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Gas Treatment Market Forecast Report 2033 | Analysis, Insights, and Size Opportunities
Gas Treatment Market Forecast
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According to The Business Research Company's, The gas treatment market size has grown strongly in recent years. It will grow from $4.21 billion in 2023 to $4.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to environmental regulations, industrial expansion, rising concerns for health and safety, increasing demand for clean energy, urbanization and industrialization.
The gas treatment market size is expected to see strong growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to stringent environmental regulations, rising global industrialization, focus on sustainable solutions, shift to renewable energy, urbanization and pollution control. Major trends in the forecast period include customization and modular solutions, digital transformation in gas treatment, resilience against pandemics, globalization and trade compliance, adoption of biogas and biomass.
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Market Drivers and Trends:
The increase in shale gas production is expected to propel the growth of gas treatment market going forward. Shale gas refers to natural gas that is trapped within shale rock formations beneath the Earth's surface. Shale gas extraction involves unique challenges, including impurities and contaminants, necessitating gas treatment processes to ensure environmental compliance and enhance the quality of the gas. The demand for gas treatment solutions arises from the economic growth in shale gas regions, the need for infrastructure compatibility, and the integration of shale gas into the global energy supply. For instance, in December 2022, according to Energy Information Administration, a US-based government agency, the US shale gas production increased by 7% from 26,139 in 2020 to 27,985 in 2021. Therefore, the increase in shale gas production is driving the growth of the gas treatment market.
Technological innovation is a key trend gaining popularity in the gas treatment market. Major companies operating in the gas treatment market are advancing in their new technologies and research and developments in the gas treatment market. For instance, in November 2021, BASF, a Germany -based chemical company introduced OASE digilab, a technique to examine the makeup of the gas-treating agents in the OASE procedures instantly. Previously, this involved a time-consuming effort and difficult process that required sending samples from the processing at the various customers to two specialized BASF laboratories for analysis. However, with the latest technique, it combines a mobile NIR (near infrared) spectrometer with data processing (chemometrics). Shortly, users would be able to directly inject plant samples into the digilab gadget and instantly receive the component analysis.
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Major Key Players of the Market:
DuPont de Nemours Inc., Huntsman International LLC, Ecolab Inc., Clariant AG, BASF SE, Berryman Chemicals Pvt. Ltd., Eunisell Limited, Hexion Inc., Innospec Inc., Varichem International Inc., Exxon Mobil Corporation, Akzo Nobel N.V., Gas Processing Equipment Pvt. Ltd., Boldrocchi Group, Jacobi Carbons AB, Axens SA, Honeywell International Inc., Zeochem AG, Arkema S.A., Cabot Corporation, Calgon Carbon Corporation, Kuraray Co. Ltd., Mitsubishi Chemical Corporation, Sumitomo Chemical Co. Ltd., Eastman Chemical Company, Evonik Industries AG, Solvay S.A., Lanxess AG, Albemarle Corporation, The Chemours Company
Gas Treatment Market 2024 Key Insights:
• The gas treatment market size is expected to see strong growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Surging Demand For Natural Gas Drives Expansion Of The Gas Treatment Market
• Technological Advancements Driving Innovation In Gas Treatment Market
• North America was the largest region in the gas treatment market in 2023
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