Worldwide Industrial Gases Market Expected To Reach $ 63.9 Billion By 2020
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The Industrial Gases market was estimated at USD$ 47.2 billion in 2015, and is anticipated to reach USD$ 63.9 billion by 2020, expanding at a CAGR of 8.1% between 2016 and 2020. The industrial gas market has experienced strong growth due to improving economies, increased energy demand, climate control initiatives and healthcare needs in developing and developed regions. The rapid expansion of infrastructure in Asian economies will consume significant quantities of industrial gases to produce large volumes of steel. The growing need for alternate energy sources will be met by large-scale gasification plants and gas-to-liquids, coal-to-liquids and coal-to-chemicals plants, which will require enormous quantities of oxygen. Regulatory demands for cleaner fuels from the transportation sector will drive the demand for hydrogen while oil recovery activities will see increasing quantities of carbon dioxide used.
Industrial gases are used in a wide range of industries, which include oil and gas, petrochemicals, chemicals, power, mining, steelmaking, metals, environmental protection, medicine, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics and aerospace. Industrial gas is sold to other industrial enterprises; typically comprising large orders to corporate industrial clients, covering a size range from building a process facility or pipeline down to cylinder gas supply.
The factors driving the growth of the global market include rapid industrialization and increasing population. 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.
Among the various applications, the petroleum refinery segment held the largest share in the global industrial gases market. For instance, the Chinese government is focusing more on strengthening environmental standards in China through the promotion of eco-friendly fuel cell vehicles in the country. The stricter environmental norms in China are anticipated to help reduce CO2 levels in the region. In 2011, in its Twelfth Five Year Plan, the Chinese government allocated USD 15.8 million for the construction of a hydrogen highway to meet the growing demand for hydrogen and fuel cells in the country. In refineries, hydrogen is used to remove sulphur from crude oil.
Read Full Report: http://www.gosreports.com/global-industrial-gases-for-plastic-rubber-industry-2016-market-research-report/
Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com
Industrial gases are used in a wide range of industries, which include oil and gas, petrochemicals, chemicals, power, mining, steelmaking, metals, environmental protection, medicine, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics and aerospace. Industrial gas is sold to other industrial enterprises; typically comprising large orders to corporate industrial clients, covering a size range from building a process facility or pipeline down to cylinder gas supply.
The factors driving the growth of the global market include rapid industrialization and increasing population. 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.
Among the various applications, the petroleum refinery segment held the largest share in the global industrial gases market. For instance, the Chinese government is focusing more on strengthening environmental standards in China through the promotion of eco-friendly fuel cell vehicles in the country. The stricter environmental norms in China are anticipated to help reduce CO2 levels in the region. In 2011, in its Twelfth Five Year Plan, the Chinese government allocated USD 15.8 million for the construction of a hydrogen highway to meet the growing demand for hydrogen and fuel cells in the country. In refineries, hydrogen is used to remove sulphur from crude oil.
Read Full Report: http://www.gosreports.com/global-industrial-gases-for-plastic-rubber-industry-2016-market-research-report/
Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com