GCC Industrial Gases Market

Industrial gases are manufactured gaseous materials that are used in a variety of industrial applications. These are available in gas cylinders.

SEATTLE, WA, UNITED STATES, February 8, 2022 /EINPresswire.com/ -- Market Overview:

Industrial gases are manufactured gaseous materials that are used in a variety of industrial applications. The principal gases that are supplied include nitrogen, oxygen, carbon dioxide, argon, hydrogen, helium, acetylene, and hydrogen, among many others. These are available in gas cylinders. Some of the common industrial gases include the following: butane, propane, helium, and nitrogen. These and many other types of gas are available.

Competitive Landscape:

Major players operating in the GCC industrial gases market include Yateem Oxygen, National Industrial Gas Plants, Mohsin Haider Darwish LLC, Gulf Cryo, Dubai Industrial Gases, Buzwair Industrial Gases factory, Bristol Gases, Abdullah Hashim Industrial & Equipment Co. Ltd, Praxair Inc., Linde Plc, Air Products and Chemicals Inc., and Air Liquide.

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Key Market Drivers:

The increasing prevalence of oil companies in the GCC region is expected to drive the growth of the GCC industrial gases market. For instance, according to Sovereign Wealth Fund Institute, there are currently around 13 national oil Company profiles in the Middle East. The global industrial gases market is dominated by the chemical and metal manufacturing industries. These regions are expected to hold the largest share in the coming years, owing to their large-scale production. Rising domestic demand in developing markets is a major factor driving the market growth in these regions. This will further boost the overall market growth. However, the demand for industrial gases will continue to remain low, despite the increasing costs of these industries. This is especially true of emerging economies. The increasing research and developments related to industrial gases are estimated to enhance the growth of the GCC industrial gases market.

Covid-19 Impact Analysis:

During the COVID-19 pandemic, the growth of the GCC industrial gases market faced a lot of restraints. However, due to key market players, the market witnessed some propulsion. For instance, in December 2020, Linde PLC started a partnership with Sahara International Petrochemical Company (Sipchem), in order to meet the growing demands for several industrial gases in the Saudi Arabia region.

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Key Takeaways:

The GCC industrial gases market is witnessing high growth owing to the increasing prevalence of oil refineries in the region. For instance, according to Dubai Petroleum Establishment, there are 5 offshore oil fields in UAE, located around 60 miles in the Arabian Gulf.

Moreover, the increasing prevalence of key players in the region is also assessed to enhance the growth of the GCC industrial gases market. For instance, in January 2021, Tecno Project Industrial and Gulf Cryo signed a Memorandum of Understanding (MoU) in order to purchase a modular carbon dioxide recovery plant, having a capacity of around 300n metric tons/day.

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