Between 2013 and 2017, the industrial gases market in Spain experienced robust growth, peaking in 2017 with a value of 4.5716 billion cubic meters. However, starting from 2018, the market began to decline, with significant year-on-year decreases observed particularly from 2019 onwards. By 2023, the market volume stood at 3.1067 billion cubic meters, having shrunk consistently over the past five years. The compound annual growth rate (CAGR) from 2019 to 2023 was -7.35%, indicating a substantial downward trend. This decline is forecasted to continue, with a projected CAGR of -7.94% for the next five years, leading to a volume of 1.8899 billion cubic meters by 2028.
Trend Analysis:
- 2013-2017: Rapid market growth with the highest value recorded in 2017.
- 2018-2023: Continuous decline in market volume.
- Future (2024-2028): Accelerated decline, with a significant annual reduction predicted.
Future trends to watch for include potential technological advancements in industrial gas production and storage, economic conditions in Spain that could impact industrial activity, and regulatory changes affecting the industry.
