Global oil and gas fitting market valued US$ 1.06 Billion in 2018 and is expected to be valued at US$1.32 Billion in 2026 at a CAGR of 2.8%.
The global oil and gas fitting market valued US$ 1.06 Billion in 2018 and is expected to be valued at US$1.32 Billion in 2026 at a CAGR of 2.8%. The report covers forecast and analysis for the oil and gas fittings market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 from 2026 based on revenue (USD Billion).
Oil and gas fittings are the pipeline systems used in the long-distance transportation of a liquid or gas through a system of pipes. Oil and gas exploration activities are performed within adverse settings, lifting the requirement of stainless steel oil and gas fittings owing to the high CRA (corrosion and resistance alloys) specifications. These fittings counter the impacts of carbon dioxide and hydrogen sulfide, as well as high temperatures. The high content of copper and molybdenum in stainless steel oil and gas pipe fittings ensure low thermal expansion and high thermal conductivity, whereas the presence of nickel assures high resistance against corrosion cracking.
Oil and gas fittings such as long radius pipes are gaining high traction in this platform as they lower the pressure loss during the directional change of flow along with smooth maintenance.
Due to prolonged exposure to high-pressure distribution, oil and gas fittings require regular maintenance. Oil and gas fittings made of stainless steel are capable of withstanding high pressure. Favorable government policies along with new discoveries in oil and gas fields are likely to drive the global oil and gas fitting market in the forecast timeframe. Additionally, a rise in the oil and gas exploration activities in various parts of the world is anticipated to fuel the market demand over the forecast period. Furthermore, increasing consumption of crude oil is also likely to boost the oil and gas fittings market growth in the forecast timeframe.
Based on region, North America accounted for the largest market share in 2018. The region is further anticipated to register the highest CAGR over the forecast period owing to increasing onshore exploration activities. U.S. has started several projects for natural gas exploration and transportation pipeline. Moreover, increasing intra-country and inter-country on-shore pipeline projects in the U.S. and Canada to satisfy the rising demand for oil and gas is capturing the attention of oil and gas manufacturers to invest in the region.
The oil and gas fittings market is highly consolidated, with major players including Techtronic Industries Co., Ltd., Stanley Black & Decker, Inc., Champion Power Equipment, Inc., Stephill Generators Ltd., Hyundai Power Equipment, SGS Engineering (UK) Ltd., Yamaha Motor Co., Ltd., Generac Power Systems, Inc., Honda Motor Co. Ltd., and Kohler Co. The major strategies implemented by these leading companies in the market are recent developments, new Type launches, partnerships, and mergers & acquisitions. These companies are focusing on investment in evolutions, expansions, and collaborations to increase their market share.