According to the latest report by IMARC Group, The GCC industrial gases market reached a value of US$ 2.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.4 Billion by 2027, exhibiting a CAGR of 8.2% during 2022-2027.
Industrial gases refer to a group of organic compounds comprised of several hydroxyl groups. These gases contain versatile carbohydrates with low calories and an identical taste and texture to table sugar. They are widely utilized in the food and beverage industry as a sugar replacement in products like ice creams, yogurts, fruit spreads, candies, chewing gums, etc. Industrial gases are also used for manufacturing toothpaste, breath mints, mouthwash, throat lozenges, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The GCC industrial gases market is primarily propelled by the expanding chemical industry where they are used in the production of flexible and rigid polyurethane coatings, sealants, foams, elastomers, adhesives, etc. Vast quantities of these gases are utilized in the oil and gas sector for controlling several processes in refineries. Besides this, the increasing use of industrial gas-based foams in the automotive industry for producing seating, headrest, armrest, ventilator headliners, etc., is also catalyzing the market growth. Various other factors, including rising levels of urbanization and the escalating demand for building materials, protective components, exterior panels, housing electronics, etc., are expected to further propel the market for industrial gases in the GCC region over the forecasted period.
Breakup by Type:
Breakup by Application: