Increasing Demand for Petrochemicals Fueling Need for Industrial Gases

With the expansion of petroleum, heavy metal, healthcare, food and beverage, electronics, and chemical industries, the demand for industrial gases is shooting up. This is because these gases are extensively used in these industries. For instance, carbon dioxide (CO2) is heavily used in the food and beverage industry for carbonating beer and soft drinks and making decaffeinated coffee. Similarly, acetylene is also extensively used in the oxy-acetylene flame in the heavy metal industry for welding and cutting. 



Furthermore, the surging demand for petrochemicals is also driving the need for industrial gases across the world. For instance, Invest India, which is a national investment promotion & facilitation agency, forecasts that the demand for petrochemicals will grow at a CAGR of 7.5% between 2019 and 2023, with the demand for polymer advancing at a CAGR of 8.0%. As hydrogen is required in petroleum refining and chemical production, the soaring requirement for petrochemicals will fuel its demand in the coming years.

Due to the aforementioned factors, the demand for industrial gases is rising sharply, which is, in turn, fueling the growth of the global industrial gases market. As per the estimates of the market research company, P&S Intelligence, the market value will surge from $92,392.4 million in 2019 to $154,079.5 million by 2030. Furthermore, the market is expected to advance at a CAGR of 5.5% from 2020 to 2030. Amongst oxygen, hydrogen, carbon dioxide, helium, nitrogen, acetylene, and argon, the demand for hydrogen was found to be the highest in 2019.

Hence, it is safe to say that the demand for industrial gases will rise tremendously in the coming years, mainly because of the surge in several end-use industries such as chemical, oil & gas, and food & beverage, rising requirement for petrochemicals, and the mushrooming adoption of renewable energy sources all over the world. 

Source: www.psmarketresearch.com

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