Newark, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 4.90 billion gas treatment market will reach USD 8.61 billion by 2032. Gas treatment is a procedure for improving the quality of gases through which undesirable components are eliminated. Due to the development in the use of natural gas as an energy source in several applications and industries, there is an increasing need for gas treatment. As a result, it complies with environmental regulations and is safe to use as a source of clean energy. It also eliminates carbon dioxide and hydrogen sulfide.
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The market is expanding due to the rising demand for natural gas due to its minimal environmental impact. The growing use of electrostatic precipitators and industrial filters is a potential market driver. Additionally, the market's players see increased sales and profits due to increasingly strict air pollution control legislation. During this period, the gas treatment market is anticipated to increase due to governments worldwide investing in the natural gas sector. For instance, the U.S. Energy Information Administration (EIA) projects that natural gas production will rise to 384.9 billion cubic meters, or about half of the country's total natural gas production. As a result, it is anticipated that the electric power sector will use around 38% of all the natural gas consumed in the U.S. In addition, India generated 127.01 billion units of electricity from renewable sources in 2021, according to the India Brand Equity Foundation (IBEF). By 2030, the Indian government wants to produce 523 GW of renewable energy.
Key Insight of the Gas Treatment Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest gas treatment market share. The region's substantial industrial base and growing demand from the oil and gas industry for gas treatment support the market growth. The market is also predicted to expand due to multiple initiatives launched by governments of various nations to draw in investments from numerous multinational corporations throughout the forecast period. China and India are the two primary economic players in the region.
Amines dominated the market with the largest market revenue of 2.94 billion.
Amines dominated the market with the largest market revenue of 2.94 billion. Sunflower, palm, castor, and soybean oils are subcategories of vegetable oil. Large factories' usage of raw materials and the high oil yields provided by these products are credited with the segment's expansion. The fuel is good for the environment since it releases fewer volatile organic compounds than fossil fuels, reducing greenhouse gases' impact. However, depending on the cost and availability of raw materials for this feedstock, raw material selection differs from location to region.
Acid gas removal accounted for the largest share of the market, with 40.3% and a market revenue of 1.97 billion.
Acid gas removal accounted for the largest share of the market, with 40.3% and a market revenue of 1.97 billion. Because significant end-use industries are calling for acid gas treatment more frequently. The gas is treated to reduce carbon dioxide and hydrogen sulfide, enhancing its quality and making it safe for consumption and transit. Aside from that, amine systems are less expensive than other gas treatments and are easily integrated with other technologies to produce hybrid systems for various tasks.
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Advancement in Market
● In September 2021, Royal Dutch Shell plc (Shell) announced a final investment decision to build an 820,000-tonne-per-year biofuels facility at the former Pernis refinery in Rotterdam, the Netherlands. With the aid of this discovery, the business may produce waste-derived renewable diesel and sustainable aviation fuel (SAF).
● In October 2021, Exxon Mobil Corporation began the engineering, procurement, and construction contracts process as part of its plans to expand carbon capture and storage (CCS) at its LaBarge, Wyoming plant. With this idea, the company may minimize emissions by up to 1 million metric tonnes of CO2 each year.
Market Dynamics
Drivers: Growing demand for natural gas
The market for gas treatment would be strengthened by the rising demand for natural gas in various places. During refining, the gas treatment removes carbon dioxide and hydrogen sulfide gases from crude and natural gas. The need for electricity is increasing due to rapid urbanization and a thriving economy, which accelerates the use of natural gas as a fuel source due to its low environmental impact and ease of access to meet demand.
Restraint: Health-related risks
The gas treatment improves the performance of liquefied petroleum gas by removing sour gases. On the other hand, natural gas has a high proportion of hydrogen sulfide and emits carbon dioxide, both of which are unhealthy. Other symptoms of carbon dioxide include headaches, vertigo, and trembling.
Opportunity: Increasingly strict regulations to reduce air pollution
The gas treatment market is anticipated to grow over the forecast period due to driving factors, including strict regulations for minimizing air pollution and rising natural gas demand. As natural gas is used more frequently as an energy source in many applications and industries, there is an increasing need for gas treatment. Removing carbon dioxide and hydrogen sulfide complies with environmental requirements and can be used as a clean energy source.
Challenge: Impact of Covid-19
Gas treatment companies face significant challenges due to the COVID-19 epidemic on various fronts. The requirement for gas treatment technology has decreased due to the COVID-19 outbreak. The COVID-19 outbreak has significantly impacted the oil and gas sector. 2020 saw the end of gas production as a result of the lockout. The U.S. Energy Information Administration reports that between March and April 2021, natural gas production in the U.S. decreased by 316 MMcf/d. (EIA). Therefore, lowering gas production can result in a decrease in the demand for gas treatment.
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Some of the major players operating in the gas treatment market are:
● BASF SE
● Huntsman International LLC
● Ecolab Inc.
● Berryman Chemical Inc.
● Clariant International Ltd.
● DuPont
● SAMSON CONTROLS INC
● Amines & Plasticizers Ltd
● Eunisell Chemicals
Key Segments cover in the market:
By Type:
● Non-Amines
● Amines
By Application:
● Refineries
● Sugar
● Metal & Mining
● Power Plants
● Oil & Gas
● Pulp & Paper
● Acid Gas Removal
● Food & Beverages
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The global gas treatment market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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