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The global industrial gases market has been forecast to hit a value of US$101.9 billion by 2016, driven by the increasing demand from process industries and the increase in demand for integrated industrial gases distribution.
Industrial gases are a group of gases that are commercially manufactured and sold for use in industrial processes, such as steelmaking, oil refining, medical applications, fertilizer, semiconductors, etc.
They may be both organic and inorganic, are produced by extraction from the air by a process of separation or are produced by chemical synthesis, and will take various forms such as compressed, liquid, or solid.
Global demand for industrial gases will increase 8% annually to 2014, with the Asia/Pacific region set to remain the fastest growing based on its ever expanding manufacturing base.
The global industrial gases market is experiencing huge market potential from various developing countries such as China, India, Korea, Russia, South Africa, and Brazil. Increasing urbanisation is one of the major drivers for the growth of the market in developing countries.
Increasing urbanisation is leading to demand for the utilities and process industries such as Oil and Gas, Energy, and Petroleum. Also, these industries are emerging in some developing countries due to the positive growth of these countries' gross domestic product (GDP).
With new opportunities emerging in the biofuel sector and ongoing investment in large projects in the Far East, demand is certainly robust.
For example, AirLiquide has just signed another major long-term contract in the steel industry in China. It will invest about EUR40 million in Yichun, Heilongjiang Province (northeastern China), 350km north of Harbin, Heilongjiang's capital city, to supply Xilin Steel Group, a new customer, with oxygen, nitrogen and argon.
Vendors in the global industrial gases market are developing next-generation gases to meet the end-customers' technology development and to improve the end-users' operational efficiency. It helps the vendors to continue their long-term relationship with end-users.
For instance, the vendors are developing and offering industrial gases with less greenhouse gas emission, which in turn helps the end-users to meet sustainability policies and regulations. Also, end-users prefer to use industrial gases with less greenhouse gas emission in order to develop environmental social responsibility and create a competitive edge over their competitors.
For more information on the global industrial gases market, see the latest research: Global Industrial Gases Market
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