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The global industrial gas market has experienced significant growth, reaching a value of $96 billion in 2022 with a year-on-year increase of 12.6%. The conflict in Ukraine and efforts towards decarbonization have had a notable impact on the industry, leading to disruptions in gas transportation and rising natural gas prices. European countries affected by the conflict are actively seeking diversification strategies to reduce dependence on Russian gas. Industries such as crude oil, wheat, and specialized gases have been affected, particularly in terms of CO2 supply, which has raised concerns about a potential food supply crisis in Europe. As a result, there has been a growing interest in alternative sources of CO2 and the Carbon Capture, Utilization, and Storage (CCUS) market is projected to reach $14.2 billion by 2030. The UK government and the European Commission have also shown commitment to decarbonization efforts through investments in CCS projects and the proposal of the Net Zero Industry Act. The conflict in Ukraine, along with the push for decarbonization, has had a significant impact on the industrial gases sector. The digitization of industries and the demand for semiconductors have also played a role. Eastern Europe is expected to experience a market decline in 2023 due to the ongoing conflict in Ukraine. The energy transition has led to an increase in hydrogen-related projects globally, while the decommissioning of carbon-intensive plants has contributed to CO2 shortages in the food and beverage industries. Overall, this brief provides an overview of the major factors influencing the global industrial gases business in 2022, including the conflict in Ukraine, the CO2 supply crisis, the growth of the CCUS market, and the industry’s shift towards decarbonization and diversification. It also acknowledges the rise of hydrogen projects and the challenges faced by the food and beverage industries due to CO2 shortages.

Fourteen people have tragically died in a plane crash in Brazil’s northern Amazonas state.

Turkish President Recep Tayyip Erdogan and Elon Musk, CEO of SpaceX and Tesla, recently met in New York to discuss potential collaborations and investments, including the establishment of a factory in Turkey, cooperation in space-related projects, the utilization of Starlink services, and the potential for Tesla investment in Turkey. The amicable atmosphere and positive response from both parties indicate a willingness to explore these opportunities further.

Greater Manchester has reintroduced locally controlled bus services, led by regional mayor Andy Burnham, in an effort to improve service quality and affordability of fares, reversing the deregulation that has been in place since 1985. The move comes after a decline in bus journeys in the region, while London, where services remained regulated, saw an increase in bus journeys. Greater Manchester has implemented caps on fares and plans to deploy electric buses to enhance the public transport system, with the aim of creating a more efficient and accessible network.