Increasing need for alternative source of energy, rising demand for industrial gases in healthcare sector and Emerging infrastructure and construction activities in developing countries are the main growth factors for the global industrial gases market.
Global Industrial Gases Market was valued US$ 94.3 Bn in 2020 is expected to reach US$ 144.8 Bn by 2027, with a growing CAGR of 6.3% during the forecast period (2020-2027).
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Growth in demand for specialty chemicals due to the global expansion of industrialization has led to an increase in demand for industrial gases. Industrial gasses are part of a special class of chemicals that apply to a wide range of applications in several end-use industries. The growing use of gas blanketing and cryogenics in the chemical and refining industries has been a key factor to drive the global industrial gas market over the last few decades. Industrial gases are used in several industries owing to their chemical properties like inertness and reactivity and physical properties like density, boiling point, and vapor pressure. For example, hydrogen is used in the transport industry; nitrogen in food preservation and electronics production; oxygen in gasification plants, hospitals, and steel production; etc.
The increase in demand for medical-grade gasses for the health care and medical sector due to the expansion of medical facilities worldwide is anticipated to fuel the market growth in Asia-Pacific and Latin America during the forecast period. In addition, growing urbanization and industrialization in the countries of Asia-Pacific and the Middle East is expected to boost the growth of industries such as food and beverage, transport, chemical and metal manufacturing, which in turn would increase demand for industrial gases. Moreover, Capacity expansion, combined with emerging innovative technologies such as molecular sieve separation, has created enormous opportunities for the industrial gas market and is expected to drive market expansion during the forecast period.
Growth in strict government rules for the manufacturing of industrial gases and use of industrial gases and the high transport and storage costs associated with these gases are expected to hamper the growth of the market during the forecast period.
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