Rise in construction projects undertaking owing to the upcoming mega events in the GCC region is expected to create a surge in demand for industrial gases, according to a report by Persistence Market Research.
Key findings in the GCC industrial gases market are as follows:
1. Estimated consumption of industrial gases in GCC in 2016 is 3.75 million tons, a 5.4% rise compared to the previous year.
2. The GCC industrial gases market is projected to rise at a CAGR of 7.3% for the forecast period to reach a value of US$ 1.27 Bn.
3. Hosting of mega world events in GCC such as FIFA World Cup 2022, and Dubai Expo 2020 are expected to fuel demand for industrial gases.
4. Demand from non-oil sectors to rise owing to reducing dependency on oil exports due to prevailing of low prices.
5. Oxygen is the leading gas type in the industrial gases market in the GCC owing to widespread consumption in multiple industries.
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6. Owing to increasing demand in metal fabrication, metallurgy, and welding, argon gas is expected to be the fastest growing.
7. In terms of application, refining segment is expected lead and metals and metallurgy segment is projected to be the fastest growing in 2016.
8. 815.6 KT of industrial gases are estimated to be consumed in chemicals and petrochemicals segment in 2016, compared to 772.2 KT in 2015.
9. Saudi Arabia is estimated to account 46.8% share in terms of revenue in 2016 and is expected to continue leading the GCC industrial gases market.
10. UAE is the second largest market region with revenue generation worth US$ 10.6 Mn in 2016, a 6.8% rise over 2015.
For more information on the GCC industrial gases market, click here. http://www.persistencemarketresearch.com/market-research/gcc-industrial-gases-market/toc
Major players in the GCC industrial gases market include Buzwair Industrial Gases Factory, Abdullah Hashim Industrial & Equipment Co. Ltd., The Linde Group, Air Products & Chemicals Inc., Air Liquide, Yateem Oxygen, National Industrial Gas Plants – Mohammed Hamad Al Mana Group, Dubai Industrial Gases, Bristol Gases – Concorde Corodex Group, Gulf Cryo, and Praxair Inc.