GCC Industrial Gas Market size is estimated to surpass USD 3.5 billion by 2030, according to a new research report by Global Market Insights, Inc.
The demand for industrial gas in the GCC region is expected to gain significant momentum over the forecast period owing to a surge in the demand for various emerging energy sectors including oil and gas mining along with the developments in illumination industry. In recent years, the bulb and lamp industry witnessed a substantial development to produce innovative models couples with booming sales revenue eventually contributing to the market from illumination application. Companies are investing heavily in research & development of new products to gain a competitive advantage in the market.
The GCC industrial gas market is still in the evolving stage and as a result, the infusion in manufacturing practices is observed to be steadily lifting. However, with the market development and the adoption of modern production techniques involving the use of industrial gases, the cost of processing and storage is expected to drop considerably thus expecting notable market expansion for industrial gases in the region.
Growing demand for oxygen gas as an effective input in the healthcare and metallurgy industry will foster product demand
GCC industrial gas market from oxygen type is forecast to witness a substantial CAGR of 6.5% from 2022 to 2030 owing to its sprouting demand from the energy industry. The rising demand for oxygen gas from medical, metallurgy and other industries like under water research will fuel the product adoption. The increase in the number of hospitals and healthcare centers in the GCC region due to recent pandemic situations are adding on to the flourishing market demand for the oxygen gas. Rising consumer consciousness toward underwater research and innovation activities will promote the consumption industry for the oxygen gas owing to its survival traits.
According to market insights reports, oxygen gas market is expected to surpass USD 1.8 billion by 2030 owing to high consumer preference towards the significant cooling and anti-corrosive traits offered by the products. Various applications including manufacturing, oil & gas mining, healthcare, storage system technologies among many are displaying the potential for market inclination in the GCC region.
Browse key industry insights spread across 390 pages with 550 market data tables & 36 figures & charts from the report, “GCC Industrial Gas Market Forecasts By Type (Nitrogen, Oxygen, Carbon Dioxide, Argon, Hydrogen, Helium, Krypton, Xenon), Application (Manufacturing, Metallurgy, Energy, Chemicals, Healthcare, Others), Supply Mode (Packaged, Bulk, On-Site), Industry Analysis Report, Country Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022-2030” in detail along with the table of contents:
GCC industrial gas market from energy application segment is projected to surpass USD 1.1 billion by 2030, growing at a CAGR of over 5%, owing to the rising use of gases like argon, krypton, and xenon. Shift in consumer preference for enhanced effectiveness and extended illuminating intensities will propel product adoption rate across the energy application industry. Robust expansion of research activities and development of technologies in mining industry with simultaneously growing construction and automotive production will create positive business outlook for manufacturers.
Significance in storage and production of chemicals will contribute to GCC industrial gas market expansion
Chemical application segment is set to witness a CAGR of above 6% through 2030 owing to its traits in controlling pH levels in chemical processes. The emerging chemical applications of gases like carbon dioxide, nitrogen and argon in the chemical synthesis industry will fuel the product demand. Introduction and formulation of innovative products, which target economic needs, will boost the industry size. The lifted need for more effective and efficient base as precursors to many essential chemicals comprising of methanol, urea and sodium salicylate shall boost the market demand.
Broadened applications in welding process and powers fuel cell in Qatar should boost the regional market demand
Qatar industrial gas market is projected to register over 6% CAGR between 2022 and 2030. Owing to its use as fuel choice for upper stages of multistage rockets, gases like hydrogen have highest combustion energy as compared to other occurring material in the Qatar region thus supporting the demand for industrial gases. Furthermore, government initiatives in increasing the number of hospitals and care units in the country have led to a consequential upscale in the production and supply of industrial gases for medical applications which will boost the market growth.
Key players in the GCC industrial gas market are Linde, Gulf Cryo, SABIC, SIPCHEM, Air Liquide, Air Products, Abdullah Hashim Industrial Gases, and Buzwair Industrial Gases.
The companies are engaged in extensive research & development to develop innovative products to improve the quality & quantity of poultry meat yield. For instance, In April 2022, SABIC, a global leader in the chemical industry announced the completion of purchase of 50 percent stake in Clariant's specialty company Scientific Design, engaged in licensing of high-performance process technologies and catalysts production.
This transaction gives SABIC full ownership of Scientific Design, which is a leading licensor of high-performance process technologies. The acquisition will deepen SABIC’s growth in the Specialties market. Last year, SABIC repositioned its Specialties division as a stand-alone strategic business unit to unlock organic and inorganic growth opportunities that are independent of feedstock dynamics.
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