Selbyville, Delaware, July 13, 2022 (GLOBE NEWSWIRE) --
GCC industrial gas market value is expected to reach USD 3.5 billion by 2030, according to a new research report by Global Market Insights Inc. Rising consumer focus on modern storage and packaging coupled with numerous benefits offered by product such as supporting the metallurgical combustion processes and effective chemical synthesis contribute to the overall market expansion.
The growing demand for industrial gases from a range of application industries including manufacturing, metallurgy, energy, chemicals, and healthcare, is projected to boost the market growth over the forecast period.
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Bulk supply of industrial gases witnesses a significant CAGR owing to the rising use of crude oil due to stringent emission standards has led to increased demand for hydrogen to remove Sulphur from crude oil to improve quality which should augment market revenue. Vast energy and mineral resources in GCC region are key factors driving chemical industry which is anticipated to strengthen the hydrogen gas segment demand.
Some major findings of the GCC industrial gas market report include:
- Rapid advancements in technical and chemical processes in the manufacturing sectors in the GCC will support the business expansion.
- Significant presence of key manufacturers and suppliers of industrial gases catering to the consumers from varied application industries will spur the industry AGRstatistics.
- Rapid increase in the healthcare and medical facilities by the private and the government bodies in the region facilitates the increase in consumption for the industrial gases like oxygen, nitrogen, argon, hydrogen, and helium and adds on to the overall market.
Browse key industry insights spread across 390 pages with 550 market data tables & 36 figures & charts from the report, “GCC Industrial Gas Market Analysis 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:
https://www.gminsights.com/industry-analysis/gcc-industrial-gas-market
GCC industrial gas market from hydrogen segment is set to reach USD 520 million by 2030 with rising consumer awareness regarding the benefits of hydrogen gas in chemical synthesis. Emerging applications of hydrogen gas in various industries majorly including chemical and energy along with others will propel the market progression. Rising consumer demand for hydrogen gas has influenced an increased supply in the application sectors, majorly comprising of energy industry, and will assist in boosting the market demand.
Metallurgy segment is expected to witness a CAGR of 5.6% during forecast timeframe owing to an active germination in this application regionally. This segment is expected to attain significant consumer preference due to reduction in dust emissions and pollutants in flue gases. GCC industrial gas bestows peculiar properties such as enhanced assistance in combustion and heat treatments on metals used in refining of stainless steel which depicts an enriched potential in fueling the market progression.
UAE industrial Gas Market accounted for 20% revenue share in 2021. Evolving fabrication and steel production activities in the UAE region will boost market size. Gases such as argon, nitrogen and oxygen are widely used in the growing metal and steel industry which shall fuel the regional market demand. Increased focus on the use of gases in metal working and heat treating for products including metal sheeting, wires, rods, and casting shall lead to the regional business landscape.
The GCC industrial gas market share is competitive with presence of multinational corporations and growing regional manufacturers such as Linde, Gulf Cryo, SABIC, SIPCHEM, Air Liquide, Air Products, Abdullah Hashim Industrial Gases and Buzwair Industrial Gases. Key strategies include mergers & acquisitions, capacity expansions, technical collaborations, and new product development for specific applications.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
