The latest market report published by Acute Market Reports “Oil & Gas Fittings Market: Growth, Future Prospects, and Competitive Analysis, 2023 - 2030” the Oil & Gas Fittings market was valued at US$ 1.3 Bn in 2021 and expected to reach US$ 1.6 Bn by 2030 at a CAGR of 3.3% throughout the forecast period from 2023 to 2030.

Market Insights

"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 the 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 the oil and gas fittings market. Additionally, rising investments in refinery up-gradation 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.

Industrial Developments

• In April 2023, 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 a more comprehensive product portfolio for local, national, and international distributors across the North America region.

Key Market Movements

• In 2021, the global paper bags market was valued at US$ 1.3 Bn and is projected to grow to US$ 1.6 Bn by 2030 expanding at a CAGR of 3.3%.
• Based on material type, the market is classified into carbon steel, stainless steel, alloy steel, fiberglass, composite, and others.
• Out of these stainless steel, the segment is leading the market with a 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:

• Castrol
• Exxon Mobil
• Dow Corning Ltd.
• Chevron Corporation
• Lukeoil
• Royal Dutch Shell PLC
• Sinopec Corporation
• Balmer Lawrie & Co. Ltd
• JX Nippon Oil & Energy Corporation
• Petronas

Browse the full report at https://www.acutemarketreports.com/report/oil-and-gas-fittings-market

The Global Oil And Gas Fittings Market is Segmented into:

*Complete segmentation list is on the report page