Oil and Gas Fittings Market is reaching a valuation of US$ 1,675.4 Million by 2029 - Comprehensive Research Report by FMI
Oil and Gas Fittings Market - Analysis, Outlook, Growth, Trends, Forecasts
DUBAI, United Arab Emirates, Jan. 18, 2022 (GLOBE NEWSWIRE) -- 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.A new market research report by Future Market Insights on the *Oil and Gas Fittings Market* includes global industry analysis 2014–2021 and opportunity assessment 2022–2029. The report investigates the oil and gas fittings market and provides critical insights for the forecast period of 2022-2029. 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.
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* *%*
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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.
*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.
Additionally, macroeconomic factors such as crude oil and natural gas production and consumption, oil and gas production data by key countries, and increasing number of new oil and gas pipeline projects, and pipes, valves, and fittings (PVC) contracts are some of the other factors that are boosting the growth of oil and gas fittings market.
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*Scope of the 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
*Downstream Operations Will Drive the Demand for Oil and Gas Fittings*
The global oil and gas fittings market has been segmented on the basis of product type, working pressure, material type, operation, application, and regions such as North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East and Africa.
· By product, tees and flanges are estimated to hold significant value shares of the global oil and gas fittings market.
· On the basis of material, carbon steel and alloy steel are projected to have strong growth over the forecast period in terms of value. However, the use composite and fiberglass materials will positively influence the oil and gas fittings market with rapid growth.
· In terms of operation, the deployment of oil and gas fittings in downstream operation will continue to account for significant sales. However, growing application in upstream operation is anticipated to result in increased market share during the forecast period. The growing number of projects related to new drilling wells in onshore operations will further drive the installation of new oil and gas fittings.*We Offer tailor-made Solutions to fit Your Requirements, Request Customization @ *https://www.futuremarketinsights.com/customization-available/rep-gb-10466
*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.
The global oil and gas fittings market is considerably consolidated with very few players holding prominent shares of the market as this market is highly fragmented and competitive. These players are offering oil and gas fittings to distributors and suppliers in various regions. Currently, online sales platform has emerged to be a supportive factor for the growing number of sales of oil and gas fittings.
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