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.
Global Gas Treatment Market Research (MRFR Insights)
The gas treatment market is projected to register a CAGR of 5.7% from 2022 to 2030. It is expected that the gas treatment market size will reach approximately USD 4950 billion by 2030. A clean and effective fuel to burn is natural gas. It is employed in the efficient production of power. There are far fewer hazardous gas emissions, such as carbon dioxide, than coal or other energy sources. Petrochemical companies, refineries, natural gas processing plants, and other industrial verticals substantially use the gas treatment process. The market for gas treatment will rise as a result of this. Untreated dangerous and toxic substances included in natural gas, such as carbon dioxide and hydrogen sulfide, can cause pipeline and vessel early failure and rapid failure. Before being released on a big scale, the treatment eliminates these dangerous compounds. Natural gas is highly sought after for the production of electricity. It is a cleaner energy source, and steam and gas turbines, which are used to produce electricity, are where it is most widely used.
COVID-19 Impact Analysis
The COVID-19 pandemic has harmed the need for gas treatment technology. One major industry impacted by the COVID-19 pandemic is the gas industry. In 2020, gas production was halted as a result of the shutdown. According to the U.S. Energy Information Administration (EIA), from March to April 2021, natural gas output decreased by 316 mmcf/d across all U.S. regions. As a result, the need for gas treatment may be hampered by the difficulty in producing gas.
The gas industry's growth is predicted to open up new market opportunities worldwide. The method of gas treatment improves the performance of liquified petroleum gas. Therefore, it is anticipated that large corporations' rising investment will stimulate the market. For example, the Canadian Association of Petroleum Producers (CAPP) estimates that Canadian oil and gas businesses will spend USD 27.3 billion in 2021. Additionally, it is anticipated that investment in Alberta's oil sands will increase from U.S. $6.7 billion in 2020 to U.S. $7.3 billion in 2021. As a result, these expenditures are anticipated to accelerate market expansion ly.
During this period, the gas treatment market is anticipated to increase due to governments worldwide investing in the natural gas sector. For instance, the U.S. Energy Information Administration (EIA) projects that natural gas production will rise to 384.9 billion cubic meters, or about half of the country's total natural gas production. It is predicted that the electric power sector will use around 38% of all the natural gas utilized in the U.S. In addition, India generated 127.01 billion units of electricity from renewable sources in 2021, according to the India Brand Equity Foundation (IBEF). By 2030, the Indian government wants to produce 523 GW of renewable energy. In addition, by 2029, India is anticipated to invest $500 billion in renewable energy. Consequently, it is anticipated that expanding the power generation scenario will increase the product demand during the forecast period.
Gas Treatment Market Drivers
|Market Size||2030: USD 4950 billion|
|CAGR||5.7% CAGR (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Dow, DuPont, Huntsman International, Ecolab, Clariant, BASF, Berryman Chemicals, Innospec, Varichem International, Eunisell Chemicals, Hexion|
|Key Market Opportunities||Growing demand for engine downsizing and lightweight vehicles|
The gas treatment market forecast period is 2022 - 2030
The market is growing at a CAGR of 5.7% over the next 10 years, according to the gas treatment market research.
North America is predicted to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
Dow, DuPont, Huntsman International, Ecolab, Clariant, BASF, and Berryman Chemicals are the major companies operating in the gas treatment market.