Industrial Gases Market Size, Share, Development, Growth and Demand Forecast to 2024

CITY, Country, 2019-Jul-23 — /EPR Network/ —The global industrial gases market was valued at $47,200.0 million in 2015, and it is expected to grow at a CAGR of 6.2% during 2016 – 2022. The factors driving the growth of the global market include rapid industrialization and increasing population. In addition, the advancement in industrial gas production technology, and huge demand in emerging economies, such as India and China are driving the growth of the global industrial gases market. Petroleum is the primary end user for industrial gases.

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Asia-Pacific held the largest share in the global industrial gases market with 38.9% share. The industrial gases market in the region is anticipated to witness the highest growth at a CAGR of 6.6% during the forecast period. The major reasons behind the growth of the industrial gases market in the region include increasing refinery output particularly in countries, such as China and India. China was the largest market for industrial gases in the region in 2015; however, India is expected to witness highest growth in the near future.

The secondary end-user industries include chemical manufacturing, food processing, pharmaceutical, and metal processing. The global mergers and acquisitions in the chemical industry are expected to increase the demand for industrial gases in the market. Food processing is a vast industry comprising several verticals. These verticals are increasing at high pace, due to increasing population and growing disposable income. The nuclear power and space exploration industries are also among the end users of industrial gases for their operations. However, the demand for industrial gases in these sectors is largely dependent on political decisions.

The increasing demand for environment-friendly energy carriers is further driving the growth of the industrial gases market in the region. Moreover, economic growth along with industrialization has increased the disposable incomes in Asia-Pacific, which in turn, has led to increase in vehicle ownership in countries such as India, Japan, and China. This in turn, drives the growth of the market in the region.

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Among the various applications, the petroleum refinery segment held the largest share in the global industrial gases market. Over the last few years, the demand for hydrogen in petroleum refining has increased significantly, owing to stricter environmental legislations imposed by various governments. For instance, the Chinese government is focusing more on strengthening environmental standards in China through the promotion of eco-friendly fuel cell vehicles in the country.

The stricter environmental norms in China are anticipated to help reduce CO2 levels in the region. In 2011, in its Twelfth Five Year Plan, the Chinese government allocated USD 15.8 million for the construction of a hydrogen highway to meet the growing demand for hydrogen and fuel cells in the country. In refineries, hydrogen is used to remove sulphur from crude oil.

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