The industrial gases market valued $92,392.4 million in 2019, and it is set to grow at a CAGR of 5.5% during the forecast period of 2020–2030, to reach $154,079.5 million by 2030. The increase in the revenue can be attributed to the diversified application of gases in industries, numerous government initiatives to shift toward alternative energy sources, and development of the healthcare infrastructure. Additionally, the prosperity of the food processing industry will contribute to the market growth in the future.
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In the food and beverage industry, gases find application in the production of decaffeinated coffee and carbonating beer and soft drinks. Apart from the food processing sector, gases are widely used in sectors such as electronics, healthcare, chemicals, heavy metal, and petroleum. For instance, the heavy metal industry employs acetylene for the oxy-acetylene flame to cut and weld metals. In addition, hydrogen is used in large volumes to manufacture chemicals and refine petroleum. The expansion in all these sectors is, therefore, expected to drive the industrial gases market growth.
Geographically, the Asia-Pacific (APAC) 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.
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In addition to the largest share, the APAC industrial gases market will grow the fastest during the forecast period. It can be attributed to the surge in the population and increase in the purchasing power of the people in the region. The shift of manufacturing units from Western countries to the APAC region due to the increasing demand for end-use products in the latter will also add to the fast-paced growth of the market, as will the surging expenditure on healthcare in the emerging nations of the region.
Therefore, the growing number of production units, to cater to the demand for the end-use products, will lead to the rising consumption of gases in factories.
