Market Size of Middle-East Industrial Gases Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle-East Industrial Gases Market Analysis
The Middle Eastern industrial gases market is estimated to reach 50.35 million tons by the end of this year. It is projected to reach 60.58 million tons in the next five years, registering a CAGR of 3.77% during the forecast period.
The COVID-19 pandemic affected several industries negatively. The lockdown in most countries in the region caused disruptions in industrial activities and freight transportation that disturbed the supply chain in nearly every end-user industry. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- Over the short term, growing demand from the oil and gas industry and the growing need for alternate energy sources are major factors driving the market's growth.
- However, the environmental regulations and safety issues concerning industrial gases are likely to restrain the market's growth.
- Nevertheless, the growing demand for low-carbon gases in the coming years will likely create lucrative growth opportunities for the market in the coming years.
- Saudi Arabia represents the region's largest industrial gas market and is likely to witness strong growth in demand on the back of increasing oil and gas production and refining and chemical production capacities.
