Global GCC Industrial Gas Market Size to grow USD 6.7 Billion by 2030 | CAGR of 5.68%
The Global GCC Industrial Gas Market Size was valued at USD 1.9 billion in 2021. The market is growing at a CAGR of 6.7% from 2021 to 2030; Key players are Air Liquide, Dubai Industrial Gases, The Linde Group, Praxair Inc., Abdullah Hashim Industrial & Equipment Co. Ltd, Bristol Gases, Air Products and Chemicals Inc., Buzwair Industrial Gases factory, Gulf Cryo, National Industrial Gas Plants, Yateem Oxygen, Mohsin Haider Darwish LLC, and Others
New York, United States , Oct. 10, 2022 (GLOBE NEWSWIRE) -- The Global GCC Industrial Gas Market Size is projected to grow from USD 1.9 billion in 2021 to USD 5.68 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. The market is growing owing to the continuous surge in processed food & beverage consumption. According to a research report published by Spherical Insights & Consulting.
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Industrial gases are manufactured to boost production and provide operational flexibility. Industrial gases include hydrogen, oxygen, nitrogen, argon, and helium, to name a few. Industrial gases are essential for welding, brazing, cutting, treating metals, and refining. Utilizing industrial gases like nitrogen is used in the production of light bulbs, tire inflation, mining, and food packaging. Additionally, the pharmaceutical industry uses nitro oxide, a byproduct of nitrogen gas, to make medicines. It is projected that rising building activity in the GCC region and upcoming large-scale infrastructure projects will propel the market growth for industrial gases. The rise of the GCC industrial gases is also expected to be fueled by rising investment in key industrial and infrastructure projects. The market expansion is estimated to be fueled by the rising demand for industrial gases for healthcare applications throughout the forecast year. Industrial gases are commonly used for other technological purposes besides treating different respiratory problems. As a result, it is predicted that the rapid expansion of the medical sector in the GCC area will drive market expansion over the forecast period. The GCC region's expanding need for packaged food and beverages, which are necessary for survival, is expected to open up new market expansion opportunities. Changes in food consumption patterns are also anticipated to support the regional market's expansion throughout the forecast timeframe. A manufacturer may find growth opportunities due to the development of end-use applications and the introduction of cutting-edge technology for the production of industrial gases, which will enable them to serve a sizeable market in the region better. There is a likelihood that this will hasten the growth of GCC industrial gases. However, the high cost of manufacturing is expected to limit the growth of the industrial gas sector. The high energy cost associated with producing industrial gases is a key impediment to their market expansion. It is projected that the cost of electricity will restrict the market growth.
This research report categorizes the market for GCC Industrial Gas based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the GCC Industrial Gas market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the GCC Industrial Gas market.
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Based on application, the GCC Industrial Gas market is categorized into metallurgy, chemicals, healthcare, energy, manufacturing, and others. The GCC region's expanding industrial gas market is aided by rising knowledge of advanced medical techniques and technologies. The pandemic scenarios highlighted the growth of hospitals and healthcare facilities across the different gulf nations, which has increased the demand for functional gases like carbon dioxide, argon, and helium and survival gases like oxygen in the region's healthcare sector. The fast increase in metallurgical uses for industrial gases such as oxygen, nitrogen, and hydrogen, among others, is mostly due to the quick expansion of mining, fabrication, and construction operations. The region, especially in nations like Oman, Saudi Arabia, and Kuwait, is seeing significant demand for various functional gases due to the wide range of advantages of efficient combustion fuel and heat treatment operations over metals.
Among all regions, The Middle East and Africa emerged as the global GCC Industrial Gas market's largest market. The region's oil and gas output are declining, and the need to develop a medical infrastructure is growing, which has fueled the region's demand for industrial gas applications. The good outlook for suitable medical gas applications and the distinct benefits of various industrial gases like argon and specialty gases like krypton and xenon across the processing industry, will sustain the market for industrial gases in the GCC. Saudi Arabia's nitrogen gas production is anticipated to rise by more than 7% by 2030. This will further fuel market expansion in this domain due to applications in the chemical, pharmaceutical, culinary, and metallurgy sectors.
The Asia Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. Manufacturers in the industrial gas industry have substantial growth possibilities in the Asia Pacific. The demand for industrial gases in the area is influenced by the region's growing population, the existence of established market participants, and expanding economies like India, China, South Korea, and Singapore. Rapid urbanization and regional industrial expansion are further factors driving the Asia Pacific industrial gas market. The growing food and beverage, manufacturing, electronics, and mining sectors in the Asia Pacific present lucrative prospects for firms working in the industrial gases industry.
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Key Companies & Recent Developments: The report offers the appropriate analysis of the key organizations/companies involved within the Global GCC Industrial Gas market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. Air Liquide, Dubai Industrial Gases, The Linde Group, Praxair Inc., Abdullah Hashim Industrial & Equipment Co. Ltd, Bristol Gases, Air Products and Chemicals Inc., Buzwair Industrial Gases factory, Gulf Cryo, National Industrial Gas Plants, Yateem Oxygen, Mohsin Haider Darwish LLC, and Others
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