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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Offshore Oil and Gas Pipes, Fittings, and Flanges Market: Strategic Insights
Market Size Value in US$ 7,385.0 million in 2022 Market Size Value by US$ 12,033.8 million by 2030 Growth rate CAGR of 6.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Offshore Oil and Gas Pipes, Fittings, and Flanges Market: Strategic Insights
| Market Size Value in | US$ 7,385.0 million in 2022 |
| Market Size Value by | US$ 12,033.8 million by 2030 |
| Growth rate | CAGR of 6.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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.
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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.
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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.
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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Material Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
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.
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.
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.
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.
The List of Companies - Offshore Oil and Gas Pipes, Fittings, and Flanges Market
- 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
- KMW Germany GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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