The Industrial Gases Market in Spain showcased a steady growth trend from 2013 to 2018, peaking at 1158.3 million kilograms in 2018. However, from 2019 onward, the market witnessed a consistent decline, reaching 826.42 million kilograms in 2023. This decrease represents a notable year-on-year variation of -5.1% in 2023. Over the last two years, this declining trend continued with year-on-year variations of -4.9% and -5.1%, respectively. The Compound Annual Growth Rate (CAGR) over the past five years (2019-2023) indicates an average annual decline of -6.53%.
Future market trends project a continued downturn, with the forecasted market size reaching 610.86 million kilograms by 2028. The expected CAGR for the upcoming five years (2024-2028) is -4.83%, leading to an estimated 21.93% reduction in market volume.
Key future trends to watch for include advancements in sustainable and eco-friendly industrial gas production methods, the impact of regulatory changes aimed at reducing carbon emissions, and the potential for technological innovations to improve efficiency and reduce costs within the industry.
