The latest market report published by Credence Research, Inc. “Oil & Gas Fittings Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the Oil & Gas Fittings market was valued at US$ 1.2 Bn in 2018 and expected to reach US$ 1.5 Bn by 2027 at a CAGR of 3.3% throughout the forecast period from 2019 to 2027.
“Increasing oil & gas exploration activities will spur revenue growth during the forecast period”
The global oil & gas fittings is gaining momentum from the growing demand for stainless steel during the years to come. The increasing oil & gas exploration activities across the globe coupled with rising production & consumption of oil are factors proliferating the demand of the oil & gas fittings market. In addition, macroeconomic variables such as rising number of new oil and gas pipeline contracts, pipes, valves, and fittings (PVC) contracts are some of the other key factors bolstering the growth of oil and gas fittings market. Additionally, rising investments in refinery upgradation projects and rapid replacement activities are factors further boosting the demand of the oil & gas fittings market. 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.
“Tees segment to dominate the market throughout the forecast period”
Based on 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.
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- In April 2019, US Based Anvil International has come up with an agreement with Smith-Cooper International to merge. Post-merger process, it is forecasted that the company will make an offering of more comprehensive product portfolio for local, national, and international distributors across the North America region.
Key Market Movements
- In 2018, the global paper bags market was valued US$ 1.2 Bn and is projected to grow to US$ 1.5 Bn by 2027 expanding at a CAGR of 3.3%.
- Based on material type, the market is classified into carbon steel, stainless steel, alloy steel, fiber glass, composite, and others.
- Out of these stainless steel segment is leading the market with major contribution in the revenue share. This can be associated with increasing adoption and application of the material for different purposes.
- Asia Pacific region is anticipated to expand with the highest growth rate during the years to come. This can be associated with the rising trade activities in the region coupled with increasing oil drilling activities
List of Companies Covered:
- Exxon Mobil
- Dow Corning Ltd.
- Chevron Corporation
- Royal Dutch Shell PLC
- Sinopec Corporation
- Balmer Lawrie & Co. Ltd
- JX Nippon Oil & Energy Corporation
Browse the full report at https://www.credenceresearch.com/report/oil-and-gas-fittings-market