Wilmington, Delaware, April 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Gas Treatment Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Amines, Glycol Dehydration, Triazine, Others), by Application (Acid gas removal, Dehydration, Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global gas treatment market generated $4,139.9 million in 2022, and is anticipated to generate $6,928.8 million by 2032, rising at a CAGR of 5.3% from 2023 to 2032.
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Prime Determinants of Growth
The rising demand for natural gas driven by a global shift towards cleaner energy sources and the increasing environmental regulations aimed at reducing air pollutants and greenhouse gas emissions are the factors expected to drive the growth of the global gas treatment market in the forecast period from 2023 to 2032. However, the high costs and the insufficient supply of raw materials may hamper market growth in the coming future. On the contrary, the integration of cutting-edge technologies such as data analytics, machine learning, and Internet of Things (IoT) sensors is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4,139.9 million |
| Market Size in 2032 | $6,928.8 million |
| CAGR | 5.3% |
| No. of Pages in Report | 311 |
| Segments covered | Type, Application, and Region |
| Drivers | Increasing demand for natural gas globally Stringent environmental regulations Growing focus on health and safety |
| Opportunities | Ongoing advancements and integration of automation, robotics, and AI Technological innovation and product development |
| Restraints | Shortage and increasing raw material costs |
COVID-19 Scenario
The COVID-19 pandemic outbreak had a significant impact on the global gas treatment market’s growth. Lockdowns and restrictions have caused a reduction in industrial activities, leading to a decreased demand for gas treatment services, particularly in sectors, such as manufacturing, construction, and energy production.
Besides, the oil & gas industry, a significant user of gas treatment technologies, faced a downturn as demand for energy decreased during lockdowns and periods of economic uncertainty.
Moreover, gas treatment operations frequently require on-site monitoring and maintenance. The transition to remote work presented challenges in terms of managing and maintaining gas treatment facilities, leading to potential operational inefficiencies.
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Type: Amines Sub-segment to Hold Major Market Share by 2032
The amines sub-segment accounted for the largest global gas treatment market share of 37.9% in 2022 and is expected to continue to dominate in terms of major market share by 2032. This is majorly because Amines exhibit a remarkable ability to extract contaminants, particularly carbon dioxide and hydrogen sulfide, from gases. Besides, the dominance of amines highlights the increasing emphasis on environmental sustainability in gas treatment practices. Moreover, amine's optimal performance across a spectrum of gas compositions and operating conditions makes them highly sought after in various industrial settings.
Application: Acid Gas Removal Sub-segment to be the Most Dominant During the Forecast Period
The acid gas removal gas sub-segment accounted for the largest market share of 47.6% in 2022 and is expected to grow at the highest CAGR of 5.6% during the forecast period from 2023 to 2032. This is mainly due to the increasing need for industries to adhere to stringent environmental legislation and gas emission regulations. In addition, the surge in demand for sustainable practices in industries is another growth factor. Industries are increasingly driven by the need to reduce their carbon footprint and demonstrate corporate social responsibility. Moreover, the widespread adoption of advanced acid gas elimination technology reflects ongoing technological advancements and innovation in the gas treatment market.
Region: North America Market to Witness Prominent Growth by 2032
The gas treatment market in the North America region accounted for the largest share of 37.2% in 2022 and is predicted to hold major market share by 2032. This growth is mainly owing to the presence of abundant natural gas resources, particularly in the U.S. and Canada. This is raising a robust expansion in gas production & exploration. Besides, North America emerges as a pivotal market for gas treatment solutions due to its well-developed energy infrastructure and robust industrial base. Moreover, there is a growing focus on innovation in gas treatment technologies in the region as the industry adapts to evolving needs and challenges.
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Leading Players in the Gas Treatment Market:
Amines & Plasticizers Ltd.
BASF SE
Berryman Chemicals Inc.
SAMSON Controls Inc.
Eunisell Chemicals
Huntsman International LLC
Ecolab Inc.
Akzo Nobel N.V.
CLARIANT
DowDuPont Inc.
The report provides a detailed analysis of the key players of the global gas treatment market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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