Growth Projections for the Global Industrial Gases Market
Key Ideas
- The Global Industrial Gases Market is forecasted to reach USD 161.8 Billion by 2031 with a CAGR of 6.16%, driven by demand from industries like electricity, food & beverage, and oil & gas.
- Oxygen is a key component in industrial processes, with uses in copper smelting, steel melting, and as a chlorine alternative in the paper and pulp industries.
- On-site hydrogen generation is expected to experience rapid growth due to cost savings and operational efficiency improvements, especially beneficial for small businesses.
- Asia-Pacific leads the industrial gases market with significant revenue share and is projected to grow at the highest rate, driven by industries in China and India.
SkyQuest projects that the Global Industrial Gases Market will reach a value of USD 161.8 Billion by 2031, with a CAGR of 6.16% during the forecast period 2024 to 2031. The market is propelled by demand from industries such as electricity, food & beverage, petrochemical, oil & gas, and chemical sectors. Oxygen plays a crucial role in industrial processes like copper smelting, steel melting, and pollution control in the paper and pulp industries. On-site hydrogen generation is predicted to grow rapidly, offering cost savings and operational efficiencies, especially for small businesses. Asia-Pacific dominates the market with a 36.64% revenue share in 2023 and is expected to grow at a rate of 9.8%, driven by industries in China and India.