Sharp Revenue Jump Expected in Global Industrial Gases Market Between 2020 and 2030
The global industrial gases market generated a revenue of $92,392.4 million in 2019 and is predicted to advance at a CAGR of 5.5% between 2020 and 2030. Furthermore, the market is predicted to attain a value of $154,079.5 million by 2030. The increasing government initiatives being launched for promoting the usage of alternate energy sources and the expansion of the healthcare industry in various countries are the main growth drivers of the market.
Industrial gases are extensively used in various industries such as petroleum, chemical, healthcare, heavy metal, electronics, and food. For example, in the food and beverage industry, carbon dioxide is heavily used to carbonate beer and soft drinks and assists in preparing decaffeinated coffee. Acetylene is usually used as an oxy-acetylene flame in metal welding and cutting applications. Furthermore, according to a National Investment Promotion & Facilitation Agency called Invest India, the sales of petrochemicals would climb in the coming years.
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The agency also estimates that the demand for polymer would grow sharply over the next few years. As hydrogen is extensively used in various chemical production and petroleum refining processes, the increasing number of chemical processes would push up the requirement for hydrogen gas in future. Besides this, the rising concerns being raised in several countries over the emissions released from fossil fuel usage are also driving the advancement of the industrial gases market across the globe.
These toxic emissions are one of the major factors responsible for global warming and as a result, many governments are increasingly implementing policies for promoting the usage of renewable energy in place of the conventionally used fossil fuels. According to the 2015 data of the World Bank, nations such as the U.K., India, China, Chile, Japan, and South Africa invested 0.8%, 0.5%, 0.9%, 1.4%, 0.8%, and 1.4%, respectively, of their total GDP (gross domestic product) on renewable energy.
When type is taken into consideration, the industrial gases market is divided into carbon dioxide, oxygen, hydrogen, argon, acetylene, nitrogen, and helium categories. Out of these, the hydrogen category recorded the highest growth in the market, both in terms of volume and value, in the past few years and this trend is likely to continue in the future years as well. This would be because of the heavy utilization of hydrogen in various production processes in the chemical industry.
Globally, the industrial gases market would register the highest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. This would be a result of the flourishing manufacturing industry and the surging healthcare expenditure in various regional countries. Furthermore, the growing population in this region is boosting the demand for end-use products, which is, in turn, fueling the progress of the industry.
Hence, it can be said with full confidence that the market would demonstrate substantial growth across the world in the future years, primarily because of the rising requirement for various gases in chemical and manufacturing processes.
