The 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). These are prepared at ambient temperature and pressure and are supplied in both liquid and gaseous forms. Based on their use in different sectors, these gasses are also known as fuel gases, medical gases, refrigerant gases, and specialty gases.
The growth of the industrial gases market is primarily driven by the increasing need for alternative sources of energy. Moreover, the rising demand for industrial gases in the health care sector also drives the growth of the global industrial gases market. On the other hand, strict govt. rules and regulations regarding environmental pollution and safety issues are creating a major hindrance to its market growth. However, capacity expansion, combined with emerging innovative technologies such as molecular sieve separation is expected to create major growth opportunities during the forecast period.
Industrial gases refer to gases produced for use in a variety of industrial processes. These are prepared at ambient temperature and pressure and are supplied in both liquid and gaseous forms. Based on their use in different sectors, these gases are also known as fuel gases, medical gases, refrigerant gases, and specialty gases. The growth of the Industrial Gases Market is primarily driven by the increasing need for alternative sources of energy.
Moreover, the rising demand for industrial gases in the health care sector also drives the growth of the Global Industrial Gases Market. On the other hand, strict government rules and regulations regarding environmental pollution and safety issues are creating a major hindrance to its market growth. However, capacity expansion, combined with emerging innovative technologies such as molecular sieve separation is expected to create major growth opportunities during the forecast period.
The Global Industrial Gases Industry Segmentation:
By Gas Type
By End-Use Industry
By Region
The unique insights provided by this report also includes the following:
Based on the Gas Type, the oxygen type segment is expanding at a growth rate of 8.1% during the period 2020-2027.
Based on gas type, the global industrial gases market has been segmented into oxygen, nitrogen, carbon dioxide, hydrogen, argon, and others. The oxygen segment is expected to grow at a rate of 8.1% CAGR during the forecast period. Oxygen is one of the most used gasses in various industries, including steel, chemical paper and pulp, and other industries. Oxygen has been widely used in the treatment of sewage and effluent from different industries in recent years. Industrial gases manufacturers are producing oxygen commercially by using cryogenic distillation in huge quantities.
Based on the End-Use Industry, the metal manufacturing & fabrication segment is expected to lead during the forecast period.
Based on the end-use industry, the market has been segmented into metal manufacturing and fabrication, chemical, healthcare, energy, food & beverage, and others. In 2020, the metal manufacturing & fabrication segment is anticipated to lead the global market with a 38.4% market share. Considering the current scenario, the metal manufacturing sectors has been noticed exponential growth in the global market. The growth has resulted in increasing the demand for industrial gases like oxygen, nitrogen, hydrogen, and argon. The demand for metal fabrication services is increasing due to the increased investment in the automobile and aerospace sector.
Asia-Pacific to dominate the industrial gases market throughout the forecast period.
In terms of demand, Asia Pacific will lead the global industrial gases market during the forecast period followed by North America and Europe. Asia-Pacific is accounted as the largest regional market with a 32.4% global market share for industrial gases, due to the growth of several related end-user industries in this region. Apart from being the largest market, Asia Pacific is projected to be the fastest-growing regional market for industrial gases.
Company Profiles and Competitive Intelligence: The major players operating in the Global Industrial Gases Market are Praxair, Inc. (U.S.), Airgas, Inc. (U.S.), Air Liquide S.A. (France), Air Products and Chemicals, Inc. (U.S.), Iwatani Corporation (Japan), Messer Group (Germany), The Linde Group (U.S.), Southern Industrial Gas SDN. BHD (Malaysia), nexAir LLC. (U.S.), and Taiyo Nippon Sanso Corporation (Japan) among others.
The report also provides in-depth analysis of Industrial Gases market dynamics such as drivers, and restraints
Drivers
Restraints
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