Market Size of Asia-Pacific Industrial Gases Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Industrial Gases Market Analysis
The Asia-Pacific industrial gases market is estimated to reach 50.35 million tons by the end of this year. It is projected to reach 60.58 million tons in the next five years, registering a CAGR of 3.77% during the forecast period.
The COVID-19 pandemic affected several industries negatively. The lockdown in most countries in the region caused disruptions in industrial activities and freight transportation that disturbed the supply chain in nearly every end-user industry. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- Over the short term, growing demand from the frozen and stored food segment and the growing need for alternate energy sources are major factors driving the growth of the market studied.
- However, the environmental regulations and safety issues concerning industrial gases are likely to restrain the growth of the studied market.
- Nevertheless, growing demand for low-carbon gases in the coming years will likely create lucrative growth opportunities for the market in the coming years.
- China represents the largest market for industrial gases in the region and is likely to witness strong growth in demand on the back of increasing oil and gas production and refining and chemical production capacities.
