WELLESLEY, Mass., Aug. 22, 2018 (GLOBE NEWSWIRE) -- Industrial gases play crucial roles in many sectors of the global economy, including agriculture, mining, oil and gas, construction and manufacturing, and as such, the market for these materials is expected to see sustained growth and fairly significant restructuring, according to a new report from BCC Research.
In 2017, the global market for industrial gasoline was worth $73.7 billion. BCC Research estimates that it will be valued at $89.6 billion by 2023, indicating a compound annual growth rate (CAGR) of 3.5% from 2018 to 2023, according to the report The Global Industrial Gas Business.
The chemical and refining industries, along with the metallurgical industries are projected to remain the largest consumers of industrial gases throughout the forecast period.
Research Highlights
- The Asia-Pacific region is the fastest-growing with an anticipated CAGR of 7.6% over the next five years when compared with 3.5% for the market as a whole.
- For the world as a whole, gas supplies sourced through distributors are projected to grow considerably faster (i.e., at a CAGR of 5.7% vs. 2.6%) than supplies purchased directly from producers.
- Oxygen and nitrogen are the largest product segments, although both are projected to lose market share between 2017 and 2023.
“More than three years have passed since BCC Research published its last analysis of the global industrial gas business,” said report author, Andrew McWilliams. “During that time, market conditions remained in a state of flux, as the world’s major economies continued their recovery from the global recession that began in 2008. In addition to macroeconomic trends, some markets that were once considered promising, such as hydrogen-powered vehicles, now show less potential.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.