Published Report - Offshore Oil and Gas Pipes, Fittings, and Flanges Market Report � Size & Share 2030

  • Report Code : TIPAR00032624
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 140
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Offshore Oil and Gas Pipes, Fittings, and Flanges Market Report – Size & Share 2030

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[Research Report] The offshore oil and gas pipes, fittings, and flanges market size was valued at US$ 7,385.0 million in 2022 and is projected to reach US$ 12,033.8 million by 2030; it is expected to register a CAGR of 6.3% during 2022–2030.

 

Analyst Perspective:

The global offshore oil and gas pipes, fittings, and flanges market has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America is among the major crude oil and natural gas producers worldwide. The US is the largest oil producer globally, with a crude oil production share of more than 20%. The country's oil & gas sector is growing year-on-year owing to the discovery of new oil & gas rigs. In addition, natural gas production in the US has grown significantly in recent years as improvements in drilling technologies have made it commercially viable to recover oil trapped in mature oil wells. In April 2023, BP commenced oil production at its Argos platform located in the Gulf of Mexico. The Argos platform is a deepwater facility spread with less than 200 mile south of New Orleans, Louisiana. The platform is designed with LoSal Enhanced Oil Recovery (EOR) and Dynamic Digital Twin technologies to extract oil from the Mad Dog 2 field, a large, high-quality oil reservoir located in the southern Green Canyon area. The growing technological adoption for enhancing oil recovery is expected to drive the offshore oil & gas pipes fittings and flanges market in North America. Moreover, the discovery of new offshore oil & gas rig locations in the Gulf of Mexico is also expected to provide new opportunities for market vendors during the forecast period.

Large population, high per capita income, and rapid industrialization drive the offshore oil and gas pipes, fittings, and flanges market in APAC. The region is the largest consumer of crude oil & gas. Further, highly industrialized countries such as China, India, Japan, and South Korea are reporting increasing overall energy consumption. To fulfill the growing oil demand, these countries are increasing their focus on boosting domestic oil production through various enhanced oil recovery techniques, which is supporting the market growth in APAC.

Market Overview:

Pipes, fittings, and flanges are the mechanical structures used across the oil & gas industry for transferring fluid or gases across the oil or gas rigs. Different types of materials, such as steel, steel alloys, copper alloys, and nickel alloys, are used to manufacture pipes, fittings, and flanges products that provide several other benefits, such as long-term strength, corrosion resistance, and efficient operations. Moreover, the integration of pipes, fittings, and flanges in the oil & gas industry is one of the most dominant applications among other products in terms of volume. However, compared to the onshore oil & gas sector, the offshore sector accounts for a lesser share as there is a very limited number of offshore oil & gas rigs across different regions.

Moreover, other offshore oil & gas pipes, fittings, and flanges market drivers include increasing offshore oil & gas production, rising production of new oil rigs, reconstruction of existing and old offshore oil & gas rigs, a growing number of enhanced oil recovery operations, and rising developments in the oil & gas industry.

Europe, Asia Pacific, and the Middle East & Africa are prime regions showing rapid growth in the offshore oil & gas pipes fittings and flanges market. The rise in developments across the offshore oil & gas industry is driving the pipes, fittings, and flanges market across the offshore oil & gas industry. For instance, in October 2023, KCA Deutag—a leading drilling, engineering, and technology partner—announced its first locally made rig in Oman during a ceremony of Petroleum Development Oman (PDO). Similarly, in November 2023, Shell Egypt announced that it had successfully completed the drilling of the first well in its three-well exploration campaign, Mina West, located in the North-East El-Amriya block in the Mediterranean Sea. Such developments have been pushing the demand for the installation of new pipes, flanges, and fittings in offshore oil & gas rigs.

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Published Report - Offshore Oil and Gas Pipes, Fittings, and Flanges Market: Strategic Insights

Published Report - Offshore Oil and Gas Pipes, Fittings, and Flanges Market

  • CAGR (2022 - 2030)
    6.3%
  • Market Size 2022
    US$ 7.39 Billion
  • Market Size 2030
    US$ 12.03 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • US Metals Inc
  • Sumitomo Corporation
  • London Fittings and Flanges Ltd
  • American Piping Products Inc
  • Alliance Pipes & Fittings
  • AFG Holdings Inc
  • Flanschenwerk Bebitz GmbH
  • Kerkau Manufacturing Inc
  • SoluForce BV

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Product Type
  • Pipes
  • Fittings
  • Flanges
Material Type
  • Steel
  • Alloy Steel
  • Nickel Alloy
  • Copper Alloy
Geography
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Driver:

High Crude Oil Prices Generating Demand for Efficient Offshore Rig Operations

The demand for oil & gas is rising worldwide owing to the increasing demand for energy. Per a report published by the International Energy Agency (IEA) in May 2023, global oil demand is projected to increase by 2.2 million barrels per day (mb/d) year-on-year in 2023 to an average of 102 mb/d, 200 kb/d more than oil demand published in April 2023. China's demand for crude oil witnessed continuous growth, setting an all-time record in March 2023 at 16 mb/d. Furthermore, the Russian Federation's aggression in Ukraine has threatened the energy supply, and it tends to drive oil & gas prices up. In May 2022, the European Council announced a partial ban on Russian oil imports.

According to the IEA, European countries imported 23% of their oil from Russia in 2021. Sourcing oil from more far-flung locations is expected to keep prices high. Such high crude oil prices enable market players to extract oil profitably with high-cost extraction techniques. EOR methods often involve additional costs compared to conventional oil extraction techniques. When oil prices are high, the increased revenue from selling oil can make EOR projects economically viable. Higher oil prices provide a stronger financial incentive for operators to invest in EOR technologies and maximize their production rates. Thus, the growing demand for crude oil and the rising costs enable key oil producers to focus on enhanced oil recovery (EOR) projects.

In April 2022, Oil and Natural Gas Corporation (ONGC), an Indian central public sector company in petroleum and natural gas production, announced the first EOR project in Indian offshore with an investment of US$ 724.2 million to boost oil & gas output. Hence, such implementation of EOR projects drives the offshore oil & gas pipes, fittings, and flanges market growth.

Segmental Analysis:

Based on product type, the offshore oil and gas pipes, fittings, and flanges market is segmented into pipes, fittings, and flanges. Pipes accounted for more than 75.0% of revenue in the offshore oil and gas pipes, fittings, and flanges market in 2022 and is expected to be the key segment during the forecast period. The dominance of pipes in the offshore oil and gas pipes, fittings, and flanges market stems from their indispensable role in fluid and gas transportation within the oil and gas sector. Pipes are crucial components, facilitating the transfer of hydrocarbons from offshore wells to processing facilities. Their prevalence is justified by attributes such as durability, corrosion resistance, and adaptability to harsh offshore environments. Technological advancements, including the use of high-strength materials and protective coatings, contribute to their resilience and suitability for offshore applications. These factors collectively establish pipes as foundational elements in the infrastructure, explaining their major market share within the offshore oil and gas pipes, fitting, and flanges market.

Regional Analysis:

According to The Insight Partners analysis, in 2022, Europe registered the highest offshore oil and gas pipes, fittings, and flanges market share of 30.6% and is expected to register a CAGR of 5.8% during the analyzed timeframe, owing to offshore field installation and capacity additions in the coming years.  

Europe has a strong capacity for oil & gas production and export to different parts of the world. Norway, the UK, and Denmark are the major oil & gas producers in Europe, with significant offshore reserves in the North Sea. Other countries such as the Netherlands, Germany, and Italy also have small-scale oil & gas production. According to the EIA, the UK generated 4.9 quadrillion British thermal units (quads) of energy in 2020 and used 6.8 quads of energy. Norway is the third-largest natural gas exporter globally. Also, in 2022, Norway produced 2.0% of the world's oil production, which shows that the country plays an important role in the global oil & gas market. Norway has substantial offshore oil & gas reserves in the North and Norwegian Seas. The exploration and production activities in these areas have been highly successful, contributing to the industry's growth.

Offshore Oil and Gas Pipes, Fittings, and Flanges Market Report Scope

Report Attribute Details
Market size in 2022 US$ 7.39 Billion
Market Size by 2030 US$ 12.03 Billion
Global CAGR (2022 - 2030) 6.3%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Product Type
  • Pipes
  • Fittings
  • Flanges
By Material Type
  • Steel
  • Alloy Steel
  • Nickel Alloy
  • Copper Alloy
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • US Metals Inc
  • Sumitomo Corporation
  • London Fittings and Flanges Ltd
  • American Piping Products Inc
  • Alliance Pipes & Fittings
  • AFG Holdings Inc
  • Flanschenwerk Bebitz GmbH
  • Kerkau Manufacturing Inc
  • SoluForce BV
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Key Player Analysis:

    US Metals Inc, Sumitomo Corporation, London Fittings and Flanges Ltd, American Piping Products Inc, Alliance Pipes & Fittings, AFG Holdings Inc, Flanschenwerk Bebitz GmbH, Kerkau Manufacturing Inc, SoluForce BV, and KME Germany GmbH are among the key players operating in the offshore oil and gas pipes, fittings, and flanges market.

    Recent Developments: 

    Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies operating in the global offshore oil and gas pipes, fittings, and flanges market. A few recent developments by key the offshore oil and gas pipes, fittings, and flanges market players are listed below:

    Year

    News

    Country

    2023

    TechnipFMC (NYSE: FTI) was awarded a contract to manufacture flexible pipes by Woodside Energy. The company will supply infield flowlines and jumpers for the Trion project in deepwater Mexico.

    North America

    2020

    As part of the strategic alliance with Tenaris, Alleima will supply Oil Country Tubular Goods (OCTG) tubes with corrosion-resistant alloy (CRA) material in a new long-term frame agreement between Tenaris and Petrobras. The agreement includes the three-year supply for offshore Brazil, where pipes will be used in the customer's exploration and production (E&P) wells in the pre-salt fields.

    North America

    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Product Type, Material Type, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Who are the major vendors in the offshore oil and gas pipes, fittings, and flanges market?

    Sumitomo Corp, US Metals Inc, London Fittings & Flanges Ltd, American Piping Products Inc, AFG Holdings Inc, and SoluForce BV are the key market players operating in the global offshore oil and gas pipes, fittings, and flanges market.

    What are reasons behind the offshore oil and gas pipes, fittings, and flanges market growth?

    Increasing focus on maximizing oil & gas recovery and extending field life, growing developments in offshore oil and gas industry, and high crude prices, contributing to the growth of the offshore oil and gas pipes, fittings, and flanges market.

    Which region to dominate the offshore oil and gas pipes, fittings, and flanges market in the forecast period?

    Regions such as North America, Europe, and Asia-Pacific will boost the growth of the offshore oil and gas pipes, fittings, and flanges market during the forecast period. This growth is owing to the rise in investment offshore oil and gas projects in countries such as Russia, Indonesia, Italy, UK, Qatar and others is expected to drive the growth of the market in the coming years.

    What are market opportunities for the offshore oil and gas pipes, fittings, and flanges market?

    Ongoing research and innovation on advanced offshore oil and gas technologies in potential regions such as Europe, Middle East & Africa, and North America, where the adoption of the above-mentioned technology is growing at an exponential rate is expected to be the key opportunity in the market.

    What is the future trend for the offshore oil and gas pipes, fittings, and flanges market?

    Rise in investment towards offshore oil and gas exploration and production across U.S., Saudi Arabia, UAE, and others is anticipated to stimulate the offshore oil and gas pipes, fittings, and flanges market growth in the coming years.

    The List of Companies - Offshore Oil and Gas Pipes, Fittings, and Flanges Market

    1. US Metals Inc
    2. Sumitomo Corporation
    3. London Fittings and Flanges Ltd
    4. American Piping Products Inc
    5. Alliance Pipes & Fittings
    6. AFG Holdings Inc
    7. Flanschenwerk Bebitz GmbH
    8. Kerkau Manufacturing Inc
    9. SoluForce BV
    10. KMW Germany GmbH

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