New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The size of the global industrial gases market reached $99 billion in 2022 and is projected to experience a compound annual growth rate (CAGR) of 7.4% from 2023 to 2030.
Industrial gases are gases used for various purposes in industries. Common gases include nitrogen, oxygen, carbon dioxide, hydrogen, acetylene, and noble gases. These gases are delivered to different industries in either liquid or gaseous forms using gas tankers. They are produced through the cryogenic filtration of air in air separation units. Depending on their applications in different industries, they may be referred to as medical gases, refrigerant gases, fuel gases, or specialty gases.
The global market for industrial gases is growing due to increased demand from industries such as food & beverages, electronics, and healthcare. There are opportunities for market players in emergency medical conditions where the demand for industrial gases is rising. As manufacturing and processing industries expand worldwide, market players are expected to invest in expanding production to capture a larger market share. The intensive use of industrial gases in sectors like steel, glass, oil, and fiber optics is driving market growth, especially in developing countries where these industries are advancing rapidly.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 105.02 Billion | |
| Estimated Revenue 2033 | US$ 173.74 Billion | |
| Growth Rate – CAGR | 7.5% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 272 Pages | |
| Market Segmentation | By Product Type, Application, Distribution and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Market Dynamics
Drivers:
Increased Investment in Manufacturing and Processing Industries: More money is being invested in various industries like metallurgy, food & beverage, and mining & metal, especially in developing countries. This is expected to boost the global industrial gas market. For instance, the United Nations Conference on Trade and Development (UNCTAD) reported in June 2020 that the Asia Pacific received a significant foreign direct investment (FDI) inflow of about USD 474 billion, accounting for over 30% of the global FDI movement in 2019. Countries like China, India, Singapore, and Malaysia are becoming key players in attracting new investment opportunities.
Growing Food and Beverage and Healthcare Industries: The increasing investment in the food and beverage as well as the healthcare sector will drive the demand for gases in the coming years. Europe, being the largest food producer, particularly Germany, which is the fourth-largest in the food and beverages industry, plays a crucial role. Germany is also the third-largest exporter of food and beverages, generating substantial sales. This trend is expected to continue, leading to a higher demand for various gases used in the food and beverages industry. Simultaneously, the healthcare sector is expanding globally due to increased investments. According to Forbes, digital health investments reached USD 6.5 billion in 2017, marking a 109% increase from the previous year.
Restraints:
Strict Laws and Regulations on Gas Manufacturing, Storage, and Distribution: The growth of the market may be restricted due to stringent laws and regulations related to manufacturing, storage, and transportation of gases. For example, the EU Regulation 231/2012 specifies the composition of hydrocarbons for the storage and distribution of industrial gases. Additionally, the transportation of these gases is bound by the European Agreement on the Carriage of Dangerous Goods by Road, ADR 13 regulation, which outlines safety measures.
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Market Segmentation:
Product Overview
In terms of products, the global industrial gases industry includes oxygen, nitrogen, hydrogen, carbon dioxide, acetylene, and argon. Oxygen, making up 28.43% of total revenue, led the industry in 2022. It finds uses in various industries such as fabrication, steel melting, medical applications, copper smelting, and more. Notably, oxygen enhances the thermal efficiency of fuel, making it a valuable resource for energy production. Additionally, it is employed in hazardous cleanup, water treatment, and coal gasification while serving as an eco-friendly alternative to chlorine in the pulp & paper sector.
Nitrogen shows significant growth and penetration, particularly in the medical and pharmaceutical sectors, driven by the demand for essential medical supplies amid the global pandemic. The medical industry seeks gases to prevent virus spread and provide optimal care to patients.
Distribution Overview
The cylinder segment claimed the largest revenue share (36.55%) in 2022, representing the most preferred distribution method for consumers. Independent gas distributors acquire gases from producers, compress them in packaging facilities, and supply them at room temperature in liquid form. Bulk (Liquid Gas Transport) distribution, the second-largest share in 2022, involves transporting liquefied or natural state gases either by road or via pipelines. This method ensures a continuous gas supply, making it efficient and preferred.
Onsite distribution is conducive for manufacturing companies as it reduces transportation costs. Major players like Air Products & Chemicals, The Linde Group, and Air Liquide integrate onsite facilities at refuelling stations to optimize operations.
Application Overview
In terms of applications, the manufacturing industry dominated with a 27.05% share in 2022 and is expected to exhibit the second-highest CAGR. Industrial gases play a crucial role in various manufacturing applications. For instance, carbon dioxide is widely used in the rubber industry for non-abrasive cleaning of rubber molds. The healthcare segment is projected to be the fastest-growing, driven by global investments in medical research and the demand for industrial nitrogen in healthcare applications.
Industrial gases also find applications in automotive & transportation, aerospace & aircraft, water & wastewater treatment, and other industries.
Regional Overview
Asia Pacific led the industry with a 36.64% revenue share in 2022 and is projected to be the fastest-growing region with a CAGR of 9.8%. Key markets like India, China, South Korea, and Japan contribute to this growth, driven by the expansion of end-use industries. China, in particular, stands out due to the rising demand for industrial gases in the aerospace industry. North America, with the second-largest revenue share in 2022, experiences growth in the healthcare and industrial sectors, primarily in the U.S. and Canada.
Competition Landscape
The global industrial gases market is dominated by a few major players worldwide, with Tier-1 companies holding approximately half of the market share. Key players in this market are consistently improving their manufacturing capabilities by expanding their existing processing facilities. These manufacturers often engage in strategic agreements or contracts with end-use industries to supply industrial gases.
In April 2017, Air Liquide entered into a long-term contract with Oman Oil Refineries and Petroleum Industries Company (Orpic), the national refining company of Oman. Under this contract, Air Liquide committed to supplying nitrogen to the Liwa Plastics Industries Complex (LPIC).
Analyst’s View
Our analysis indicates that the Food and Beverage (F&B) industry is becoming a lucrative focus for industrial gases manufacturers. In the F&B sector, it's crucial to ensure that products are packaged and transported in modified environments, especially when sourced from distant locations. Industrial gases play a key role in these applications in the F&B industry. The rising demand for carbonated drinks is expected to be a significant factor contributing to the growth of the industrial gases market in the coming years.
Key Questions Answered in the Report:
- What factors contribute to the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What key elements are influencing the market?
- How is the Industrial Gases market divided, considering types, fuels, applications, or other relevant factors?
- Who are the primary participants in the Industrial Gases market?
- What strategies are these players employing to establish a competitive edge?
- What factors are driving the expansion of the Industrial Gases market?
- Which regions are expected to experience notable growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Industrial Gases industry?
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