The commercial industrial gases market in Russia was estimated to have generated revenues of $1.09bn in 2018. This was up from $352m in 2008, indicating an average annual growth rate of 12.54% p.a. for the decade.
Over the past decade the rate of GDP has experienced an average annual growth rate of 12.5% p.a. when adjusted for inflation. The rate of GDP was hit hard by the financial crisis in 2009, showing a decline of 6.1%, but did recover in the following years. The rate of economic growth in the country had turned negative since 2015, largely due to the fall in oil prices and financial sanctions placed on the country. However, 2018 saw signs of a recovery with a positive rate of 6.1%.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 6.1% p.a. in a low scenario to 12.2% p.a. in a high scenario. Accordingly, the industry in Russia is expected to achieve revenues of between $1.47bn to $1.95bn by 2023.
Published: 2020
Report Data: 2019
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