BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia industrial gases market size at USD 2,154.013 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia industrial gases market size to grow at a significant CAGR of 5.53% reaching a value of USD 3,125.003 million by 2029. Major driving factors of Saudi Arabia industrial gases market include rising investment in mega projects in the Kingdom of Saudi Arabia. The growth of the Saudi industrial gases market is being driven by the medical and food processing sectors. According to the chemical company Air Products, industrial gases can be used to food production processes to boost productivity and aid in the creation of healthy, natural, and organic food products, and they use liquid nitrogen and carbon dioxide in the freezing and chilling of any food product. These gases also assist in the grinding of spices, nutraceuticals, and other compounds. Liquid nitrogen is primarily effective in lowering frictional heat during the grinding process, hence enhancing output and uniformity. It also prevents flavor and fragrance loss during food processing. Also, increased industrialization and urbanization, as well as rising consumer demand from the processing and manufacturing industries, is projected to generate profitable growth prospects for the industry during the period in analysis. However, stringent laws & regulations for manufacturing & distribution of gases are anticipated to restrain the market growth.
Saudi Arabia Industrial Gases Market– Overview
Industrial gases are made up of elements, molecular compounds, or combinations. The most common industrial gases are oxygen, nitrogen, carbon dioxide, hydrogen, and noble gases such as argon, neon, and helium. Industrial gases are used in a variety of industries, including oil and gas, chemicals, petrochemicals, metals, fertilizers, nuclear power, electronics, and aerospace. For example, air separation facilities refine air in a separation process, allowing for the bulk production of a variety of gases. The Saudi government is investing heavily in megaprojects across the country. Industrial gas submission is fairly common in the construction industry. Saudi Arabia's industrial gas situation will improve, benefiting not only the energy sector but also the expanding non-energy industries like industrial, gas, and chemical. The market for industrial gases in Saudi Arabia is growing due to large-scale initiatives like the Al Jubail Petrochemical Complex.
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Impact of COVID -19 on Saudi Arabia Industrial Gases Market
COVID-19 affected nearly every industry, resulting in a global health disaster. Gas investment in FY2020 decreased due to lost operational time due to a lack of staff and lower profits from end-use sectors as a result of the nationwide lockdown to prevent the virus from spreading. The disease's emergence also significantly altered demand for crude oil, causing oil prices to reach new highs. For example, in May 2020, the price of a barrel of oil fell to USD20.37. It is at its lowest level since February 2002. Production was impacted in several industries as a result of the shortened demand season, the closure of operations, and international travel restrictions. This directly caused a decline in the demand for various gases from various end-use industries.
Saudi Arabia Industrial Gases Market – By Application
Based on application, Saudi Arabia industrial gases market is divided into Healthcare, Manufacturing, Food & Beverages, Metallurgy & Glasses, and Chemicals & Energy. The manufacturing application sector held the highest market share and is expected to expand significantly throughout the forecast period. Because of the rising manufacturing industries in developing countries demand industrial gases such as nitrogen, oxygen, carbon dioxide, and hydrogen is expected to grow significantly in developing economies. The growing need for advanced industrial gases in the electronic industry is likely to drive this segment's growth even further. Over the projected period, the healthcare application segment is expected to develop the fastest. Furthermore, the current COVID-19 pandemic has increased demand for medical-grade industrial gases, particularly oxygen. The market has a high development potential due to a rise in global healthcare spending.
Competitive Landscape
Major players operating in Saudi Arabia industrial gases market Linde SIGAS, Air Products & Chemicals Inc, Air Liquide S.A., Gulf Cryo Saudi, Saudi Basic Industries Corporation, Aldakheel Industrial Gases Plant (DIGAS), Jubail Gas Plant Co., Ltd, ACWA Holding, Taiyo Nippon Sanso Corporation, and Barrak Industrial Gases Factory. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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