Recovery in oil prices, growing investments in infrastructure sector coupled with various government initiatives such as Saudi Vision 2030 to fuel Saudi Arabia industrial gases market through 2023.
Industrial Gases Market
According to TechSci Research report “Saudi Arabia Industrial Gases Market By Product, By Mode of Distribution, Competition Forecast & Opportunities, 2013-2023”, industrial gases market in Saudi Arabia is projected to reach $1.24 billion by 2023 on account of increasing demand from various end user industries such as refinery, metallurgy, food & beverages, paper & pulp, etc., coupled with presence of favorable government policy environment. In 2017, Air Liquide grabbed the largest share in Saudi Arabia industrial gases market. In June 2017, Linde AG and Praxair Technology, Inc. signed a business combination agreement (BCA) to merge under a new holding company and are likely to complete the planned merger by the second half of 2018. The new merged entity would continue to dominate Saudi Arabia industrial gases market during the forecast period.
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Oxygen and Nitrogen hold the largest share in the country’s industrial gases market, as both the gases are used across a wide range of applications in various industries. Riyadh region is the highest demand generating region in industrial gases market in Saudi Arabia, owing to increasing number of industrial units in the region. Moreover, several government investments are planned for the region’s chemical and petrochemical industry in the coming years, which would further boost demand for industrial gases in the region.
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“As of 2017, Saudi Arabia’s refining capacity stood at over 2,800 thousand barrels per day and the country’s crude steel production stood at around 5 million tons per annum, thus paving the way for high and rising consumption of industrial gases in the country. Furthermore, growing investments in industrial sector and government initiatives such as Saudi Vision 2030 are likely to increase the demand for industrial gases in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Industrial Gases Market By Product, By Mode of Distribution, Competition Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of Saudi Arabia industrial gases market and provides statistics and information on market size, structure and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Saudi Arabia industrial gases market.
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