Middle East industrial gas market size has witnessed sizeable expansion over the years due to the escalating demand for oxygen, carbon dioxide, and speciality gases from various applications like manufacturing, water treatment, electronics, and food and beverages industry. Argon industrial gas has witnessed considerable demand over the years as it is widely used for inert environments due to its demand from welders to protect the weld area from oxidation. Argon gas is widely used in the healthcare sector due to its use in the treatment of retinal phototherapy and retinal detachment in diabetic patients.
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A report by International Diabetes Federation estimates that by 2045 nearly 728.5 million people in the Middle East are likely to be affected by diabetes. Argon industrial gas also finds use in surgeries to treat tumors and weld arteries that will support its use in healthcare applications. Efforts undertaken by the Government of Middle East to develop the regional healthcare industry will boost the use of industrial gases. The advent of coronavirus has boosted the demand for industrial gases in hospitals, and COVID care centres as they help in the preservation and respiratory therapies.
Reports estimate that Middle East industrial gas market is projected to be valued at USD 4.5 billion through 2027. High cases of coronavirus infection in the region along with a number of people on oxygen support have complemented the need for industrial oxygen to meet the escalating need of the product across healthcare facilities.
With respect to the application spectrum, industrial gas in Middle East finds use in its energy, manufacturing, healthcare, chemicals, and metallurgy sectors. The product finds extensive use in manufacturing applications due to the constant growth in the manufacturing industry to meet the widening demands of the people. Industrial gases are also known to play a pivotal role in metal fabrication.
Regionally speaking, Kuwait industrial gas industry has emerged as a profitable revenue terrain over the years and is likely to reach a value of more than USD 200 million through 2027. While Saudi Arabia, due to its huge industrial development over the years, will also drive the demand for the products in the forthcoming years.
Middle East industrial gas industry is strong with some of the leading market players, that are actively working towards strengthening their position, along with achieving a competitive edge. Some of the prominent names in the region are entering into strategic alliances, merging, or acquiring to increase their product portfolio.
These companies are also heavily investing in establishing new facilities to meet the escalating demand from various sectors of the economy. For instance, in January 2021, Gulf Cryo announced that it will procure, install and operate what claims to be one of the largest carbon dioxide emissions capture centres in the Middle East. The company along with Tecno Project Industriale from SIAD Group have inked a deal for the purchase of an advanced coronavirus recovery plant with a daily production capacity of 300 metric tons.
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Some of the leading industrial gas providers include SABIC, Linde, Abdullah Hashim Industrial Gas, and Air Liquid, among many others. Driven by the escalating industrialization in the region along with the presence of many companeis, Middle East industrial gas market size is expected to showcase robust growth in the years to come.
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