A new market research report by Future Market Insights on the oil and gas fittings market includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report investigates the oil and gas fittings market and provides critical insights for the forecast period of 2019-2029. As per the findings of the report, the global oil and gas fittings market is expected to experience moderate growth during the forecast period due to multiple factors such as new oil and gas drilling projects and new pipeline contracts across the globe.

The global oil and gas fittings market is estimated to reach ~US$ 1.2 Bn in 2019, and increase at a CAGR of ~3% in the forecast period 2019-2029. This growth is majorly driven by the increasing consumption of oil and gas fittings in upstream and downstream operations.

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East Asia Region Projected to Witness Bolstering Growth

North America is projected to hold significant market share in the global oil and gas fittings market value owing to new and replacement projects for the installation of oil and gas fittings that are targeted in this market study. However, the East Asia market is anticipated to project rewarding growth in the global oil and gas fittings market over the forecast period 2019-2029, with China being a leading country. This is driven by the rapid growth of onshore drilling projects coupled with the rising number of oil and gas pipeline projects in China. Apart from that, Africa will pose a strong opportunity for the manufacturers of oil and gas fittings to acquire new contracts and ventures during the forecast period.

Oil and Gas Fittings Market: Vendor Insights

The report indicates some of the prominent market players, who are recognized as leaders in the global oil and gas fittings market. Some of the key players in the global oil and gas fittings market are Anvil International, AVK UK Ltd, JVS Engineers, The Weir Group PLC, Hy-Lok CO., LTD, B.O.P Products LLC., FitTech Industries Pvt. Ltd., Gelbach UK Ltd, Grupo Cuñado, KINGSA Industries, Probe Oil Tools, PSL Pipe & Fittings Co., Yingkon Haitai Metal and Pipe Fittings Co., Ltd., and Woodco USA, among others.

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Frequently Asked Questions About oil and gas fittings market

What are the key factors shaping the oil and gas fittings market?

An upsurge in the number of new onshore wells and demand for replacement of aged fittings and flanges are the factors that are impacting the growth of the oil and gas fittings market. In addition, a growing number of drilling wells are increasing the sales and installation of pipes, valves, and fittings (PVF), which in turn, are propelling the market growth.

What impact will alloy steel have on the market growth?

Exploration activities for oil & gas are performed with adverse settings, driving the requirement of stainless steel fittings for their high corrosion resistance alloys (CRAs) attributes. CRAs are best suited to fulfill various functional requirements in oil & gas exploration and production.

What are the factors driving the demand for tees in the global market?

Demand for tees continues to surge, as it embraces a restriction bar welded internally to avoid entry of scrappers. The major purpose of tees is to make a 90-degree branch that enables directional change and size reduction of pipe in the piping system.

Which region is expected to hold the highest revenue share in the oil and gas fittings market?

North America and East Asia will continue to hold major revenue shares in the global oil and gas fittings market. This growth is attributed to the high applicability in onshore activities. Furthermore, the rapid growth of onshore drilling activities and a number of oil and gas pipeline projects in the U.S., Canada, and China will contribute to the market growth.