A Triton Market Research report has determined that the carbon dioxide market in the Middle East and Africa is set to surge at a CAGR of 2.73% and 1.84% in terms of revenue and volume, respectively, during the projected period 2019-2028.
The countries scrutinized in the Middle East and Africa market are:
• Saudi Arabia
• United Arab Emirates
• Turkey
• South Africa
• Rest of Middle East & Africa
In the United Arab Emirates, nearly 30% of the GDP (gross domestic product) is directly based on oil & gas output. The discovery of oil in the UAE has transformed the country into a modern state with a high standard of living. In January 2020, the UAE announced in the discovery of substantial gas reserves, that claimed to aid the Gulf state to achieve self-sufficiency. According to ADNOC (Abu Dhabi National Oil Co), about 80 trillion cubic feet (2.2 trillion cubic meters) of resources of shallow gas were discovered situated between the emirates of Dubai and Abu Dhabi. The ADNOC is planning to boost gas production and become a net exporter and raise the crude output capacity to nearly 4 million BPD in 2020. These factors are likely to boost the demand for carbon dioxide in the UAE, thereby augmenting the market growth.
A substantial volume and value growth in the sales of the soft drink industry were seen in Turkey in 2019. This growth is contributed by the large population growth, rapid urbanization and growing inbound tourism flows. All these factors are indicating an increased application of carbon dioxide in the Turkey soft drink market, thereby leading to an increased market growth.
The BOC Group is a company that provides medical, industrial and special gases. It produces different atmospheric gases, including nitrogen, oxygen and argon. The company also provides bulk industrial, drinks dispense, industrial, refrigerant and specialty gases & mixtures. In addition, the company also specializes in personal protective equipment.
Some major companies in the carbon dioxide market are BOC, Linde, Air Products and Chemicals Inc, Airgas Inc, Air Liquide and Inox Air Products Pvt Ltd (Air Products and Chemicals Inc), Continental Carbonic Products Inc, Cosmo Engineering Co Ltd, Universal Industrial Gases Inc and Matheson Tri-Gas Inc.