Gas Treatment Industry
The gas treatment market was valued at USD 3,572 Mn in 2017 and is expected to catapult to USD 4,950 Mn by the end of 2030. As per ten analysis of Market Research Future (MRFR), the gas treatment market is expected to exhibit an upswing and expand at a CAGR of 5.76% over the forecast period of 2022-2030.
The eminent players of the global Gas Treatment Industry for gas treatment are Ecolab (US), DowDuPont (US), Huntsman International LLC (US), Clariant (Switzerland), Hexion (US), BASF SE (Germany), Exxon Mobil Corporation (US).
The increasing concern towards the protection of the environment is likely to propel the market for natural gas comprises of several attributes that benefit the environment. Further, the recognition of several new gas reserves in several parts of the world has posed various opportunities for expansion for the rise of gas treatment. Besides, the implementation of various rules and regulations in various countries is estimated to be another factor propelling the global gas treatment market. Further, there has been a rise in the industrial sector, which is a pivotal factor in growth during the assessment period.
However, the global market for gas treatment is estimated to be impeded due to the demand for massive capital, which makes the market stringent. The heavy investment does not allow startups to enter the market. Further, the limited availability of raw materials is another element hampering the market in the forthcoming period.
The global market for gas treatment can be segmented on the basis of application, type, and region.
On the basis of application, the global market for gas treatment can be segmented into Power Plants, Sugar, Refineries, Oil Gas, Pulp Paper, Food Beverages, and Metal Mining.
On the basis of type, the global market for gas treatment can be segmented into amine gas treatment and Non-Amines.
On the basis of region, the global market for gas treatment can be segmented into North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa.
The global market for Gas Treatment Market is projected to grow significantly during the assessment period. Regionally, North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa have been evaluated thoroughly. As per the study, North America is estimated to acquire the largest share during the forecast period. The region exercises stringent rules and regulations, which is driving the regional market. Further, the discovery of shale gas in the US has also played a crucial role in expanding the market during the assessment period.
Europe is projected to play an important role in expanding the global market due to the increasing industrialization and deployment of industrial air pollution regulation.
On the other hand, the APAC region is estimated to be the fastest-growing region due to the growing base of industry in the region. Besides, the region comprises of cheap labor, cheap cost of raw material, and the new gas fields. Moreover, the region is experiencing a rise in demand for gas treatment from the oil and gas industry, thereby propelling the market.
The MEA region is estimated to be a potential market due to the increased exploration of gas and oil fields in the region. Further, the region also witnesses a rise in the demand for gas treatment, which fuels the regional market.
August 2020 CSV Midstream Solutions Corp, a Calgary based company, has announced that it has completed the expansion of its Karr 6-18 Sour Natural Gas Processing Plant in Alberta, Canada, which was acquired from Paramount Resources Ltd. in 2019.
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