According to a recently published TechSci Research report entitled ‘Saudi Arabia Industrial Gases Market By Type, By End User, Competition Forecast and Opportunities, 2011 - 2021’, the industrial gases market in Saudi Arabia is anticipated to cross US$1.6 billion equivalent to SAR6 billion by 2021.
Growth in the market is anticipated on account of growing demand from various end user industries such as oil and gas refining, metallurgy, paper and pulp, etc., combined with the implementation of favourable government policies that will support the petrochemicals sector. Moreover, there have been huge investments in Saudi Arabia for capacity additions at existing end user facilities and for new projects, which are expected to have a positive impact on Saudi Arabia industrial gases market through 2021.
On the basis of type, the market has been segmented into oxygen, nitrogen and argon. Among these categories, oxygen dominated the industrial gases market in Saudi Arabia in 2014, and is anticipated to continue its dominance through 2021, owing to its use in a wide range of applications in the metallurgy industry, such as welding and fabrication among other processes. Speaking in terms of distinct regions, the west is forecast to dominate the industrial gases market in Saudi Arabia over the next five years on account of the presence of a large number of industrial units. Moreover, the Oil-To-Chemical (OTC) complex, with an anticipated capacity of 200 000 bpd, is forecast to be completed by 2020, thereby expected to generate huge demand for industrial gases from this region.
"The Kingdom of Saudi Arabia is the only country among the GCC nations that has allowed participation of private players in the refinery and petrochemical sectors. This has had a huge positive influence on the country's industrial gases market. Moreover, industrial cities, such as Yanbu and Al Jubail, are expected to be major consumers of industrial gases during forecast period." said Karan Chechi, Research Director with TechSci Research.
’Saudi Arabia Industrial Gases Market By Type, By End User, Competition Forecast and Opportunities, 2011 - 2021’ has evaluated the future growth potential of the industrial gases market across Saudi Arabia and provided statistics and information on market structure, industry behaviour and trend. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in Saudi Arabia industrial gases market.
Read the full report here.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/02022016/industrial-gases-market-saudi-billion-2021-2343/