The global industrial gas industry experienced many important developments in 2024, which have had a profound impact on market dynamics, regulatory environment, and technological advancements. Here are the top ten important events in the global industrial gas industry in 2024:
1.The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change will be held in Azerbaijan from November 11th to 22nd, 2024
COP29 has reached a comprehensive and balanced outcome on key issues such as climate financing, global carbon markets, loss and damage funds, national adaptation plans, and nationally determined contributions, outlining a new vision for global climate action (Source: https://cop29.az/en/home ）
2. Global industrial gas market growth
The industrial gas market has grown from $97.81 billion in 2023 to $105.39 billion in 2024, with a compound annual growth rate of 7.7% (Source: thebusinessresearchcompany.com）
3. Progress in environmental regulations
Stricter global environmental policies have driven the development of the industrial gas market, encouraging companies to adopt cleaner technologies and sustainable practices (Source: thebusinessresearchcompany.com）
4. Expansion of petroleum refining and petrochemical industry
The growth of the petroleum refining and petrochemical industries has increased the demand for industrial gases, especially hydrogen and nitrogen, which are crucial for refining processes (Source: thebusinessresearchcompany.com）
5. Key points of clean transportation
The industry's focus on clean transportation solutions has led to an increase in the production and use of hydrogen as a fuel, driving the development of sustainable transportation (Source: thebusinessresearchcompany.com）
6. Digitalization and Industry 4.0 Integration
The application of digital technology and Industry 4.0 has improved the operational efficiency and innovation capability of the industrial gas industry (Source: thebusinessresearchcompany.com）
7. Market forecast for 2025-2035
Analyze and predict that the industrial gas market will continue to grow and transform, and adapt to global challenges such as climate change (Source: globenewswire.com）
8. Global Industrial Gas Market Report (2024-2028)
The forecast shows that the market will grow by $30.65 billion during this period, with a compound annual growth rate of 5.92%, mainly driven by demand from various industries (Source: giiresearch.com）
9. Market size and share forecast
It is expected that the market will have a compound annual growth rate of 7.4% from 2023 to 2030, reaching $173.43 billion by 2030, demonstrating a strong growth trend in the industry (Source: grandviewresearch.com）
10. Regulatory actions to reduce greenhouse gas emissions
The United States has announced plans to reduce industrial greenhouse gas (nitrous oxide) emissions as part of its climate strategy under the Paris Agreement (Source: reuters.com）
These events showcase the dynamism of the industrial gas industry in 2024, highlighting its central role in global industrial processes and environmental initiatives.
Here are the top ten important events and developments in China's industrial gas industry in 2024:
1. Expansion of Air Liquide in China
Air Liquide continues to expand its business in China, investing over 60 million euros to provide new industrial gas supply projects for Wanhua Chemical Group. This highlights the growth of China's industrial gas market and Air Liquide's commitment to supporting local industries. （ https://www.reuters.com ）
2. China rapidly adopts green hydrogen gas
As part of its long-term sustainable development goals, China has significantly increased its investment in green hydrogen production. Multiple state-owned and private enterprises are advancing projects to expand green hydrogen production, and China is becoming an important participant in the global hydrogen economy. （ https://www.reuters.com ）
3. China's role in carbon capture and storage (CCS)
Chinese industrial gas companies continue to promote carbon capture and storage technology, consistent with their goal of achieving carbon neutrality by 2060. Multiple large-scale projects initiated by state-owned enterprises have further strengthened China's commitment to reducing emissions. （ https://www.reuters.com ）
4. Progress in gas distribution technology
Chinese companies have achieved innovation in automation and digital technology for gas production, distribution, and monitoring systems, significantly improving operational efficiency and safety standards. （ https://www.gasworld.com ）
5. Regulatory Reform by the Chinese Government
The Chinese government has implemented stricter environmental regulations for industrial gas companies, including requirements to reduce emissions and comply with global environmental standards. This has driven the industry to adopt cleaner technologies. （ https://www.chinadaily.com.cn ）
6. Linde's cooperation with China National Petroleum Corporation (CNPC)
Linde has formed a strategic partnership with CNPC to expand the supply of industrial gases for China's oil and gas industry, particularly advanced gas technologies for the refining industry. （ https://www.reuters.com ）
7. Growth of China's industrial gas market
The Chinese industrial gas market continues to grow rapidly and is expected to reach a market size of 28.6 billion US dollars by 2030. Mainly driven by industries such as electronics, chemistry, and energy. （ https://www.industryarc.com ）
8. Challenges in China's natural gas supply
Despite China's record high natural gas consumption, supply challenges have forced local gas companies to reconsider their import strategies and supply chain resilience due to geopolitical tensions and surging global demand. （ https://www.reuters.com ）
9. The growth of hydrogen fuel cells in China
China has made significant progress in the development of hydrogen fuel cells, with new investments and collaborations with global leaders driving down the cost of hydrogen fuel cells and promoting the commercial application of hydrogen energy in the transportation sector. （ https://www.gasworld.com ）
10. China's role in LNG imports
In 2024, China consolidated its position as the world's largest importer of liquefied natural gas (LNG), influencing the global gas market and shaping the future of energy demand and pricing. The greater focus on LNG imports has also driven the growth of industrial gases, especially in the energy industry. （ https://www.reuters.com/ ）