In 2016, the Middle East industrial gases business generated revenues of $2.3bn, up from $875m in 2006, indicating an impressive average annual growth rate of just under 10%, in-keeping with the region’s wide reputation as one of the key emerging markets for the industry.
Saudi Arabia represents the largest market in the region, with revenues of just under $790m. Vying to be the second-largest market, Iran, the UAE and Turkey all generate revenues of around $280m each.
Due to the crash in global energy pricing over the past few years, many nations within the region are now looking to diversify their economies, moving away from the traditional reliance on oil and gas. Increasing focus now lies within the tourism, financial services and infrastructure sectors. The region’s oil and gas business is far from diminishing, however, and industrial gas revenues will still be bolstered by sales to the refining and chemicals sectors and fast-growing end-user sectors like the manufacturing (cutting and welding applications) and metallurgy industries. Indeed, we have seen project activity to this effect in the last 12 months, amidst a wave of high-profile announcements in the Middle East.
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