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.
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.
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Among the various product types, the hydrogen segment held the largest share in the global industrial gases market. According to the U.S. Energy Information Administration (EIA), the global crude oil production increased from 77,980 thousand barrels per day in 2014 to 80,071 thousand barrels per day in 2015. This in turn, is anticipated to increase demand for hydrogen in oil refineries. The increasing per capita vehicle ownership in developing nations is fuelling demand for hydrogen.
In 2015, 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.
Some of the major players operating in the global industrial gases market include Praxair Inc., Air Products and Chemicals Inc., Linde AG, Air Products and Chemicals Inc., Air Liquide, Airgas Inc., and Taiyo Nippon Sanso Corporation.
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GLOBAL INDUSTRIAL GASES MARKET SEGMENTATION
By Product Types
- Carbon Dioxide
By Production and Delivery
- Merchant Gases (Liquefied, Tank Delivery)
- Merchant Gases (Cylinder Delivery)
- High Volume Gases (On-Site Generation)
- Petroleum Refinery
- Chemical Production
- Food Processing
- Metal Processing
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
This post was originally published on Raleigh Recorder