Industrial Gases Market To Progress At 5.5% CAGR during 2020–2030

The global industrial gases market was valued at $92,392.4 million in 2019, and it is predicted to advance at a CAGR of 5.5% from 2020 to 2030 (forecast period). According to the estimates of the market research company, P&S Intelligence, the market will reach a revenue of $154,079.5 million by 2030. The major factors propelling the advancement of the market are the growing applications of different industrial gases, rapid advancements in the healthcare industry, owing to the surging healthcare expenditure of several countries, and the launch of several government initiatives that support the use of non-conventional energy sources across the world. 

The increasing concerns being raised over fossil-fuel-inflicted pollution are expected to drive the industrial gases market. The rising environmental consciousness has caused a drastic shift in the global focus from non-renewable energy to clean energy. As per the 2015 data released by the World Bank, the U.K., India, Japan, China, Chile, and South Africa invested 0.8%, 0.5%, 0.8%, 0.9%, 1.4%, and 1.4% of their total gross domestic product (GDP), respectively, in renewable energy.

Depending on type, the industrial gases market is divided into oxygen, nitrogen, hydrogen, argon, acetylene, helium, and carbon dioxide categories. Out of these, the hydrogen category contributed the highest revenue to the market in 2019, and this trend is predicted to continue in the upcoming years as well. This will be because of its surging use in the chemical industry for producing various products, such as ammonia. Additionally, it is used for removing sulfur from fuels in the oil-refining industry. 

Globally, the Asia-Pacific (APAC) industrial gases market is expected to be the fastest-growing market during the forecast period. This is credited to the soaring healthcare expenditure and booming manufacturing industry in the region. Furthermore, the mushrooming population is also pushing up the demand for various end-use products, which is consequently fueling the expansion of the market in the region. The players operating in the industry are focusing on acquisitions and mergers to bolster their market position. 

Hence, it can be safely said that the demand for industrial gases will shoot up in the coming years, primarily because of their soaring requirement in several applications and surge in various end-use industries.

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