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The Demand For Oil & Gas Fittings Was Estimated At USD ~1.3 Billion In 2019. It Is Projected To Witness A CAGR Of 3.2% During The Forecast Period (2020-2028)
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 increasing consumption of oil & gas fittings in upstream and downstream operations. The upswing in transcontinental pipeline projects in Asia Pacific and Middle East & Africa region coupled with favourable 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 upgradation 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.
As per product type, tees segment expected to dominate the market
By product type, flanges segment is expected to witness highest growth in the oil & gas fittings market across the globe. It is expected to hold XX% of the total market.
On the basis of 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. 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 size of the pipes among others.
In contrast, flanges segment is anticipated to expand with 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 pipeline among others.
By operations, downstream segment is projected to dominate the oil & gas fittings market
On the basis of 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 highest growth throughout the forecast period. This can be associated with the increasing application of upstream operations coupled with growing number of projects including new drilling wells.
North America region to dominate the overall oil & gas fittings market in terms of revenue share.
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, 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 increasing number of onshore drilling projects and rising number of oil and gas pipeline projects in China.
The major players in the oil & gas fittings market include FitTech Industries Pvt. Ltd., Anvil International, Hy-Lok CO., LTD, The Weir Group PLC, .O.P Products LLC, AVK UK Ltd, JVS Engineers, FitTech Industries Pvt. Ltd., Gelbach UK Ltd, Grupo Cuñado, KINGSA Industries, Woodco USA, Yingkon Haitai Metal and Pipe Fittings Co., Ltd., PSL Pipe & Fittings Co., and Probe Oil Tools, among others are few of the key players in the global oil & gas fittings market. The market is considered to be consolidated as very few players are holding the major shares of the market.
Segmentation of Global Oil & Gas Fittings Market:
Oil & Gas Fittings Market by Product Type:
- Studded Tees
- Flow Tees
- Weld Neck
- Bottom Hole Test Adapters
- Double Studded Adapters
- Male Pins
- Studded Crosses
Oil & Gas Fittings Market by Application:
Oil & Gas Fittings Market by Material Type:
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Fiber Glass
Oil & Gas Fittings Market by Operation:
Oil & Gas Fittings Market by Working Pressure:
- Less than 2,000 psi
- 2,000 - 4,000 psi
- 4,000 to 6,000 psi
- 6,000 to 10,000 psi
- 10,000 to 15,000 psi
- Above 15,000 psi
Oil & Gas Fittings Market by Region:
- North America
- South America
- Middle East & Africa