According to a new report from P&S Market Research, the global industrial gases market was valued at approximately $47 million in 2015 and 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, according to the report. 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. The secondary end-user industries include chemical manufacturing, food processing, pharmaceutical, and metal processing. The global mergers and acquisitions in the chemical industry are expected to increase the demand for industrial gases in the market.
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, according to the research. Among the various product types, the hydrogen segment held the largest share in the global industrial gases market.
In 2015, Asia-Pacific reportedly 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, according to the research.
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