Persistence Market Research (PMR) published a market research report on GCC Industrial Gases Market , including GCC Industry Analysis and Market Forecast 2019-2029. The report depicts the regional industrial gases market outlook during the forecast period of 2019-2029, along with CAGR growth. The GCC industrial gases market is likely to represent ~US$1.0 Bn by the end of 2019, and is expected to grow at a CAGR of ~6.0% during the forecast period of 2019-29. Among the different types of gases, oxygen, nitrogen, carbon dioxide, and hydrogen are estimated to witness significant adoption during the forecast period.
Furthermore, the rapid growth of argon sales is likely to result in a larger market share in the coming years. In addition, refining, chemicals, welding and metal fabrication and power, and oil and gas are estimated to remain key application sectors for industrial gases.
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Based on the geographic perspective, KSA is anticipated to be a significant market for industrial gases in the GCC region, and is anticipated to grow at a CAGR of ~6% over the forecast period.
According to the report, the demand for industrial gases is expected to be mainly driven by the expansion of the healthcare industry, the automotive and aerospace industry, growing metallurgical activities, the chemical industry, and growing demand from other end-use industries. Furthermore, global players are focusing on increasing their market shares in the GCC region by establishing strategic partnerships and joint ventures with regional players and investment groups.
Focus on reducing economic dependence on the oil and gas sector by empowering other sectors
The recent turmoil in the global oil and gas industry has led the regional government to rethink and reflect on its dependence on this industry. The governments of the GCC countries are focusing on increasing investments in other sectors, such as manufacturing, tourism, and medicine and health, as well as reducing their economic dependence on the oil and gas/petroleum sectors. This economic change requires significant infrastructure development which, consequently, is expected to drive the demand for industrial gases in the GCC region during the forecast period.
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Large-scale infrastructure projects that make KSA’s industrial gases market attractive
Industrial gases are expected to find significant demand at GCC, particularly driven by increased capital expenditures for construction activities and infrastructure megaprojects planned in the region in the near future. The total value of contracts awarded for large-scale projects in GCC was estimated at US$172 billion in 2015. Ongoing investments in large-scale infrastructure projects and rampant investment in the core industrial sector are expected to fuel the demand for industrial gases until 2029 In addition, several large-scale infrastructure projects, as part of the government’s development program in line with key events such as Dubai Expo 2020 and FIFA World Cup 2022, Qatar, emerge as the main drivers of the increase in industrial demand. gases in the region.
In addition, the KSA industrial gases market is expected to reign in the overall GCC industrial gases market with the largest volume of industrial gas consumption in the country during the stipulated period. Important industrial activities in the region are estimated to contribute to the growing demand for industrial gases. The United Arab Emirates and Qatar are expected to have prominent market shares in terms of volume and value after KSA, due to various infrastructure developments and the growth of the chemical industry in the two countries.
Vendor Insights
The PMR market report lists the major market players in the GCC industrial gases market, separated by global players such as Air Liquide, Linde Plc, Air Products and Chemicals Inc., and Praxair Inc., and regional players such as Gulf Cryo , Buzwair Industrial Gases Factory, Bristol Gases, Dubai Industrial Gases, Abdullah Hashim Industrial & Equipment Co. Ltd, Mohsin Haider Darwish LLC, National Industrial Gas Plants and Yateem Oxygen, among others. The key strategy among market participants continues to be lowering overall operating, production, and transportation costs in order to offer products to the market at competitive prices.
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