LONDON--(BUSINESS WIRE)--Technavio projects the global industrial gas storage cabinets market to exceed USD 1,617 million by 2022. Growth in the demand for specialty chemicals is a key driver, which will impact market growth. Specialty chemicals include agrochemicals, cosmetic additives, adhesives, polymers, food additives, and construction chemicals. The growth of the specialty chemicals market is influenced by the increase in its demand from industries such as construction, automotive, and electronics.
Chemicals companies are scaling up their production capacity to cater to the high demand from emerging economies. The applications of industrial gases in various industrial environments would also spike the production of specialty chemicals, which will boost the demand for industrial gas storage cabinets and equipment.
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In this report, Technavio highlights the storage of gas in the form of hydrates as one of the key emerging trends in the global industrial gas storage cabinets market:
Storage of gas in the form of hydrates
The industrial gas market has changed significantly during the past decade due to an increase in safety regulations and a rise in the number of applications of industrial gas. The demand for industrial gases is increasing due to the rising demand from the oil and gas industry. Industrial gases are extensively used in the process and manufacturing industries, i.e., energy, oil and gas, petrochemicals, chemicals, food and beverages, and healthcare. As industrial gases such as natural gas are in high demand, they need to be transported from their natural reserves and stored for posterity when the demand is more than the production.
“Synthetic natural gas technology allows industries to store natural gas in the form of hydrates, which results in a reduction of storage and transportation costs. Natural gas hydrates are economically feasible due to the lower costs associated with the storage of natural gases as hydrates. Gas hydrating is gaining attention as it is a viable source of energy and is capable of catering to the rising energy requirements. With the increase in the global population and depletion of conventional resources, the storage of gas hydrates will also increase,” says a senior analyst at Technavio for tools and components research.
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Market segmentation and analysis through 2022
This market research report segments the global industrial gas storage cabinets market by end-user (oil and gas industry, chemical industry, and others) and key regions (the Americas, APAC, and EMEA).
In the oil and gas industry, the largest percentage share is acquired by liquified natural gas (LNG), industrial gas, fuel oil, and gasoline. Gas storage cabinets are required for the safe storage of gas cylinders in industrial as well as commercial indoor and outdoor applications in the workplace. Storage cabinets are used to protect LPG, propane, welding gas, gas tanks, and cylinders from theft or unauthorized access.
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