Natural gas in its extracted form contains high volumes of methane, which if left untreated is unfit for consumption. Natural gas and oil are separated are segregated and treated separately to eliminate any toxic fumes. The global gas treatment market report by Market Research Future (MRFR) contains imperative drivers, factors, and trends predicted for gas producers for the period between 2018 and 2023 (forecast period).
Gas Treatment Market Scope
The global gas treatment market is expected to touch a value of USD 4,950 million by 2023. It previously stood at USD 3,572 million in 2017. The constant demand for natural gas is expected to drive the global market to exhibit a CAGR of 5.76% during the forecast period. Environmental benefits of natural gas compared to its alternatives as well as increasing awareness of the same can drive the gas treatment market growth.
Discovery of new gas reserves globally as well as its massive production amid the energy crunch is likely to culminate in plenty of opportunities for the global market. The demand for electricity and increasing urbanization and improving economy are other major drivers of the gas treatment market. Strict environment policies are likely to work in favor of the market.
However, the capital-intensive nature of the market as well as availability of new substitutes can pose a challenge to the global gas treatment market.
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Gas Treatment Market Segmentation
The global gas treatment market is segmented by type and application.
By type, it is segmented into amines and non-amines. The amine segment
By application, it is segmented into food & beverages, metal & mining, pulp & paper, oil & gas, refineries, sugar, and power plants. Food & beverages segment is expected to grow at a rapid pace due to large number of gases used in production, storage, and sterilization of edibles. High emphasis on quality in foods and beverages as well as strict quality guidelines will drive the demand in the global gas treatment market. On the other hand, refineries were the largest segment in 2017, while the power plants is projected to exhibit a robust growth during the forecast period.
Gas Treatment Market Regional Analysis
Regions heavily scrutinized with respect to the global gas treatment market report are Latin America, North America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
North America held the dominant position in the market in 2017 due to increased extraction activities of shale gas in the U.S. and strict air pollution control regulations. Europe also held a significant market share owing to similar environment policies enforced on industries and growing industrialization.
The APAC region is expected to exhibit a phenomenal growth rate for the global gas treatment market owing to the rising demand for gas treatment and the expanding industrial base. Economically affordable laborforce, low cost of raw materials, and discovery of new fields are new factors expected to fuel the market growth regionally. In addition, initiatives taken by governments to attract new investments can be fruitful for the global gas treatment market in the coming years.
The MEA region is expected to be lucrative in the coming years owing to a notable rise in oil & gas exploration activities.
Huntsman International LLC, Exxon Mobil Corporation, Eunisell Limited, Akzo Nobel N.V., BASF SE, DowDuPont, Berryman Chemical Inc., Ecolab, Clariant, and Hexion are prominent players of the global gas treatment market. Expansions and investments are strategies used by players to sustain their foothold in the market.
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