MRRSE announces addition of new report "GCC Market Study on Industrial Gases: Chemicals & Petrochemical Sector Being the Focal Point of Overall Demand, Metals & Healthcare Sector to Drive the Demand Over Forecast Period of 2016 - 2022" to its database
Albany, NY -- (SBWIRE) -- 01/09/2017 -- The GCC industrial gases market is anticipated to grow from US$ 783.7 Mn in 2015 to US$ 1,270.1 Mn by 2022, expanding at a CAGR of 7.3% in terms of revenue during the forecast period (2016-2022). In this report, the GCC industrial gases market is tracked in terms of volume consumption, and is calibrated to obtain the market revenue estimates by multiplication of weighted average prices. Increasing demand from various end-use industries such as metals and metallurgy, medical & healthcare, welding & metal fabrication, automotive & aerospace, refining, chemicals, pulp & paper etc. is anticipated to drive growth of the GCC industrial gases market over the forecast period. Growing infrastructural development, with government's focus to reduce economic dependency on oil & gas sector and in line with key regional events such as Dubai Expo 2020 and FIFA World Cup 2022, Qatar, are further expected to push the demand for industrial gases in the GCC region over the forecast period.
However, factors such as high energy costs for production and distribution of industrial gases, and high dependency on cyclical end-use industries are some of the major challenges expected to be faced by market players in the GCC industrial gases market during the forecast period.
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The overall GCC industrial gases market is segmented on the basis of gas type, application, and country.
The section - market analysis, by gas type, comprehensively analyzes the market on the basis of gas type and presents an in-depth analysis of the market size in terms of value and volume for 2016-2022. In 2015, with more than one-fourth of total revenue share, the oxygen segment dominated the GCC industrial gases market, followed by the nitrogen and carbon-dioxide segments, respectively. The argon segment is anticipated to expand at the fastest CAGR of 8.3% over the forecast period in the GCC industrial gases market in terms of revenue, followed by the oxygen segment.
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The section - market analysis by application, analyzes the GCC industrial gases market on the basis of applications of these gases across various industries and the data is provided both in terms of value and volume for 2016-2022. The metals and metallurgy segment is expected to expand at the highest CAGR of 8.4% in terms of value during the forecast period. In terms of market share, the refining and chemicals segments collectively accounted for more than one third revenue share of the overall market in 2015 and are expected to dominate the GCC industrial gases market throughout the forecast years.
The section - market analysis by country, includes an in-depth country level analysis of all GCC countries namely, KSA, UAE, Kuwait, Qatar, Oman and Bahrain, by product type and application; and provides market data both in terms of value and volume for 2016-2022. In 2015, KSA dominated the overall GCC industrial gases market, accounting for close to half of the total market share. The industrial gases market in Qatar is forecast to expand at the highest CAGR over the forecast period.
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Key players reported in this study on the GCC industrial gases market include Air Products & Chemicals Inc., Praxair Inc., Gulf Cryo, Air Liquide, The Linde Group, Yateem Oxygen, Abdullah Hashim Industrial & Equipment Co. Ltd., Dubai Industrial Gases, National Industrial Gas Plants - Mohammed Hamad Al Mana Group, Bristol Gases - Concorde Corodex Group and Buzwair Industrial Gases Factory.
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