Persistence Market Research (PMR) published a market research report on the GCC industrial gases market, which includes GCC industry analysis and market forecast for 2019-2029. The report displays the regional market outlook for industrial gases throughout the forecast period of 2019-2029, along with the CAGR growth. The GCC industrial gases market is likely to account for ~US$ 1.0 Bn by 2019-end, and is expected to grow at a CAGR of ~6.0% over the forecast period of 2019-29. Among different types of gases, oxygen, nitrogen, carbon dioxide, and hydrogen are estimated to witness significant adoption throughout the forecast period. In addition, rapidly growing sales of Argon is likely to result in increased market share in the years ahead. Moreover, refining, chemicals, welding & metal fabrication and energy, and oil & gas are estimated to remain key application sectors of the industrial gases.
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On the basis of geographical outlook, KSA is projected to be a significant market for industrial gases in the GCC region, and is anticipated to grow at a CAGR of ~6% during the forecast period.
As per the report, the demand for industrial gases is expected to be driven majorly by the expansion of the healthcare industry, automotive & aerospace industry, growing metallurgy activities, chemical industry, and surging demand from other end-use industries. Furthermore, global players are focusing on increasing their market shares in the GCC region by entering into strategic partnerships and joint ventures with regional players as well as investment groups.
Focus on Reducing Economic Dependency on the Oil & Gas Sector by Empowering Other Sectors
Recent turmoil in the global oil & gas industry has led the regional government to rethink and brood over its dependency on this industry. Governments of GCC countries are focusing on increasing investments in other sectors such as manufacturing, tourism, and medical & healthcare, in addition to reducing their economic dependency on oil & gas/petroleum sectors. This economic shift requires significant infrastructural development, which consequentially, is expected to drive the demand for industrial gases in the GCC region throughout the forecast period.
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Large-scale Infrastructure Projects Making KSA Industrial Gases Market Attractive
Industrial gases are expected to find significant demand in GCC, particularly driven by increasing capital expenditure for construction activities and mega infrastructure projects planned in the region in the near future. Total value of contracts awarded for large-scale projects in GCC has been estimated at US$ 172 Bn in 2015. Ongoing investments in large-scale infrastructure projects and rampant investment in the core industrial sector is expected to drive the demand for industrial gases through 2029. In addition, several large-scale infrastructural projects, as a part of the government’s development program in line with key events such as Dubai Expo 2020 and FIFA World Cup 2022, Qatar, are expected to emerge as major drivers for rise in demand for industrial gases in the region.
Furthermore, the KSA industrial gases market is expected to reign supreme in the overall GCC industrial gases market with largest volume of industrial gas consumption by the country during the stipulated timeframe. Significant industrial activities in the region is estimated to contribute towards the increasing demand for industrial gases. UAE and Qatar are projected to hold prominent market shares in terms of both volume & value after KSA, owing to various infrastructural developments and growing chemical industry in the two countries.
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The PMR’s market report lists prominent market players in the GCC industrial gases market, separated by global players such as