Wilmington, Delaware, United States, May 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Industrial Gases Market stood at US$ 65.7 billion in 2020 and the global market is projected to reach US$ 126.1 billion in 2031. The global industry is anticipated to expand at a CAGR of 6.1% between 2021 and 2031.
Growing industrialization in major cities and the application of industrial gases in the pharmaceutical, food & beverage, oil, and gas industry is expected to boost the industrial gases market. Industrial gases such as nitrogen, oxygen, neon, helium, hydrogen, and others are used in industries for their processes, these gases are important in caring out reactions for manufacturing various products. Demand for these gases is increasing rapidly among developing countries, hence driving the growth of the market.
Rapid industrialization and application of industrial gases in various industries, such as manufacturing, mining, metals, food and beverage, and healthcare, are further expected to influence market growth in the coming years. Environmental regulations, safety, and high gas conversion costs may hinder the industry growth during the forecast period.
Oxygen product segment dominated the industry in 2021 and accounted for the highest share of 28.43% of the overall revenue. Oxygen is utilized for fabrication, steel melting, medical applications, copper smelting, etc. Oxygen is known to improve the thermal efficiency of fuel and can be used as a methodology for obtaining better energy from fuel.
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Key Takeaways of Market Report
- Global industrial gases market to generate absolute dollar opportunity worth US$ 126.1 billion until 2031.
- Global industrial gases market from 2021 to 2031 is 6.1%
- Global industrial gases market is currently valued at US$ 69.5 billion in 2021.
- Global industrial gases market stood at US$ 65.7 billion in 2020.
- Market value of the global industrial gases market management from 2018 to 2022 is 5.7%
- Europe is said to have a 7.9% market share with Germany.
- North American market region is estimated to have a market share of 6.3%
Global Industrial Gases Market: Growth Drivers
- Industrial gases mainly consist of carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton-xenon, out of which, the atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the temperature of the air until the respective components get liquefied and separated.
- Gases are widely used for industrial processes such as gas welding, automotive manufacturing, healthcare equipment, and others. Use of these gases is in huge demand due to their special properties, for instance, oxygen and nitrogen are used in gas welding, and this process is commonly used in the manufacturing industry. Other gases are used in different processes; hence huge requirement from the industrial sector is boosting the growth of the market.
- Outbreak of the COVID-19 pandemic, countries such as India and China faced a huge shortage of Oxygen as it is used as an important content in medical ventilators.
- Industrial gas had huge demand from the market as it was crucial medical equipment needed during the pandemic, for example, nitrogen is utilized in pre-flight lung diagnosis to calculate a person’s ability to respond to a simulated aircraft cabin environment. Carbon dioxide can be used at the time of insufflation and can be infused with oxygen for stimulation of the respiratory simulation. Increasing adoption of these gases in the healthcare industry is driving the growth of the market.
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Global Industrial Gases Market: Regional Landscape
- Asia Pacific is expected to grow at the highest CAGR in coming years which is attributed due to high demand and growth in the industrial sector. Growing population and rapid urbanization are the key factors for the growth of the industrial gas market, according to Asia Industrial Gases Association (AIGA), the growth of industrial gases in countries such as India, China, New Zealand, Singapore, Malaysia, and various others is expected to grow due to rapid industrialization and demand in medical gases especially in countries such as China & India.
- North America is holding the second-largest market share owing to the increased application of gases in the oil and gas and healthcare industry. Expansion of the chemical industry would propel the growth of the regional market.
Global Industrial Gases Market: Key Players
BASF SE
- Strategies
Chemistry is their passion and they want to be the most attractive partner for our customers to overcome challenges that can be solved with chemistry. Customers are at the center of everything they do. With products and technologies, innovative and entrepreneurial spirit, and the power of our Verbund integration, the company wants to grow profitably and at the same time, create value for society and the environment as this is their goal, which is embedded in their corporate purpose.
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Global Industrial Gases Market: Segmentation
Product Type
- Hydrogen
- Nitrogen
- Oxygen
- Carbon dioxide
- Argon
- Helium
- Acetylene
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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