Oil And Gas Fabrication Market Size, Share, Growth Analysis, By Type(Upstream, Downstream), By Application(Structural steel fabrication, Process equipment fabrication), By Region - Industry Forecast 2024-2031

Oil And Gas Fabrication Market size was valued at USD 4.86 billion in 2019 and is poised to grow from USD 5.03 billion in 2023 to USD 7.03 billion by 2031, growing at a CAGR of 4.7% in the forecast period (2024-2031).

Fabrication is the process of creating products by combining typically standard parts with one or more independent procedures. For instance, cutting, bending, and assembling metal structures are all steps in the manufacturing of steel. Different gases are used in the fabrication processes, and because natural gas is less expensive than other fossil fuels, it is expected that demand will increase during the projection period. The global oil and gas pipeline fabrication and construction market will benefit in the coming years as the natural gas pipeline network is anticipated to grow alongside rising natural gas consumption. The global market for oil & gas fabrication is expanding as a result of increased investment in manufacturing activities.

The global economy, which is undergoing a significant transformation that is increasing demand in the global market, is largely driven by the oil and gas sector. Improved break-even points, a rise in energy demand, and the use of technology to cut production costs are the main drivers of the oil and gas industry's expansion. The main market dynamics driving the oil & gas industry through which the oil & gas fabrication market is increasing its market share in the global market include an increase in oil & gas production and exploration activities, growing merger and acquisition trends, and increasing demand for oil.

The Covid-19 outbreak has had a significant negative impact on the oil and gas industry. The majority of governments have declared a state of emergency and closed down cities to stop the virus from spreading. Due to people having to stay at home, gas prices have decreased. Decrease in global consumption rates due to decreased demand and supply. Crude oil prices fell as a result of the Saudi Arabian and Russian price war.

US Oil And Gas Fabrication Market is poised to grow at a sustainable CAGR for the next forecast year.