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20-10-19
Saudi leads GCC industrial gases market growth with USD1bn
(MENAFN) According to a report by Persistence Market Research (PMR), the GCC industrial gases market is likely to account for USD1 billion by the end of this year and will grow at a CAGR of 6 per cent over the next 10 years, mainly with the backing from regional heavyweight Saudi Arabia.
Stated in PMR"s report, among different types of gases, oxygen, nitrogen, carbon dioxide, and hydrogen are estimated to witness significant adoption throughout the forecast period of 2019-29.
In addition, rapidly growing sales of Argon is likely to result in increased market share in the years ahead, it added.
According to the report, the require for industrial gases is expected to be driven majorly by the expansion of the healthcare industry, automotive and aerospace industry, growing metallurgy activities, chemical industry, and surging demand from other end-use industries.
MENAFN2010201900450000ID1099151881
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