Global Oil and Gas Fittings Market: Overview
New discoveries of oil & gas fields together with favorable government policies are likely to drive global oil and gas logistics market during the period of review. With the entry of an era of shale oil boom, important opportunities are generated for the global oil and gas fittings market over the years..
Type, application, power output, end user, and region are the parameters based on which the global market for Oil and Gas Fittings has been classified. Such classifications help in better understanding of the market.
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Global Oil and Gas Fittings Market: Notable Developments
Some of the remarkable developments pertaining to the global oil and gas fittings market are:
- 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.
A few of the reputed organizations functioning in the global oil and gas fittings market are as mentioned below:
- Yingkon Haitai Metal and Pipe Fittings Co., Ltd.
- Anvil International
- The Weir Group PLC
- PSL Pipe & Fittings Co.
- B.O.P Products LLC.
- Gelbach UK Ltd
Global Oil and Gas Fittings Market: Key Trends
The future course of the global Oil and Gas Fittings market is likely to be influence by the following factors of growth over the forecast period, from 2019 to 2027.
Market Demand to Grow Due to Rapid Expansion of the Oil and Gas Industry
The global oil and gas fittings market is expected to gather momentum from the growing demand for stainless steel oil and gas fittings over the assessment tenure. Stainless steel fittings come with the characteristics of high resistance to corrosion and since gas exploration takes place in difficult to work places, stainless steel fittings are ideal for such a setup. Stainless steel oil and gas fittings are capable of withstanding high temperature. It also comes with low thermal expansion and high thermal conductivity.
In addition, a rise in the oil and gas exploration activities in various parts of the world is likely to offer ample growth opportunities for the global oil and gas fittings market over the tenure of assessment. Growing demand for oil and gas fittings products are supported by the huge amount of demand generated by operations in both upstream and downstream. In addition, there has been a substantial rise in the increased consumption of crude oil, which again add to the growth of the global oil and gas fittings market.
It is expected that downstream operations will create more demand for oil and gas fittings over the forecast period, from 2019 to 2027.
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Global Oil and Gas Fittings Market: Geographical Analysis
To paint a detailed landscape of the global oil and gas fittings market, TMR analysts have segmented the market on the basis of religion. The market is split into the major regions of Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America.
From the geographical standpoint, North America is forecasted to account for lion’s share of the global oil and gas fittings market. Rapid rise in the exploration activities in the region to discover unconventional sources of energy in the region is likely to set the demand high for oil and gas fittings over the period of forecast, from 2019 to 2027. In North America, the oil and gas fittings market is spearheaded by the U.S. due to replacement of old wrought iron-based flanges and tees with alternatives that are durable like alloy steel and carbon steel. A rise in the intra country trade activities between China, Canada, and the US has left many players in the global oil and gas fittings market vying for attention.
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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