Expansion of various businesses coupled with a sustainable and efficient process is likely to ensure the growth of the global industrial gases market. Along with the increasing demand in the metal manufacturing industry, industrial gases are also witnessing rising demand from process industries such as oil & gas, food and beverages, energy, healthcare, electronics, and chemicals.
Increasing environmental concerns and an introduction of stringent regulations regarding safety are also driving the growth of the global market for industrial gases. Global market for industrial gases is likely to witness robust growth, registering a 7.7 percent CAGR between 2017 and 2025, as per the latest report. The global industrial gases market is estimated to reach $114.5 billion in revenue by 2025 end.
Rise in metal manufacturing & fabrication to boost demand
There has been an exponential increase in metal manufacturing in recent years. This has resulted in the increasing demand for industrial gases such as oxygen, nitrogen, hydrogen, and argon. New technologies being adopted by manufacturers for steel production is also driving the demand for oxygen. In order to increase the productivity and quality of metal, manufacturers are adopting the gas metal arc welding process.
Increasing investment in the automobile and aerospace industry is driving demand for metal fabrication services, thereby contributing towards the growth of industrial gases. The demand for high quality of oxygen is also growing in use in gas cutting to ensure a clean cut and high cutting speed. Argon is also witnessing an increasing demand for fabrication and manufacturing to use as a shield gas in welding processes.
Read more: Oxygen to witness substantial growth
Expansion of various businesses coupled with a sustainable and efficient process is likely to ensure the growth of the global industrial gases market. Along with the increasing demand in the metal manufacturing industry, industrial gases are also witnessing rising demand from process industries such as oil & gas, food and beverages, energy, healthcare, electronics, and chemicals.
Increasing environmental concerns and an introduction of stringent regulations regarding safety are also driving the growth of the global market for industrial gases. Global market for industrial gases is likely to witness robust growth, registering a 7.7 percent CAGR between 2017 and 2025, as per the latest report. The global industrial gases market is estimated to reach $114.5 billion in revenue by 2025 end.
Rise in metal manufacturing & fabrication to boost demand
There has been an exponential increase in metal manufacturing in recent years. This has resulted in the increasing demand for industrial gases such as oxygen, nitrogen, hydrogen, and argon. New technologies being adopted by manufacturers for steel production is also driving the demand for oxygen. In order to increase the productivity and quality of metal, manufacturers are adopting the gas metal arc welding process.
Increasing investment in the automobile and aerospace industry is driving demand for metal fabrication services, thereby contributing towards the growth of industrial gases. The demand for high quality of oxygen is also growing in use in gas cutting to ensure a clean cut and high cutting speed. Argon is also witnessing an increasing demand for fabrication and manufacturing to use as a shield gas in welding processes.
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