Saudi Arabia Industrial Gases Market to be Dominated by Oxygen Gases Segment through 2028
Rising
demand from energy sector is expected to drive Saudi Arabia 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. 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 the industrial gases.
Apart from these, strict government regulation on storage, transportation, and production of the gases are adding additional burden to the
cost price of the industrial gases. Hence, these factors are creating
significant impact on the buyer’s buying behavior and impeding the market
growth of Saudi Arabia Industrial gases market growth during the forecast
period.
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Saudi
Arabia 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, in petroleum processing
and paper manufacturing, which is used by various growing end users industries.
Based on mode of distribution, the market is further segmented into tonnage/gaseseous, bulk & cylinder, and packaged. Tonnage/gaseseous
is expected to hold the largest market share during the forecast period with
48.62% in 2023. As it is used in transporting bulk amount of oxygen, nitrogen
or argon in low price and safely to gases or the air separation plant to
generate the gases at the customer’s site, tonnage/gaseous mode of distribution
is considered more than other alternative and dominating the market share.
Major
companies operating in the Saudi Arabia 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 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 petro-chemical industries. Government of Saudi Arabia are taking
different initiatives such as Vision 2030, introducing new SEZ where demand for
industrial gases will rise in order to production of final goods. This led to
increase in 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 Arabia 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
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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