The industrial gas market in Venezuela produced total revenues figures of $185m in 2015 and has experienced an average annual growth rate of around 6% over the past decade.
The most important end-use sector from a point of view of gas sales in Peru is the metallurgical sector, which accounts for almost half of the revenues in the country.
In recent years, economic activity in the country has benefitted from a favourable international context, particularly from improving terms of trade.
Colombia has witnessed strong economic growth over the past decade – averaging at 4.1% per year. Growth has however been slowing over the past few years – like many other South American economies, the fall in commodity prices and a decline in exports have effected growth.
Bolivia is home to one of the smallest, yet fastest growing, industrial gas markets in South America.
The Uruguayan economy has managed to achieve year-on year growth over the past decade, averaging at 4.3% p.a.
The industrial gases market in Paraguay was estimated to be worth $24m in 2015. This is up from $12m in 2005, indicating an average annual growth rate of 7% per year.
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 6.5% p.a. in a low scenario to 10.4% p.a. in a high scenario. Accordingly, the industry in Chile is expected to achieve revenues of between $435m to $521m by 2023.
Argentina is home to the second largest industrial gas market in South America, although, remains dwarfed by it Brazilian counterpart.
A number of new capacity additions, planned to come on stream in the next five years, should help the market achieve its potential and return to posting good growth rates over the next few years.