Investments & expansions is the key strategy adopted by the leading players to strengthen their position in the Gas Treatment Market
The market size of gas treatment is estimated at USD 3.76 billion in 2018 and is projected to reach USD 4.96 billion by 2023, at a CAGR of 5.7% from 2018 to 2023. Major companies operating in this market such as DowDuPont Inc. (US), Huntsman International LLC (US), BASF SE (Germany), Ecolab Inc. (US), and Berryman Chemicals Inc. (US) have adopted both organic and inorganic growth strategies such as investments & expansions, new product launches, and agreements to serve their customers efficiently and increase their market shares.
Investment & expansions was the key strategy adopted by the major players to strengthen their position in the gas treatment market between 2015 and 2018. This strategy accounted for a share of 72.7% of the overall growth strategies adopted by the leading players of the gas treatment market between 2015 and 2018. Companies operating in this market have also adopted this strategy to fulfill the emerging and growing need for gas treatment in the oil & gas industry.
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Huntsman International LLC (US) has gained a strong foothold in the gas treatment market. It is strengthening its position by adopting various investments & expansions to meet the growing demand from customers. In July 2017, the company expanded its Singapore specialty amine facility by 25,000 tons to meet the growing global demand for specialty amines and strengthen its leading position in the field of amine technology. In addition, the company is investing in R&D capabilities to meet the evolving need of customers. In November 2016, the company inaugurated the Shanghai Campus to enhance its innovation performance.
BASF SE (Germany) is another major player operating in the gas treatment market. The company has a broad product portfolio for gas treatment technology, which finds use in various applications. In May 2018, the company signed an agreement with ExxonMobil Catalysts and Licensing LLC (US) to jointly develop new gas treating solvents and process technologies for petroleum refining and natural gas processing. The development will offer new gas treatment technologies and solvents to help end users reduce energy consumption, increase the capacity of natural gas production, and meet tighter sulfur specifications. The development will help the company broaden its portfolio for gas treatment.
Related Reports:
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
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