Portland, OR, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial gases market amassed revenue of $93.8 billion in 2021, and is expected to hit $162.8 billion by 2031, registering a CAGR of 5.7% from 2022 to 2031. The market research study provides a detailed analysis of changing industry trends, top-most segments, value chain analysis, key investment business scenarios, regional space, and competitive space. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to enhance their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $93.8 Billion |
| Market Size in 2031 | $162.8 Billion |
| CAGR | 5.7% |
| No. of Pages in Report | 404 |
| Segments Covered | End Use Industry, Type, and Region |
| Drivers | Massive demand for industrial gases in the electronics, food & beverages, and healthcare sectors. |
| Growing penetration of industrial gases in steel, glass, oil, and fiber optics. | |
| Surge in the funding of hydrogen fuel cell technologies in both the emerging and developed economies. | |
| Opportunities | Surging demand for industrial gases in emergency medical conditions. |
| Rapid spread of manufacturing and processing industries across the globe and increase in investment in production facilities. | |
| Increase in demand for energy and breakthroughs in the core technologies for nuclear fusion reactors. |
Covid-19 Scenario
- The Covid-19 pandemic has severely affected the global industrial gases market growth due to the shutdown of industrial units resulting in a reduction in demand for industrial gases.
- The decrease in the use of industrial gases in industrial establishments during the COVID-19 pandemic negatively affected the global market.
The report offers detailed segmentation of the global industrial gases market based on end use industry, type, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.
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In terms of type, the oxygen segment was the largest in 2021, accounting for more than one-third of the overall share of the global industrial gases market. Moreover, this segment is predicted to retain its dominant position during the forecast timespan. However, the hydrogen segment is set to record the highest CAGR of 7.0% from 2022 to 2031. The report also includes Carbon Dioxide, Nitrogen, Noble Gas, and Others segments.
On basis of the end use industry, the construction segment held the largest share in 2021, contributing to nearly one-third of the overall industrial gases market. Moreover, this segment is predicted to account for the highest market share by 2031. The report also analysis segments such as healthcare, electronics, aerospace, energy and power, and others segments.
Based on region, the Asia-Pacific contributed toward the highest market share in 2021, accounting for nearly two-fifths of the global industrial gases market share. Furthermore, the Asia-Pacific region is set to contribute majorly toward the global market share in 2031. In addition, the region is predicted to register the fastest CAGR of 6.5% during the forecast timespan. The research also analyzes regions including LAMEA, North America, and Europe.
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Key participants in the global industrial gases market examined in the research include Nippon Sanso, Southern Gas Ltd., Messer Group, Universal Industrial Gases, Inc., Gulf Cryo, Air Products & Chemicals, International Industrial Gases Limited, Goyal MG gases Pvt. Ltd., National Gases Ltd., Ellenbarrie industrial Gases, Praxair Technology, Inc., Linde plc, MVS Engineering Pvt. Ltd., Air Liquide, Taiyo, and BASF SE.
The report evaluates these major players in the global industrial gases industry. These players have executed a gamut of major business strategies such as the expansion of regional and customer bases, new product launches, strategic alliances, and joint ventures for expanding product lines across global markets. The market research report supports the performance monitoring of each segment, positioning of each product in respective segments, and the impact of new technology and product innovations on the overall market size.
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