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Oil and Gas Fittings Market - Ensuring Controlled Flow in Transmission Lines

Oil and Gas Fittings Market

Oil and Gas Fittings Market

Oil and Gas Fittings Market By Product Type (Tees, Flanges, Adapters, Male Pins, Studded Crosses), Material Type (Carbon Steel, Stainless Steel, Alloy Steel, Fiberglass, Composite), Operation (Upstream, Midstream, Downstream) & Region - Forecast 2022 - 2029

Global Oil and Gas Fittings Market Snapshot

[364 Pages] 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 US$ 1,326.8 Mn 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.

Global Oil and Gas Fittings Market Analysis (2021A)

US$ 1,285.2 Mn

Global Oil and Gas Fittings Market Analysis Estimated Year Value (2022E)

US$ 1,326.8 Mn

Global Oil and Gas Fittings Market Analysis Projected Year Value (2028F)

US$ 1,675.4 Mn

Value CAGR (2022-2029)

3.4%

Collective Value Share: Top 3 Countries (2022E)

36.2%

Pipes, wellhead systems, transmission and distribution pipelines, and other applications cater to prominent demand of 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.

2016-2021 Global Oil and Gas Fittings Market Outlook Compared to 2022-2029 Forecast

Rising tender and contract orders in developing markets is a crucial element that will drive 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 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 2022-2029.

Which key end-use industries drive demand for Oil and Gas Fittings?

The increased need for 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 oil & gas industry.

How intense competition will impact Oil and Gas Fittings market growth?

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.

What was the Impact of the COVID-19 Crisis on the Oil and Gas Fittings Market?

SARS-introduction COV-2's in 2020 has had a massive impact on the global economy. A reduction in demand in a number of end-use industries, as well as supply chain problems, had damaged the global industry. Furthermore, due to extensive lockdowns and movement restrictions, economic activity had come to a halt.

During COVID-19, the oil and gas industry was one of the worst-affected industries. Until the third quarter of 2020, several large midstream corporations saw lower net earnings. Due to mandated tight limitations in key countries like the United States, India, and others, pipeline projects in many countries have been delayed.

Reduced gas demand as a result of lower energy usage and travel restrictions has had a negative impact on gas consumption in various countries. The closure of the end-use industries had an impact on the global growth rate of Oil and Gas Fittings in 2020.

Country-wise Insights

Which is the most prominent market for Oil and Gas Fitting in North America?

In 2022, U.S. 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 U.S. is comparatively increasing, following a rise in crude oil prices, which encouraged oil and gas companies in the U.S. to invest in deep drilling activities. Every year, global companies invest hundreds of billions of dollars in U.S. to boost economic growth.

Deep-water offshore activities are expected to drive the U.S. 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.

Why the Demand of Oil and Gas Fittings Market is increasing in India?

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 favourable FDI investment rules and extraordinary growth in the oil and gas industry, companies are embracing innovative business model plans to set up shop 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.

What is the scenario of Oil and Gas Fitting in China?

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 favourable impact on the East Asian Oil and Gas Fittings market.

Category-wise Insights

Which Product Type has future potential of for the Global Oil and Gas Fittings Market?

Tees segment is projected to create an absolute dollar opportunity of more than US$ 125.2 Mn during the period of 2022 to 2029.  Tees are assisting in the detection of unmanaged defects in ageing tees and flanges, which can lead to leakages, corrosion, material loss, and contamination to the environment. Replacement of such old tees in onshore applications is gaining momentum, and demand has been steadily increasing over the last few years.

Which Working Pressure makes the most value from Oil and Gas Fittings Market?

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 the 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 US$ 119.7 Mn during the period of 2022 to 2029.

Which Operation Type makes the most value in the forecast period?

The downstream segment is projected to create an absolute dollar opportunity of more than US$ 202.1 Mn 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 in 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.

Which Material Type is most preferred in 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 US$ 139.2 Mn during the period of 2022 to 2029.

Which Application Type dominates the market growth?

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 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. Onshore segment is projected to create an absolute dollar opportunity of more than US$ 301.9 Mn during the period of 2022 to 2029.

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, U.S, and China.

For Instance,

  • On 8th Jan ’19, Anvil International acquired Megawatt Machine Services, LLC which provides various services, maintenance, and replacement for valves used in oil and gas, power plant, and chemical plant applications.
  • On 14th November ’18, AVK UK Ltd. introduced Pipeline Fitting Solutions, an updated range of high-quality flange adaptors, dismantling joints, under pressure tees, repair clamps, and pipe repair products.
  • On 4th April 2019, Ocean Power Technologies, Inc., which is a leader in innovative ocean energy solutions announced a collaboration with Acteon Field Life Service, a subsidiary of Acteon Group Ltd.
  • On 20th August 2018, The Weir Group PLC signed a contract worth of US$ 50 Mn in Iraq to provide support oil field and valve repair with an intent to generate significant revenue aftermarket.
  • On 12th December 2018, the Acteon Group acquired Deepwater Corrosion Services Inc., which is a provider of subsea corrosion control for all asset types, including oil and gas platforms and wind turbines.

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 only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report

Scope of Report

Attribute

Details

Forecast Period

2022-2029

Historical Data Available for

2014-2021

Market Analysis

USD Million for Value and Units for Volume

Key Regions Covered

North America, Europe, MEA, East Asia, South Asia, Oceania, Latin America

Key Countries Covered

US, Canada, Germany, Italy, France, U.K., 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, by working pressure, by operation, by 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, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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Global Oil and Gas Fittings Market by Category

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
  • MEA
  • East Asia
  • South Asia
  • Oceania
  • Latin America

Key Questions Answered in the Report

What is the market size of the global Oil and Gas Fittings Market?

The Global Oil and Gas Fittings Market is expected to total US$ 1,326.8 Mn 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, U.S., 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.

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