Country Dashboard: Ireland



The commercial industrial gas market in Ireland is estimated to have generated revenues of $204 million in 2018. This is up from $183 million in 2008, indicating an average annual growth rate of 1.5% for the decade. 

The Economy

Between 2008-2018, GDP in Ireland grew by an average of 4.8% p.a. (inflation adjusted). Prior to the global financial crisis Ireland’s economy was booming. It was during this time that Ireland’s economy was referred to as the “Celtic Tiger”. This period of growth was largely a result of an influx of investment, notably from the technology sector, which were drawn to the country’s enticing tax rates.

Ireland entered into recession in 2008, when the economy declined by 4.8%. The following year saw further decline, with a reduction of 9.4% in 2009. There was a brief recovery in 2011, when growth averaged at 2%. This recovery could be sustained and was able to avoid a double-dip recession like many other European countries.

In 2015, reported GDP grew by a staggering 34.4%. However, this was widely marked as illusionary growth, because the increase due to many multinational companies using tax inversion practices, that took advantage of Ireland’s low corporate tax rate. 2018 saw GDP growth of 7.2%. Inflation, as measured by the GDP Deflator, was 2.7% in 2018.

The Gas Business

The industrial gas business in Ireland is dominated by BOC. The Linde Group company accounts for around 70% of the market and has historically been the strongest player since its entry in the late 1960s. Air products began operations in Ireland in the mid-1980s and has held a consistent share of the market. Air Products accounted for approximately 13.3% of the market. The fertilizer manufacturer, Yara, controlled a large share of the carbon dioxide market in Ireland, until Praxair acquired Yara’s European CO2 business in mid-2016. In 2018 Air Liquide held a 5.6% market share. There are also a number other small indigenous companies active in Ireland, that account for the remaining market.

The gas market growth has exhibited more exaggerated peaks and troughs than the GDP or IPI YoY. Over the last decade it's only seen two periods of decline - one year in the midst of the financial crisis (-18.8% in 2010) and then in 2015, with a considerable lower decline of -0.2%. After both of these periods of decline the gas market bounced back straight away, and has remained postive for the last few years.

In 2018, the largest revenue generating industrial gas in the region was nitrogen, bringing in $57.5m. Oxygen ($49.6m), Argon ($30m) and carbon dioxide ($28.2m) were the next most important gases. The sale of hydrogen accounted for just under 3% of commercial revenue in Ireland, equating to $5.3m in revenues. The remaining revenue was attributed to the sale of acetylene and a range of speciality gases.

In terms of end-users, the market in Ireland is dominated by the country’s manufacturing sector, which accounts for 28.8%. The food and beverage industry accounts for an approximate 19.3% of the end-user market. Chemical end-users accounted for around 16% of the market. These sales were mainly linked to the strong pharmaceutical sector in the country. The rest of the market is rather fragmented. Electronics and healthcare accounted for 13.2% and 10.6% respectively, whilst metallurgical and refining end-users accounted for a combined share of around 4.6%.

The Future

We are confident that the chemicals (pharmaceuticals) and healthcare industries will be the main drivers for growth within the industrial gas market in Ireland over the coming years. The country continues to act as a major manufacturing hub for some of the world’s largest pharmaceutical companies.

Within the 2018-2023 timeframe, our forecast models predict growth from 2.3% p.a. in a low scenario to 3.2% p.a. in a high scenario. This should see the industry in Ireland achieve revenues of between $228 million to $238 million by 2023.




GDP, IPI and GDP Deflator

  • GDP (%)
  • IPI (%)
  • GDP Deflator (%)
,GDP (%),IPI (%),GDP Deflator (%) 2000,17.0%,14.2%,6.9% 2001,12.5%,11.2%,6.8% 2002,11.5%,8.1%,5.2% 2003,7.1%,5.8%,4.0% 2004,7.3%,1.3%,0.6% 2005,9.0%,3.9%,3.1% 2006,8.7%,3.2%,3.5% 2007,6.6%,5.3%,1.3% 2008,-4.8%,-2.4%,-0.4% 2009,-9.4%,-4.6%,-4.6% 2010,-1.4%,7.6%,-3.2% 2011,2.0%,-0.2%,-1.6% 2012,2.3%,-1.2%,2.2% 2013,2.6%,-2.2%,1.3% 2014,8.5%,20.0%,-0.2% 2015,34.4%,37.1%,7.5% 2016,4.1%,2.2%,-0.8% 2017,7.6%,-2.1%,0.4% 2018,7.2%,-2.5%,2.7%
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Ireland entered into recession in 2008, when the economy declined by 4.8%. The following year saw further decline, with a reduction of 9.4% in 2009.

In 2015, reported GDP grew by a staggering 34.4%. However, this was widely marked as illusionary growth, because the increase due to many multinational companies using tax inversion practices, that took advantage of Ireland’s low corporate tax rate. 2018 saw GDP growth of 7.2%.

Inflation, as measured by the GDP Deflator, was 2.7% in 2018.



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Commercial Gas Market

  • GDP (%)
  • IPI (%)
  • Gas Market (%)
,GDP (%),IPI (%),Gas Market (%) 2000,17.0%,14.2%,10.0% 2001,12.5%,11.2%,34.8% 2002,11.5%,8.1%,12.9% 2003,7.1%,5.8%,1.6% 2004,7.3%,1.3%,6.9% 2005,9.0%,3.9%,2.0% 2006,8.7%,3.2%,3.3% 2007,6.6%,5.3%,4.4% 2008,-4.8%,-2.4%,8.6% 2009,-9.4%,-4.6%,0.3% 2010,-1.4%,7.6%,-18.8% 2011,2.0%,-0.2%,5.5% 2012,2.3%,-1.2%,2.4% 2013,2.6%,-2.2%,1.2% 2014,8.5%,20.0%,0.6% 2015,34.4%,37.1%,-0.2% 2016,4.1%,2.2%,21.6% 2017,7.6%,-2.1%,0.8% 2018,7.2%,-2.5%,1.7%
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Ireland posted revenues that amounted to around $204m in 2018 – up from $183m in 2008 – indicating an average annual growth rate of 1.5% for the decade. The gas market growth has exhibited more exaggerated peaks and troughs than the GDP or IPI YoY. Over the last decade it's only seen two periods of decline - one year in the midst of the financial crisis (-18.8% in 2010) and then in 2015, with a considerable lower decline of -0.2%. After both of these periods of decline the gas market bounced back straight away, and has remained postive for the last few years.


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Onsite Pricing Information

  • GOX
  • GAN
,GOX,GAN ,193.8,258.4
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These prices are a gasworld Business Intelligence estimate of the price, per tonne in local currency, of the main gases produced onsite.


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Bulk Liquid Pricing Information

  • LOX
  • LIN
  • LAR
  • LCO2
,LOX,LIN,LAR,LCO2 ,305.2,263,771,157.3
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These prices are a gasworld Business Intelligence estimate of the price, per tonne in local currency, of the main gases produced through bulk liquid sales.


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Market Share by Gas Company

based on market total of $203.7m

Legend:
  • Air Liquide
  • Air Products
  • Linde
  • Others
Air Liquide,11.3 Air Products,27.1 Linde,142.2 Others,23.0
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The industrial gas business in Ireland is dominated by BOC. The Linde Group company accounts for around 70% of the market and has historically been the strongest player since its entry in the late 1960s. Air products began operations in Ireland in the mid-1980s and has held a consistent share of the market. Air Products accounted for approximately 13.3% of the market. The fertilizer manufacturer, Yara, controlled a large share of the carbon dioxide market in Ireland, until Praxair acquired Yara’s European CO2 business in mid-2016. In 2018 Air Liquide held a 5.6% market share. There are also a number other small indigenous companies active in Ireland, that account for the remaining market.  


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Market Share by Supply Mode

based on market total of $203.7m + $8.7m Captive

Legend:
  • OSP
  • Bulk
  • Packaged
  • Captive
  • Other
OSP,21.2 Bulk,62.7 Packaged,106.6 Captive,8.7 Other,13.2
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The majority of commercial revenues in the market were generated through the sale of gas by packaged methods, with this mode accounting for 50.2% of sales. This equated to just under $107m in revenues. Bulk liquid sales amounted to $63m, with onsite and pipeline projects accounting for $21m in revenue. We estimate that the potential captive market, if converted to onsite or bulk facilities, could be worth approximately $9m in sales.


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Commercial Gases Value

Legend:
  • Oxygen
  • Nitrogen
  • Argon
  • Carbon Dioxide
  • Hydrogen
  • Other
Oxygen,49.6 Nitrogen,57.5 Argon,30 Carbon Dioxide,28.2 Hydrogen,5.3 Other,33
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In 2018, the largest revenue generating industrial gas in the region was nitrogen, bringing in $57.5m. Oxygen ($49.6m), Argon ($30m) and carbon dioxide ($28.2m) were the next most important gases. The sale of hydrogen accounted for just under 3% of commercial revenue in Ireland, equating to $5.3m in revenues. The remaining revenue was attributed to the sale of acetylene and a range of speciality gases.


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Market Share by End-User

Legend:
  • Chemicals
  • Refining & Energy
  • Metallurgy
  • Gen Manufacturing
  • Food
  • Electronics
  • Healthcare
  • Others
Chemicals,32.7 Refining & Energy,3.0 Metallurgy,6.3 Gen Manufacturing,58.7 Food,39.4 Electronics,26.8 Healthcare,21.6 Others,15.3
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In terms of end-users, the market in Ireland is dominated by the country’s manufacturing sector, which accounts for 28.8%. The food and beverage industry accounts for an approximate 19.3% of the end-user market. Chemical end-users accounted for around 16% of the market. These sales were mainly linked to the strong pharmaceutical sector in the country. The rest of the market is rather fragmented. Electronics and healthcare accounted for 13.2% and 10.6% respectively, whilst metallurgical and refining end-users accounted for a combined share of around 4.6%.


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Gas Market Growth and Forecast

  • Macro Economic Forecast
  • gasworld Forecast
,Macro Economic Forecast,gasworld Forecast 2000,93,93 2001,125,125 2002,141,141 2003,143,143 2004,153,153 2005,156,156 2006,161,161 2007,168,168 2008,183,183 2009,183,183 2010,149,149 2011,157,157 2012,161,161 2013,163,163 2014,164,164 2015,163,163 2016,199,199 2017,200,200 2018,204,204 2019,206,208 2020,206,209 2021,211,217 2022,222,229 2023,228,238
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We are confident that the chemicals (pharmaceuticals) and healthcare industries will be the main drivers for growth within the industrial gas market in Ireland over the coming years. The country continues to act as a major manufacturing hub for some of the world’s largest pharmaceutical companies.

Within the 2018-2023 timeframe, our forecast models predict growth from 2.3% p.a. in a low scenario to 3.2% p.a. in a high scenario. This should see the industry in Ireland achieve revenues of between $228 million to $238 million by 2023.



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Tile Legend:

  • Parent Company: the company that owns the plant
  • Customer: the company or companies receiving the gas for their use
  • Plant Type: the gas produced at the plant e.g. oxygen
  • Industry: the industry the customer operates in
  • Supply Type: supply scheme (on-site/pipeline), captive (customer owned) or merchant
  • City: the city that plant is located in
  • Start: the year the plant started operating
  • Units for each gas: GOX/LOX, GAN/LIN, GAR/LAR, CO2/LCO2 - tpd (tonnes per day). H2 - Nm3/hr
  • Plant Builder: the company that built the facility

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Gas Production Facilities

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