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Industrial Gases Market By Type, Delivery, End User and Business Opportunities - Forecast to 2030
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Furthermore, the surging demand for petrochemicals is also driving the need for industrial gases across the world. For instance, Invest India, which is a national investment promotion & facilitation agency, forecasts that the demand for petrochemicals will grow at a CAGR of 7.5% between 2019 and 2023, with the demand for polymer advancing at a CAGR of 8.0%. As hydrogen is required in petroleum refining and chemical production, the soaring requirement for petrochemicals will fuel its demand in the coming years.
Besides the aforementioned factors, the increasing implementation of favorable government measures regarding the adoption of alternative energy sources is also propelling the demand for industrial gases. As per the data released by the World Bank in 2015, South Africa, India, the U.K., China, Chile, and Japan invested 1.4%, 0.5%, 0.8%, 0.9%, 1.4%, and 0.8% of their total gross domestic product (GDP), respectively, in renewable energy sources. Moreover, many private and public organizations are making huge investments in the development of solar photovoltaic (PV) cells, which are one of the major sources of green energy.
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Due to the aforementioned factors, the demand for industrial gases is rising sharply, which is, in turn, fueling the growth of the global industrial gases market. As per the estimates of the market research company, P&S Intelligence, the market value will surge from $92,392.4 million in 2019 to $154,079.5 million by 2030. Furthermore, the market is expected to advance at a CAGR of 5.5% from 2020 to 2030. Amongst oxygen, hydrogen, carbon dioxide, helium, nitrogen, acetylene, and argon, the demand for hydrogen was found to be the highest in 2019.
Hence, it is safe to say that the demand for industrial gases will rise tremendously in the coming years, mainly because of the surge in several end-use industries such as chemical, oil & gas, and food & beverage, rising requirement for petrochemicals, and the mushrooming adoption of renewable energy sources all over the world.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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