World Industrial GasesFreedonia Group Inc
August 1, 2010
433 Pages - SKU: FG2751865
Additional InformationPRESS RELEASE
GLOBAL DEMAND FOR INDUSTRIAL GASES TO REACH $52.4 BILLION IN 2014
World demand for industrial gases is forecast to increase 8.0 percent annually to $52.4 billion in 2014. Although the US is presently the largest national consumer of industrial gases, China is expected to overtake the US by 2014. The Asia/Pacific region will remain the fastest growing region thanks to its ever expanding manufacturing base. The Africa/Mideast region is the only other region expected to exceed average global growth through 2014, owing to its current small base, emerging industrial economy, immense petroleum reserves and large refining industry. The more mature economies of North America and Western Europe will lag average global growth rates. These and other trends are presented in World Industrial Gases, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
The chemical processing and petroleum refining segment will be the largest market for industrial gases. Gains will be led by hydrogen consumption in oil refineries. The increasing production of low-sulfur, clean burning fuels requires massive amounts of hydrogen for the hydrotreating of petroleum distillates, which is driving considerable demand for merchant supplies. Metals production and fabrication is the second largest market for industrial gases. The global economic recession in recent years resulted in a severe reduction in steel output in many countries. Recovery from this low level of output will cause steelmaking to be the fastest growing market for industrial gases through 2014.
Industrial gas gains in the electronics industry will increase at a healthy rate based on the rising popularity of electronic devices throughout the world and on the growing photovoltaics market. The health care market will be the second fastest growing market segment for industrial gases. Gains will be based on the expansion of health care services in developing nations and the rapidly increasing use of home health care respiratory therapies in advanced economies.
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