Middle East Industrial Gas Market projected to surpass $4.5 billion by 2027, Says Global Market Insights Inc.

Selbyville, Delaware, May 18, 2021 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the Middle East Industrial Gas Market was estimated at $2.5 billion in 2020 and is slated to exceed $4.5 billion by 2027, registering a CAGR of 6.9% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.

Argon industrial gas anticipated to show significant growth of 7.0% CAGR over the coming years and anticipated to reach over USD 325 million by the years 2027. Argon industrial gas is widely used for inert environment owing to its demand from welders to protect weld area from oxidation which is likely to boost product demand.

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Oxygen industrial gas anticipated to grow with high pace growth as compared to other industrial gas present in the market. The oxygen gas projected to grow with the CAGR over 7.0% in the forecasted period. Also, the segment holds largest share over 45% in the current scenario.

On-Site supply mode is expected to register significant growth over CAGR of 7.0% between 2020 and 2027. It is owing to its benefits such as uninterrupted supply, deliver reliability and optimization to the process and reduces the overall industrial gas spend owing to its flexible design.

Manufacturing application holds the significant share more than 20% in the Middle East industrial gas market, owing to growing manufacturing sector around worldwide, also industrial gases play important role metal fabrication.

Kuwait region anticipated to show lucrative growth in the Middle East industrial gas market over 7.0% of CAGR between the years 2020 to 2027 and anticipated to reach over USD 200 million by the end of 2027. On the other hand, Saudi Arabia region holds a significant share of more than 35% in the market and is anticipated to grow with highest CAGR over 5.5% owing to rising industrialization in the region.

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Government initiatives to develop country’s healthcare sector is anticipated to boost industrial gas market growth in the region. Industrial gas is used in healthcare systems for various purpose including preservation and respiratory therapies. Additionally, the region is working to several facility expansion and offer services in various segments including hospitals, clinics and patient monitoring systems which should boost demand for industrial gas in turn stimulating market growth.

Key players in the Middle East industrial gas industry are focusing on strategic initiatives such as mergers, acquisitions, and joint venture to cater to growing demand of industrial gas largely from chemical and healthcare industry.

About Global Market Insights Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.

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