Coherent Market Insights

GCC Industrial Gases Market to Surpass US$ 2,307.6 Mn by 2030

GCC Industrial Gases Market to Surpass US$ 2,307.6 Mn by 2030 - Coherent Market Insights

Publish On: Dec 18, 2023

Industrial gases are gaseous materials intended to be used across various end-user applications such as food packaging, brazing, mining, welding, drug manufacturing, etc. Oxygen, nitrogen, argon, helium, and hydrogen are some of the commonly used industrial gases. Oxygen gas is used in the brazing, cutting, and welding of metal products. Nitrogen has numerous applications such as food packaging, light bulb production, and drug production. Hydrogen gas is used in treating metals, refining, and food processing. Moreover, nitrogen gas is also used to produce ammonia for the manufacturing of fertilizers.

Gcc Industrial Gases Market is estimated to account for around US$ 1,265.8 million in terms of value in the year 2022 and it is predicted to grow at a CAGR of 7.8% during the forecast period (2023-2030).

Driver 

The growing chemical industry due to the increasing production of chemical products in the GCC region is projected to augment the market growth of industrial gases. Industrial gases have a wide range of applications across the chemical industry. The GCC region has emerged as a major hub for the chemical sector and is projected to grow in the upcoming years. This is expected to accelerate market growth over the forecast period.

Opportunity 

The rising application of industrial gases in environmental protection in the GCC region is projected to accelerate market growth. Oxygen gas is used in the biological treatment of wastewater, and carbon dioxide is used for the removal of paint from the surface. Thus, emerging such applications of industrial gases is expected to foster market growth over the forecast timeframe.

Restraint 

The safe transportation of industrial gases is not viable for long distances and the cost of transportation is also very high. This is expected to hamper market growth over the forecast period. High-pressure cylinders and liquid tanks have safety issues and require proper handling during transportation, which is another major factor hindering market growth.

Key Takeaways:

On the basis of the country, the Kingdom of Saudi Arabia dominated the GCC industrial gases market in 2022 with a 48% of market share in terms of value, followed by UAE and others.

On the basis of the application, the refining segment dominated the GCC industrial gases market in 2022 with a 19.9% of market share in terms of value, followed by chemicals & petrochemicals and others.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/gcc-industrial-gases-market-3845

Market Trends

The GCC industrial gas market has witnessed a handful of partnerships and agreements among major players in the region to expand their presence in the market. For instance, in December 2020, Sahara International Petrochemical Company (Sipchem) and Linde, announced that they had entered into strategic partnerships for the supply of industrial gases, to meet growing demand from the refining and chemical industries in the Kingdom of Saudi Arabia.

Growth in the pharmaceutical industry in the GCC region is projected to propel the market growth of industrial gases over the forecast period. According to an International report, the pharmaceutical sector in the Arabian Gulf continues to increase at a rapid pace and is estimated to almost double from US$ 13.9 billion (Dh51bn) in 2020 to U$25.7bn in the next decade on account of increasing urbanization, an aging population, and chronic lifestyle-related diseases that boost demand for pharmaceutical products.

Competitive Section:

Company Names 

  • Global Players
    • Air Liquide
    • Air Products and Chemicals Inc.
    • The Linde Group
    • Praxair Inc.
  • Regional Players
    • Abdullah Hashim Industrial & Equipment Co. Ltd
    • Bristol Gases
    • Buzwair Industrial Gases factory
    • Dubai Industrial Gases
    • Gulf Cryo
    • Mohsin Haider Darwish LLC
    • National Industrial Gas Plants
    • Yateem Oxygen

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