Dashboards

• GDP, IPI and Inflation
• Commercial Gas Market Growth
• Cylinder Pricing Information
• Bulk Liquid Pricing Information
• Market Share by Gas Company
• Market Share by Supply Mode
• Commercial Gases Value
• Market Share by End-User
• Gas Market Growth and Forecast
• Gas Production Facilities

Between 2009 and 2019 GDP grew by an average of -2.2% p.a. Greece has a capitalist economy with a public sector that accounts for about 40% of the national GDP, with a per capita GDP of about two thirds of other leading economies. The country has an economy that is currently in turmoil, with pressure being placed on the country by EU members. positive economic growth is slowly returing from 2016 onwards, with a growth rate 0.7% in 2019.

The commercial industrial gas market in Greece is estimated to have generated revenues of $84m in 2019. This is up from around $83m in 2009, indicating an average annual growth rate of 0.4% for the decade. The commercial gas market in Greece has fluctuated massively in the last decade with extreme high and low levels of growth. The industrial gas market in Greece is experiencing stagnant growth of 0% in 2019. 

These prices are a gasworld Business Intelligence estimate of the price, per tonne in local currency, of the main gases produced through cylinder and pipeline facilities.

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.

There are currently three main international gas companies in Greece that dominate the countries market. Linde Hellas are the current market leaders in terms of revenues, with a 46.1% share of the industrial gas total revenue. The second placed industrial gas company in the region is Air Liquide Hellas with a 23.5% market share with SOL group controlling 14.5% of the market, these market shares equate to revenues of $19.7m and $12.2m respectively. The rest of the market is split between other local producers and distributors.

The main supply mode method of industrial gas in Greece is packaged gas, which accounts for 30.2% of revenues. Bulk liquid delivery methods account for 13.4% of total revenues, with onsite and pipeline methods accounting for only 2.5% of revenues. A large base of captive plants still exist in Greece, with $85.7m in potential revenues estimated for this sector.

The commercial gases value market is reasonably fractured, with the exception of oxygen which leads the market with a 28.9% share of revenues. Nitrogen is currently the second most important gas in the country with a 17.4% share of the market. Argon sales generated roughly 16% of commercial revenue in the region, with a further 13% of sales being accounted for from the sale of carbon dioxide. Hydrogen only contributied a 5.2% share of revenues. Most hydrogen in Greece is produced on a captive basis. 

Most of the revenues generated in Greece comes from sales of gas to the manufacturing industry, which accounts for 30% of total revenue. The metallurgical industry is also an important end-user with revenues from this sector contributing 25.2% to the total revenue for industrial gas in Greece. Chemical customers accounted for 10.5% of commercial revenue, with a further 10.2% of sales being generated from Food. 

Our macro-economic forecast for the industrial gases business is based on the increase in gas demand by end user sector (using industrial productivity metrics supplied to us by Global Insight Inc.). The gasworld analysis is based on historical consumption and industrial gas intensity trends. The latter also takes account of any market intelligence relating to new capacity and/or specific industrial projects uncovered during the course of our market research on the country.

Within the 2019-2024 timeframe, our forecast models predict growth from 0.9% p.a. in a low scenario to 1.3% p.a. in a high scenario. This should see the industry in Greece achieve revenues of between $86.5m to over $88.1m by 2024.