from energy suppliers' backward integration into the production of oil and gas fittings because they can supply comparable products for less money. This leads to fierce market competition in local markets and low profitability across the value chain. The adoption of such a practice negatively impacts the market's growth.
Rising tender and contract orders in developing markets is a crucial element that will drive a high growth trend in Oil and Gas Fittings sales, particularly in developing economies. The demand for various oil and gas fittings is likely to rise in the coming years due to the growing number of pipeline projects between nations such as China, India, the Middle East, and the ASEAN area.
The worldwide oil and gas fittings industry will be boosted by transcontinental pipeline construction. As a result of the positive influence of new pipeline projects on market growth, manufacturers are focusing on installing oil and gas fittings in downstream areas. The market is projected to grow at a moderate pace, driven by upstream and downstream contracts, investment in refinery up-gradation projects, and replacement of the legacy Oil and Gas Fittings.
The demand outlook for Oil and Gas Fitting between 2014 and 2021 remains at 2.8% as the pandemic crisis has impacted the market. Backward integration by energy suppliers to produce Oil and Gas Fittings poses a threat to present manufacturers because these suppliers offer similar products at a lower cost, resulting in fierce market competition and lower profitability across the value chain.
The growth of Oil and Gas Fittings is likely to grow at a growth rate of 2.6% by Volume over the assessment period of 2022 to 2029.
Principal Consultant
The increased need for the improved pipeline and processing safety has resulted from an increase in the number of accidents. As a result of the numerous restrictions created by regulatory agencies to promote operational safety, there has been an increasing demand in such industrial settings.
Various manufacturers, suppliers, and distributors are increasingly focusing on new deployment contracts that might help them increase income from developing economies. The number of onshore wells is expected to rise in response to the rising demand for oil and gas from various end-use sectors.
Major businesses are upgrading their portfolios by developing new processing plants, pipelines, and production facilities in response to recent oil and gas developments. As a result, the demand for Oil and Gas Fittings is likely to propel in the coming years in the oil & gas industry.
The fittings market is characterized by the existence of a number of large, medium, and small-scale players and service providers. As a result, there is a lot of fragmentation in the industry.
Backward integration by energy suppliers to manufacture Oil and Gas Fittings is a threat to current manufacturers because these suppliers offer similar products at a cheaper cost, resulting in harsh market competition in local markets and poor profitability throughout the value chain.
Adoption of such practices may have a negative impact on the Oil and Gas Fittings market. Raw material suppliers also participate in the Oil and Gas Fittings manufacturing process by offering their own products, solutions, and services. As a result, in the Oil and Gas Fittings Market, competition is critical.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
In 2022, USA Oil and Gas Fittings Market is expected to register 3.1% year-on-year growth by volume. The number of operating oil and gas wells in the country of the USA is comparatively increasing, following a rise in crude oil prices, which encouraged oil and gas companies in the USA to invest in deep drilling activities. Every year, global companies invest hundreds of billions of dollars in the USA to boost economic growth.
Deep-water offshore activities are expected to drive the USA oil and gas upstream market in the forecast period. The demand for Oil and Gas Fittings in North America is expected to be fuelled by a number of prominent manufacturers and distributors in the region that focus on contract acquisitions.
Between 2022 and 2029, India is estimated to grow at a CAGR of 4.2% percent. The number of pipeline projects between nations such as India is increasing. In the future years, demand for various oil and gas fittings is predicted to skyrocket. Because of the government's favorable FDI investment rules and extraordinary growth in the oil and gas industry, companies are embracing innovative business model plans to set up shops in the country.
The worldwide oil and gas fittings market will be further fuelled by transcontinental pipeline expansions and consumption that is growing in lockstep with GDP growth. In the forecast period, the increased opportunity for tendering and auctioning in India for the deployment of new and replacement Oil and Gas Fittings will drive sales.
China’s Oil and Gas Fittings Market is expected to grow at a CAGR of 4.5% throughout the forecast period. Different types of fittings for oil and gas applications will be deployed in China's onshore and offshore projects. Oil and gas companies are increasing their investments in onshore and offshore drilling and production projects, and they are looking for operational efficiency as well as a return on investment, which will drive the market.
By establishing a solid supply chain in China, the companies can improve sales, resulting in business growth in these countries. It will continue to drive the global market for oil and gas fittings. China's oil and gas sector is steadily expanding, with additional projects on the horizon that will have a favorable impact on the East Asian Oil and Gas Fittings market.
The tees segment is projected to create an absolute dollar opportunity of more than USD 125.2 Million during the period of 2022 to 2029. Tees are assisting in the detection of unmanaged defects in aging tees and flanges, which can lead to leakages, corrosion, material loss, and contamination of the environment. Replacement of such old tees in onshore applications is gaining momentum, and demand has been steadily increasing over the last few years.
Monitoring downhole pressure is also critical for extending the well's production life as much as possible. It also assures the overall system's safety and extends life expectancy. According to research, the pressure range of 4000-6000 psi will be the most long-lasting, and it will be utilized more frequently in the near future. The 4,000 - 6,000 psi segment is projected to create an absolute dollar opportunity of more than USD 119.7 Million during the period of 2022 to 2029.
The downstream segment is projected to create an absolute dollar opportunity of more than USD 202.1 Million during the period of 2022 to 2029. As a result of the positive influence of new pipeline projects on market growth, manufacturers are focusing on installing oil and gas fittings downstream. Due to an increase in the number of downstream projects, it is expected to be one of the most important rising countries in the global oil and gas fittings market.
Carbon steel is a robust metal with high wear resistance. In the oil and gas business, it is the most extensively utilized form of steel. It's employed in the construction of flowlines, structural components, pipelines, and platforms, among other things.
Steel, in some form or another, is used in the oil and gas sector for a variety of purposes. In the coming years, product providers should focus on meeting customer demand for carbon steel-based Oil and Gas Fittings at competitive prices, as well as develop corrosion resistance products. The carbon Steel segment is projected to create an absolute dollar opportunity of more than USD 139.2 Million during the period of 2022 to 2029.
Oil and gas companies are increasing their investments in onshore drilling and production projects, and they are looking for operational efficiency as well as a return on investment, which is driving the industry.
The number of onshore wells is expected to rise in order to meet the rising demand for oil and gas from various end-use sectors, which is expected to have a positive impact on the installation of new oil and gas fittings and flanges, as these products are widely used for onshore oil production and transmission. The onshore segment is projected to create an absolute dollar opportunity of more than USD 301.9 Million during the period of 2022 to 2029.
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.
For Instance:
The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
*The list is not exhaustive, and is only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2029 |
| Historical Data Available for | 2014 to 2021 |
| Market Analysis | USD Million for Value and Units for Volume |
| Key Regions Covered | North America, Europe, Middle East and Africa(MEA), East Asia, South Asia, Oceania, Latin America |
| Key Countries Covered | USA, Canada, Germany, Italy, France, United Kingdom, Spain, Nordics, Russia, Brazil, Mexico, Argentina, China, Japan, South Korea, India, Indonesia, Thailand, Malaysia, Singapore, ASEAN, GCC Countries, North Africa, South Africa, and Oceania. |
| Key Segments Covered | By product type, working pressure, operation, material type, and by application. |
| Key Companies Profiled | 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; KINGSA Industries; Probe Oil Tools; PSL Pipe & Fittings Co.; PT. Bima Drilling Tools; Sara Sae; The Weir Group PLC; Woodco USA; Yingkou Haitai Metal; Pipe Fittings Co. Ltd. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Global Oil and Gas Fittings Market is expected to total USD 1,326.8 Million in 2022.
The demand for Oil and Gas Fitting increased by 3.4% in 2022.
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, KINGSA Industries, Probe Oil Tools, PSL Pipe & Fittings Co., are the leading market players. They collectively account for 30% to 35% of the global market share.
The demand in China is expected to increase by 4.5 % CAGR between 2022 and 2029 on a value basis.
China, the USA, India, Germany, and France are the key consumers of the global Oil and Gas Fittings Market.
Various manufacturers, suppliers, and distributors are increasingly focusing on new deployment contracts that might help them increase income from developing economies. In addition, corporations can gain long-term contracts for product offerings by using online sales platforms, a broad sales network in developing countries, and long-term partnerships with customers and vendors. Market participants are concentrating on retaining and growing existing client connections.
1. Executive Summary | Oil and Gas Fittings Market 2. Market Introduction 3. Key Market Trends 4. Key Success Factors 5. Market Context 6. Pricing Analysis 7. Global Market (Market Size USD Million) Analysis 8. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Product Type 8.1. Tees 8.1.1. Studded Tees 8.1.2. Flow Tees 8.2. Flanges 8.2.1. Blind/Test 8.2.2. Companion 8.2. Weld Neck 8.3. Adapters 8.3.1. Bottom Hole Test Adaptors 8.3.2. Double Studded Adapters 8.4. Male Pins 8.5. Studded Crosses 9. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Working Pressure 9.1. Less than 1000 psi 9.2. 1000 - 2000 psi 9.3. 2000 - 3000 psi 9.4. 3000 - 4000 psi 9.5. 4000 - 5000 psi 9.6. Above 5000 psi 10. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Operation 10.1. Upstream 10.2. Midstream 10.3. Downstream 11. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Material Type 11.1. Carbon Steel 11.2. Stainless Steel 11.3. Alloy Steel 11.4. Fiberglass 11.5. Composite 11.6. Others 12. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Application 12.1. Onshore 12.2. Offshore 13. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Region 13.1. North America 13.2. Europe 13.3. Middle East and Africa (MEA) 13.4. East Asia 13.5. South Asia 13.6. Oceania 13.7. Latin America 14. USA Market Analysis 15. North America Market Analysis 16. Europe Market Analysis 17. Latin America Market Analysis 18. East Asia Market Analysis 19. South Asia Market Analysis 20. Middle East and Africa (MEA) Market Analysis 21. Oceania Market Analysis 22. Emerging Countries Analysis 23. Market Structure Analysis 24. Competition Landscape 24.1. Anvil International 24.2. AVK UK Ltd 24.3. B.O.P Products LLC. 24.4. Bonney Forge Corporation 24.5. FitTech Industries Pvt. Ltd. 24.6. Gelbach UK Ltd 24.7. Grupo Cuñado 24.8. Guezco Manufacturing Inc 24.9. Hy-Lok USA, Inc 24.10. ICARUS SA 24.11. JVS Engineers 24.12. KINGSA Industries 24.13. Probe Oil Tools 24.14. PSL Pipe & Fittings Co. 24.15. PT. Bima Drilling Tools 24.16. Sara Sae 24.17. The Weir Group PLC 24.18. Woodco USA 24.19. Yingkou Haitai Metal and Pipe Fittings Co. Ltd. 25. Research Methodology 26. Assumption & Acronyms
Explore Industrial Automation Insights
View Reports
Oil and Gas Fittings Market
