At 7.5% CAGR, North America Offshore Oil and Gas Pipes, Fittings, and Flanges Market is Projected to be Worth US$ 2,455.49 Million by 2030, says Business Market Insights

According to Business Market Insights research, the North America offshore oil and gas pipes, fittings, and flanges market was valued at US$ 1,373.88 million in 2022 and is expected to reach US$ 2,455.49 million by 2030, registering a CAGR of 7.5% from 2022 to 2030. High crude oil prices generating demand for efficient offshore rig operations and increasing focus on maximizing oil reserve recovery and extending field life and growing developments in offshore oil & gas industry are among the critical factors attributed to the North America offshore oil and gas pipes, fittings, and flanges market expansion.

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 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 are enabling key oil producers to focus on enhanced oil recovery (EOR) projects. Hence, such implementation of EOR projects drives the offshore oil & gas pipes, fittings, and flanges market growth.

On the contrary, rising shift from fossil fuels to clean Energy hampers the growth of North America offshore oil and gas pipes, fittings, and flanges market.

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 78.7% share of North America offshore oil and gas pipes, fittings, and flanges market in 2022, amassing US$ 1,080.69 million. It is projected to garner US$ 2,037.14 million by 2030 to expand at 8.2% CAGR during 2022-2030.

In terms of material type, the North America offshore oil and gas pipes, fittings, and flanges market is categorized steel, alloy steel, nickel alloys, and copper alloys. The steel segment held 43.8% share of 601.84 North America offshore oil and gas pipes, fittings, and flanges market in 2022, amassing US$ 601.8 million. It is projected to garner US$ 1,110.70 million by 2030 to expand at 8.0% CAGR during 2022-2030.

By country, the North America offshore oil and gas pipes, fittings, and flanges market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 38.1% share of North America offshore oil and gas pipes, fittings, and flanges market in 2022. It was assessed at US$ 522.84 million in 2022 and is likely to hit US$ 957.42 million by 2030, exhibiting a CAGR of 7.9% during 2022-2030.

Key players operating in the North America offshore oil and gas pipes, fittings, and flanges market are Sumitomo Corp, US Metals Inc, London Fittings & Flanges Ltd, American Piping Products Inc, AFG Holdings Inc, Flanschenwerk Bebitz GmbH, and Kerkau Manufacturing Inc, among others.

• In October 2023, TechnipFMC awarded a contract to manufacture flexible pipe by Woodside Energy. The Company will supply infield flowlines and jumpers for the Trion project in deep-water Mexico.
  
  
• In June 2021, AFG Holdings, Inc. announced that it has acquired the shares of Maass Flange Corporation and its affiliated businesses in Mexico and Canada. Maass Flange Corporation is the largest domestic manufacturing supplier of stainless and nickel alloy flanges in North America.
  
  

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