Middle East and Africa Industrial Gases Market
Middle East and Africa Industrial Gases Market Size Expands at CAGR of 7.25%, Reaching USD 6.27 Billion by 2029
Published | 26 December 2023
Middle East and Africa Industrial Gases Market is flourishing due to rapid industrialization, a growing demand for gases from key sectors including healthcare and manufacturing, infrastructure development, and the expanding metal fabrication and oil and gas industries.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Industrial Gases Market size at USD 4.12 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa Industrial Gases Market size to grow at a CAGR of 7.25% reaching a value of USD 6.27 billion by 2029. Middle East and Africa Industrial Gases Market is driven by rapid industrialization, increasing demand for industrial gases from key sectors, such as manufacturing and healthcare, and a growing focus on sustainable practices. Rising investments in oil and gas exploration, coupled with expanding metal fabrication and automotive industries, contribute to the market growth. Also, a surge in healthcare applications, including medical gases for diagnostics and treatment, further propels the demand. Increasing awareness of the benefits of industrial gases in diverse applications and the region's economic development contribute to the expansion of Middle East and Africa Industrial Gases Market.
Opportunity – Rapid Industrialization and Infrastructural Development
Middle East and Africa Industrial Gases Market is propelled by the surge in manufacturing activities and infrastructural development across emerging economies. Robust industrialization, driven by increased investments and government initiatives, fuels the demand for industrial gases in sectors like metallurgy, healthcare, and electronics. As these nations experience rapid economic growth, the need for industrial gases, including oxygen, nitrogen, and argon, is escalating for diverse applications. The trend not only boosts the industrial sector but also enhances the overall economic landscape, marking emerging economies in the Middle East and Africa as pivotal drivers for the flourishing industrial gases market in the region.
Impact of Escalating Geopolitical Tensions on Middle East and Africa Industrial Gases Market
The escalating geopolitical tensions, including Israel-Hamas and Russia-Ukraine wars, have significantly impacted the Middle East and Africa Industrial Gases Market. Uncertainty and disruptions in the supply chain, coupled with economic sanctions, have led to market fluctuations. Companies in the industrial gases market face challenges in navigating geopolitical risks, affecting development cycles and project timelines. The increased volatility has compelled organizations to reevaluate their strategies, impacting the demand for and supply of industrial gases. The market's growth trajectory is influenced by geopolitical developments, requiring adaptability and resilience from industry stakeholders to mitigate risks and capitalize on emerging opportunities.
Middle East and Africa Industrial Gases Market – By Product Type
Based on product type, Middle East and Africa Industrial Gases Market is divided into Nitrogen, Oxygen, Carbon Dioxide, Argon, and Hydrogen segments. The Nitrogen segment holds a significant position in the market by product type. The major segment reflects the region's reliance on industrial applications, including manufacturing, healthcare, and electronics, where Nitrogen plays a pivotal role. The market's diversification into various gases underscores the complex and interconnected nature of industries in Middle East and Africa, with Nitrogen emerging as a cornerstone product type in the industrial gases landscape.
Middle East and Africa Industrial Gases Market is fiercely competitive. Major companies in the market include Linde - SIGAS, Air Products & Chemicals Inc., Air Liquide South Africa, BOC Kenya (B.O.C. Gases Kenya Limited), Gulf Cyro., Afrox, Abdullah Hashim Industrial Gases & Equipment (AHG), and Praxair Middle East. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Middle East and Africa Industrial Gases Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East and Africa Industrial Gases Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Middle East and Africa Industrial Gases Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Middle East and Africa Industrial Gases Market, By Product Type (Nitrogen, Oxygen, Carbon Dioxide, Argon, Hydrogen); By Application (Healthcare, Manufacturing, Food & Beverages, Metallurgy & Glasses, Chemical & Energy); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: December 2023
Robust industrialization, increasing demand for industrial gases in major sectors like healthcare, oil & gas, and regional economic development initiatives contribute to the growth of the Middle East and Africa Industrial Gases Market during the forecast period between 2023 and 2029.
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