Rising demand from the energy sector is expected to drive Saudi Arabia’s Industrial Gases Market during the forecast period, 2024-2028. According to TechSci Research report, “Saudi Arabia Industrial Gases Market- Industry Size, Share, Trends, Forecast and Opportunities, 2018-2028”, Saudi Arabia Industrial Gases Market Size is USD 2201.26 billion in 2022 and is anticipated to increase at a CAGR of 4.96 % during the forecast period.
The Important Elements of the Saudi Arabia Industrial Gases Market
Industrial Gases are used in a wide range of industries, such as healthcare, electronics, aerospace, construction, energy & power, and others. Industrial Gases include gases such as oxygen, nitrogen, hydrogen, carbon dioxide, argon, & helium that are used for different purposes owing to their different properties. For instance, helium is created for use in saturation diving, ballooning, MRI, NMR, and others application.
Furthermore, the increasing manufacturing and product cost of gases is increasing the selling price of industrial gases. Apart from these, strict government regulations on storage, transportation, and production of the gases are adding an additional burden to the cost price of the industrial gases. Hence, these factors are creating a significant impact on the buyer’s buying behavior and impeding the market growth of Saudi Arabia’s Industrial gases market growth during the forecast period.
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Saudi Arabia’s Industrial Gases Market is segmented on the basis of product type and mode of distribution.
Based on product type, the market is categorized into oxygen, nitrogen, carbon dioxide, hydrogen, argon, and helium. Oxygen is expected to hold the largest market share during the forecast period with 30.38% in 2023 as it is used in steelmaking, metal refining, and fabrication, petroleum processing, and paper manufacturing, which is used by various growing end users industries.
Based on the mode of distribution, the market is further segmented into tonnage/gaseous, bulk & cylinder, and packaged. Tonnage/gaseous is expected to hold the largest market share during the forecast period with 48.62% in 2023. As it is used in transporting the bulk amount of oxygen, nitrogen or argon at a low price and safely to gases or the air separation plant to generate the gases at the customer’s site, tonnage/gaseous modes of distribution is considered more than other alternative and dominating the market share.
Major companies operating in the Saudi Industrial Gases Market are:
- Linde SIGASES
- Air Products & Chemicals Inc
- Air Liquide S.A.
- Gulf Cryo Saudi
- Saudi Basic Industries Corporation
- Aldakheel Industrial Gases Plant (DIGASES
- Jubail Gases Plant Co., Ltd
- ACWA Holding
- Taiyo Nippon Sanso Corporation
- Barrak Industrial Gases Factor
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“Saudi Arabia’s Industrial Gases market is expected to grow at the highest rate during the forecast period owing to increasing demand from oil and gases refinery, and petrochemical industries. The government of Saudi Arabia is taking different initiatives such as Vision 2030, introducing a new SEZ where demand for industrial gases will rise in order to the production of final goods. This led to increased demand for industrial gases in Saudi Arabia.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Saudi Arabia Industrial Gases Market- Global Industry Size, Share, Trends, Forecast and Opportunities, 2018-2028, Segmented By Product (Oxygen, Nitrogen, Carbon Dioxide, Hydrogen, Argon, Helium), By Mode of Distribution (Tonnage/Gaseous, Bulk & Cylinder, Packaged), By Region and Competition, 2028, has evaluated the future growth potential of Saudi industrial gases market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia’s industrial gases market.”
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