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Global Industrial Gases Market
As per the GMI Research report, the Industrial Gases Market will exponentially expand over the forecast period. This is because of the ongoing technological modernisation in the healthcare industry and the rising consumption of packed foods.
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Industrial Gases Market Dynamics
The intensified investment from the industrial sector such as metallurgy, electronics, food & beverages, mining and metal, primarily in the emerging nations will offer huge opportunities for the market growth. The World Investment Report published in 2018, the total investment by the Asia Pacific Region is anticipated to touch USD 476 billion from the Foreign Direct Investment in 2017. Thus, the increasing investment from the production and processing industry is projected to surge the demand for this kind of industrial gases. Furthermore, the healthcare and food and beverage industry perceive huge investment to introduce innovation and modernisations in the industry. As per the report cumulated by the Germany Trade & Invest, Europe is regarded as the largest food manufacturer in the food and beverage industry. Also, the rising execution of cryogenic processes to separate air in the industries will contribute to the market growth. Hydrogen gas helps to decarbonize the energy systems as the government has introduced different initiatives to raise the production and use hydrogen. However, the rigorous laws concerned with the production, distribution, and storage of industrial gases is likely to hinder the market.
As per the industrial gases market report, the stringent laws and regulations related to the manufacturing, storage, and distribution of industrial gases is one of the major factors that is likely to hamper the growth of the industrial gases market share in terms of revenue. As per the European Union norm 231/2012, the structure of hydrocarbons was specific for the repository of these gases. In addition, the evolution of the COVID-19 pandemic has negatively influenced the market growth. With the short term halt of the industrial function and transportation industry, there has been a remarkable reduction in demand for industrial gases, primarily in 2021. Nonetheless, the market is anticipated to recover by 2022.
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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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Published on December 20, 2021
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