Twelve months ago we spoke bullishly about the North American industrial gas market, way out in front as the leading region in the global gases business.
Just days and weeks later, and the global economy careered through a gravel trap and straight into the crash barrier, taking much of the industry with it. Now, the race to recovery is on.
That race has perhaps got off to a better start for some economies, with the US further down the field having been so hard hit by the recession. Other countries may initially be sprinting ahead through the first corner, but from our perspective, North America still occupies the top step of the global industrial gas podium.
With a gases market valued at around $20.5bn in 2008, the region is still way out in front despite the downturn. True enough, the US was generally the worst hit by the global collapse, with a number of industries practically falling off a cliff in the process.
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