Gas Treatment Market-Global Industry Analysis and Forecast 2023
Gas Treatment Market overview
Gas treatment has become an inevitable process in order to ensure adherence to strict environmental norms. Raising awareness regarding worsening air quality has triggered the regulatory authorities of multiple countries to implement stringent air pollution control regulations which induce high demand for the global gas treatment market.
As per the analysis of Market Research Future (MRFR), the global gas treatment market is expected to grow at a CAGR of 5.76% and attain a valuation of USD 4,950 Mn by the end of the forecast period of 2018-2023. The global gas treatment market was valued at USD 3,572 Mn in 2017.
Escalating demand for natural gas as an energy source from various industries has been a major drive for the global gas treatment market. Rapid industrialization generates high demand for natural gas since it has low environmental footprint and is easily available. It is being progressively used as a fuel for generation of electricity which is further spurring the growth of the market.
Discovery of new gas reserves has taken an upturn recently. Large and untapped natural gas reservoirs discovered lately offer opportunities for versatile and efficient gas treatment which further stimulates the growth of the market.
Food & beverage is a key end use industry for gas treatment. A number of gases are explicitly utilized in the manufacture, storage and sterilization of edibles and face enormous scrutiny since they are intended for consumption. Moreover, gases meant for use in the food & beverage industry are subject to quality assessment regulation which creates high demand for gas treatment.
On the downside, the global gas treatment market growth might be impeded by scarcity of raw materials for gas treatment and high costs associated with gas treatment process. Meanwhile, the expansion of the oil & gas industry in the developing markets is expected to provide lucrative opportunities for the growth of the global; gas treatment market.
Gas Treatment Market Segmentation
The global gas treatment market analysis has been segmented based on type and application.
Type-wise segmentation of the global gas treatment market includes amines and non-amines. The amines segment dominated the market in 2017 while the non-amines segment is likely to be the fastest growing segment over the forecast period.
Application-wise segmentation of the global gas treatment market includes power plants, refineries, pulp & paper, metal & mining, food & beverages, oil & gas, and sugar. The refineries segment was the largest segment in 2017 while the power plants segment is anticipated to be the fastest growing segment.
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Gas Treatment Market Regional Analysis
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the key markets for gas treatment. North America accounted for the largest share of the market in 2017. Stringent air pollution control regulations in the region can be attributed for the growth of the North America. The discovery of shale gas in the US is also a significant factor which can be accredited for the growth of the gas treatment market in North America.
Europe too is a significant market for gas treatment driven by growing industrialization in the region and implementation of industrial air pollution control measures.
Asia Pacific is slated to be the fastest growing market for gas treatment owing to expanding industrial base and surging demand for gas treatment from the oil & gas industry. New discovery of gas fields in the region along with availability of relatively cheap labor, and low cost of raw materials in the region has positioned Asia Pacific as an important market for gas treatment.
The Middle East & Africa market is expected to be a lucrative destination for gas treatment market owing to surge in gas and oil exploration activities in the region which generate substantial demand for gas treatment.
DowDuPont (US), Ecolab (US), Huntsman International LLC (US), Hexion (US), Clariant (Switzerland), BASF SE (Germany), Akzo Nobel N.V. (The Netherlands), Exxon Mobil Corporation (US), Eunisell Limited (Nigeria), and Berryman Chemical Inc. (US).
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