Industrial gases have numerous applications in various industries such as heavy metal, food, electronics, healthcare, petroleum, and chemical. For example, carbon dioxide is extensively used for carbonating beer and soft drinks and plays a major role in the preparation of decaffeinated coffee. Because of these reasons, carbon dioxide is majorly required in the food and beverage industry. Acetylene is another industrial gas which is extensively used as an oxy-acetylene flame for welding and cutting metals.
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The rising implementation of various government initiatives for mitigating the emissions produced from fossil fuels is also pushing up the requirement for industrial gases across the world. With the signs of global warming and environmental degradation becoming more and more prevalent with each passing year, several governments are launching initiatives for promoting the usage of green energy. Moreover, many countries are making huge investments for accelerating the shift from the conventionally used non-renewable energy sources to the renewable ones.
According to the 2015 World Bank data regarding renewable energy investments, countries such as the U.K., India, South Africa, Japan, Chile, and China invested 0.8%, 0.5%, 1.4%, 0.8%, 1.4%, and 0.9%, respectively, of their gross domestic product (GDP) in green energy. Because of these factors, the global sales of industrial gases are skyrocketing, thereby fueling the advancement of the global industrial gases market. The value of the market will grow from $92,392.4 million in 2019 to $154,079.5 million by 2030.
Geographically, the Asia-Pacific industrial gases market generated the highest revenue in 2019, and it will continue to do so during the forecast period. The rising number of production units in South Korea, India, Japan, and China due to cheap labor, flexible environment laws, and increasing demand for end products is driving the market growth. For instance, the manufacturing sector of China and Japan stood at $4.0 trillion and $1.0 trillion, respectively, during 2018–2019, which reflects the consumption of numerous gases in huge volumes.
Hence, it can be safely said that the demand for industrial gases will shoot-up around the world in the upcoming years, primarily because of the rising requirement for various gases in chemical, petroleum, and healthcare industries.
Read more: https://www.psmarketresearch.com/market-analysis/industrial-gases-market
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