According to the new market research report "Gas Treatment Market by Type (Amines and Non-Amines), Application (Acid Gas Removal and Dehydration), and Region (North America, APAC, Europe, Middle East, Commonwealth of Independent States & Africa, and South America) - Global Forecasts to 2023", published by MarketsandMarkets™, the Gas Treatment Market is projected to grow from USD 3.76 billion in 2018 to USD 4.96 billion by 2023, at a CAGR of 5.7% from 2018 to 2023.
Growing demand for natural gas and stringent air pollution control regulations are the major drivers of the Gas Treatment Market. The discovery of new gas fields in many countries is also expected to drive the market during the forecast period.
Amines segment to lead the Gas Treatment Market, during the forecast period, in terms of both value and volume
On the basis of type, the amines segment is projected to lead the Gas Treatment Market, during the forecast period, in terms of both value and volume. The removal of acid contaminants from natural gas is necessary for the commercial industrial applications. Acid gases, such as hydrogen sulfide and carbon dioxide, need to be removed to meet the environmental and health and safety standards.
Acid gas removal segment is projected to lead the Gas Treatment Market, during the forecast period, in terms of volume
On the basis of application, the acid gas removal segment is projected to lead the Gas Treatment Market during the forecast period, in terms of both value and volume. Natural gas streams contain hydrogen sulfide and carbon dioxide. These gases are toxic and poisonous and need to be treated. These gases, in the presence of water, are extremely corrosive and can cause premature failure of pipeline, pressure vessels, and valves. Acid gases can also cause catalyst poisoning in refinery vessel and requires expensive precautionary measures. All these factors are responsible for the high growth of the Gas Treatment Market.
APAC Gas Treatment Marketis projected to register the highest CAGR, between 2018 and 2023, in terms of volume
The Gas Treatment Market in APAC has immense growth potential. The discovery of new gas fields in the region is expected to fuel the demand for gas treatment during the forecast period. China, Australia, and Malaysia are some of the key countries in the region contributing significantly to the growth of the Gas Treatment Market in the region.
Some of the key players in the Gas Treatment Market are DowDuPont Inc. (US), Huntsman International LLC (US), BASF SE (Germany), Ecolab Inc., and Berryman Chemicals Inc. (US). Investments & expansions was the major growth strategy adopted by the market players, between 2015 and 2018, to enhance their regional foothold and meet the growing demand for gas treatment in the emerging economies.
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