Substances inside a confined space can be dangerous in several ways.
Doses of substances exceeding the PEL are capable of causing death, incapaciation, impairment of ability to self rescue, injury or acute illness or health effects
Substances can displace oxygen in the space causing lower oxygen levels
The most common substances found are
Hydrogen Sulfide - Sewer gas, which can be instantly fatal
Carbon Monoxide - Displaces oxygen in your circulatory system