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Global Industrial Gases Market (Size of $47,200 Million in 2015) to Witness 6% CAGR During 2016 – 2022
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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.
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.
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.
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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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