Metals & Healthcare Industry to Fuel the Requirement, Chemicals & Petrochemical Industry Being the Central Point of by and Large Demand in the GCC Industrial Gases Market All through the Assessment Period 2016 - 2022
Date : Oct 22, 2018 Author : PMR Editorial Staff Category : Chemical and Material
Industrial Gases alludes to gases that are formed in moderately substantial amounts by industrial gases organizations for employing in several industrial making procedures.
Industrial Gases alludes to gases that are formed in moderately substantial amounts by industrial gases organizations for employing in several industrial making procedures. They are manufactured and provided in the two liquid and gas form. The gases are transported to consumers in pipeline gases, as a bulk liquid, or gas cylinders.
Growing requirement from several end-use sectors, for instance, metallurgy and metals, healthcare & medical, metal fabrication & welding, aerospace & automotive, chemicals, refining, paper & pulp etc. are projected to fuel the expansion of the GCC market for industrial gases all through the calculated period. Increasing infrastructural growth, with government’s aim to decrease economic reliance on gas & oil industry in addition to in line with prominent regional events like FIFA World Cup 2022 Qatar and Dubai Expo 2020, are moreover likely to gain the requirement for industrial gases in the GCC region.
According to Persistence Market Research’s latest published report, the GCC market for industrial gases was expected to increase from US$ 783.7 Million during 2015 to US$ 1,270.1 Million towards 2022, reflecting a 7.3% CAGR in revenue terms all through the assessment period of 2016-2022. Region-wise, in 2015, the KSA regional market leads the overall market industrial gases market, capturing over 50% of the overall market share. However, the Qatar market for industrial gases is forecasted to increase at the fastest CAGR all through the calculated period.
In terms of the gas type, the argon division will be expanding at the highest CAGR all through the assessment period in revenue terms in the GCC market. The oxygen division is the second biggest market during the period of 2016-2022. In terms of the application, the metals and metallurgy category is projected to increase at the fastest 8.4% CAGR on the basis of value all through the assessment period, trailed by the metal fabrication as well as the healthcare category respectively.
Some of the prominent market players, for instance, Air Liquide, The Linde Group, Gulf Cryo and so on are concentrating on bringing down distribution as well as operational costs to solidify their perspective in the market. Joint ventures and merger and acquisitions continues to stay a prominent strategy in the GCC market for industrial gases, for instance, all through the past couple of years, market players, for instance, Air Products & Chemicals Inc, Praxair Inc., Air Liquide as well as the Linde group have remarkably enhanced their footstep in the GCC market for industrial gases by penetrating into JVs with the market players of the region.