Industrial Gases Global Industrial Gases Market to Grow at a Cagr of 6.2 % by 2022
Research and Markets has published the "Global Industrial Gases Market Size, Share, Development, Growth and Demand Forecast to 2022" report.
Dublin/Ireland — According to the report, the global industrial gases market was valued at $ 47,200.0 million in 2015, and it is expected to grow at a Compound annual growth rate (CAGR) of 6.2 % by 2022. The factors driving the growth of the global market include rapid industrialization and increasing population.
The increased demand for high quality gas solutions in aerospace industry; and significant growth of pharmaceutical, food and beverage industries in the emerging economies, such as China, India, and Brazil are creating ample opportunities for the growth of the global industrial gases market, during the forecast period. In addition, the increasing adoption of cryogenic processes for industrial air separation and increasing usage of gaseous mixtures, such as syngas (a mixture of carbon monoxide and hydrogen) are the key trends witnessed in the global industrial gases market. However, the huge capital required for the production and purification of industrial gases, and high cost associated with storage and transportation of the industrial gases are restraining the growth of the global industrial gases market to some extent.
Significant Demand in Asia
Asia-Pacific accounted for the largest share (38.9 %) in the global industrial gases market in 2015, and it is also anticipated to witness the highest growth (Cagr 6.6 %) during 2016 to 2022. 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 is the largest market for industrial gases in the region; however, India is expected to witness highest growth in the near future.
Companies mentioned in the report include Air Products And Chemicals, Praxair, Air Liquide, Taiyo Nippon Sanso, Messer Group, Linde, Sol and Showa Denko K.K.