The North America offshore oil and gas pipes, fittings, and flanges market is expected to grow from US$ 1.37 billion in 2022 to US$ 2.45 billion by 2030. It is estimated to record a CAGR of 7.5% from 2022 to 2030.
According to the Global CCS Institute database, around 220 commercial-scale CCS facilities are reportedly in the development stages worldwide. About 15 of them explicitly intend to use CO2 for enhanced oxygen recovery (EOR), with the remaining ones driven by decarbonization. Thus, the oil & gas industry is witnessing a trend toward efficient oil extraction techniques, which is expected to support the growth of the offshore oil & gas pipes, fittings, and flanges market in the coming years.
One of the major factors driving the growth of the oil & gas pipes, fittings, and flanges market includes the rising number of oil & gas rigs across different countries of North America. For instance, below are the number of overall rigs for the North American countries. Such an increasing number of oil rigs is one of the major factors driving the integration of large volumes of pipes, fittings, and flanges across the respective countries of the region. In addition, increasing crude oil production is another major factor expected to generate new demand for the installation of pipelines, flanges, and fittings in the coming years.
Adoption of Efficient Oil Recovery Techniques Fuels North America Offshore Oil and Gas Pipes, Fittings, and Flanges Market
The crude oil extraction process involves three phases-primary, secondary, and tertiary [enhanced oil recovery (EOR)] recovery. As several oil fields have already been used up excessively for oil production, operators of these projects are focusing on tertiary or EOR stages that help extract 30-60% or more of a reservoir's original oil output. Thermal EOR techniques have gained considerable traction in recent years.According to the Global CCS Institute database, around 220 commercial-scale CCS facilities are reportedly in the development stages worldwide. About 15 of them explicitly intend to use CO2 for enhanced oxygen recovery (EOR), with the remaining ones driven by decarbonization. Thus, the oil & gas industry is witnessing a trend toward efficient oil extraction techniques, which is expected to support the growth of the offshore oil & gas pipes, fittings, and flanges market in the coming years.
North America Offshore Oil and Gas Pipes, Fittings, and Flanges Market Overview
North America is one of the major oils & gas exporters across the world. The US accounts for more than 18% of global oil production, which shows the presence of many onshore and offshore oil fields across the region. Oil & gas fields require a lot of pipelines for different applications, including upstream, midstream, and downstream operations. Moreover, oil & gas are also processed with various chemicals that generate a lot of slag and corrosion in the pipelines and fittings. For such issues, the pipelines, fittings, and flanges are maintained or replaced (if required) periodically.One of the major factors driving the growth of the oil & gas pipes, fittings, and flanges market includes the rising number of oil & gas rigs across different countries of North America. For instance, below are the number of overall rigs for the North American countries. Such an increasing number of oil rigs is one of the major factors driving the integration of large volumes of pipes, fittings, and flanges across the respective countries of the region. In addition, increasing crude oil production is another major factor expected to generate new demand for the installation of pipelines, flanges, and fittings in the coming years.
North America Offshore Oil and Gas Pipes, Fittings, and Flanges Market Segmentation
The North America offshore oil and gas pipes, fittings, and flanges market is segmented into product type, material type, and country.- Based on product type, the North America offshore oil and gas pipes, fittings, and flanges market is segmented into pipes, fittings, and flanges. The pipes segment held the largest share of the North America offshore oil and gas pipes, fittings, and flanges market in 2022.
- In terms of material type, the North America offshore oil and gas pipes, fittings, and flanges market is segmented into steel, alloy steel, nickel alloys, and copper alloys. The steel segment held the largest share of the North America offshore oil and gas pipes, fittings, and flanges market in 2022.
- Based on country, the North America offshore oil and gas pipes, fittings, and flanges market is segmented into the US, Canada, and Mexico. The US dominated the North America offshore oil and gas pipes, fittings, and flanges market in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Offshore Oil & Gas Pipes, Fittings, and Flanges Market Landscape
5. North America Offshore Oil & Gas Pipes, Fittings, and Flanges Market - Key Industry Dynamics
6. Offshore Oil & Gas Pipes, Fittings, and Flanges Market - North America Market Analysis
7. North America Offshore Oil & Gas Pipes, Fittings, and Flanges Market Analysis - Product Type
8. North America Offshore Oil & Gas Pipes, Fittings, and Flanges Market Analysis - Material Type
9. North America Offshore Oil & Gas Pipes, Fittings, and Flanges Market - Country Analysis
10. Industry Landscape
11. Company Profiles
12. Appendix
Companies Mentioned
- Sumitomo Corp
- US Metals Inc
- London Fittings & Flanges Ltd
- American Piping Products Inc
- AFG Holdings Inc
- Flanschenwerk Bebitz GmbH
- Kerkau Manufacturing Inc
