Rockville, MD , Dec. 11, 2024 (GLOBE NEWSWIRE) -- Revenue from the sales of industrial gases is anticipated to reach US$ 110.81 billion in 2024, according to the newly published report by Fact.MR, a market research and competitive intelligence provider. The global Industrial Gas Market is approximated to expand at a CAGR of 5.3% from 2024 to 2034. A noteworthy expansion of the semiconductor is creating lucrative opportunities for manufacturers of industrial gases, such as nitrogen, ultra-high purity gases, and argon in semiconductor manufacturing procedures.
Constant technological advancements and the growing complexity of semiconductor fabrication are amplifying requirements for specialized industrial gases. Moreover, there is an increased demand for these gases in frozen food for their ability of matching the evolving requirements of the food supply chain. Industrial gases help in ensuring the safety, quality, and convenience of frozen food products, thereby are in increased demand in the food & beverage industry.
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Key Takeaway from Market Study:
- The market for industrial gases is approximated to reach a valuation of US$ 185.73 billion by the end of the assessment period in 2034.
- The market in Japan is projected to expand at a 4.8% CAGR through 2034.
- East Asia is forecasted to contribute a share of 38.4% of the global market by 2034-end.
- Demand for industrial gases in South Korea is analyzed to increase at a CAGR of 6.1% from 2024 to 2034.
- Sales of industrial gases in the market in China are projected to rise at a 6.3% CAGR and reach US$ 42 billion by 2034.
- Worldwide demand for industrial gases for use in the chemical industry is evaluated to increase at a CAGR of 5.6% and reach a value of US$ 35.27 billion by the end of 2034.
“Increasing emphasis by leading market players on R&D for bringing innovations in the production and storage of industrial gases will help in increase their revenue share,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Industrial Gas Market:
Air Products Inc.; Messer Group; INOX-Air Products Inc.; Linde Plc; Iwatani Corp.; Air Liquide; Dubai Industrial Gases; Matheson Tri-Gas; Gulf Cryp; BASF; Universal Industrial Gases Ltd.; Bristol Gases; Bhuruka Gases Ltd.; Southern Company Gas; Ellenbarrie Industrial Gases Ltd.; Concorde-Corodex Group; Nippon Gases Operations; Enel Green Power Italia.
Growing Use of Oxygen for Versatile Application Scope Generating More Profit for Market Players:
An increased demand for oxygen is witnessed as one of the prominent gases used in several end-use industries, such as food & beverages, electronics, manufacturing, and others. Accelerating consumption of oxygen in remediation and wastewater treatment is increasing its demand, which is further contributing to the increased profit of market players. In addition, a growing population of environment-conscious people and continuous emphasis on consuming oxygen in minimizing pollution is stimulating market players to invest more in increasing their production capacities.
Industrial Gas Industry News:
- Linde, in January 2024, started supplying nitrogen, oxygen, and argon to the Rourkela steel plant of SAIL in Odisha, Eastern India. Under the new contract, the company is planning to construct, own, and operate an additional capacity of 1,000 tons of ASU on a daily basis.
- Nippon Gases Operations and Enel Green Power Italia entered into an agreement for building a new plant in Piancastagnaio, Italy, in April 2023. This will help in reusing, purifying, and liquefying CO2 present naturally in the geothermal fluids of power plants of Piancastagnaio. Renewable energy sources will be used in this plant for complying with set stringent quality specifications for the reliability and purity of CO2 required by the pharmaceutical, beverage, and food markets.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the industrial gas market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (oxygen, inert gases, nitrogen, acetylene, hydrogen, carbon dioxide), end use (chemicals, food & beverages, electronics, manufacturing, healthcare, refining, metallurgy, others), and distribution (cylinder [merchant], bulk [liquid gas transport], on-site), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Industrial Gas Market Research:
- By Type :
- Oxygen
- Inert Gases
- Nitrogen
- Acetylene
- Hydrogen
- Carbon Dioxide
- By End Use :
- Chemicals
- Food & Beverages
- Electronics
- Manufacturing
- Healthcare
- Refining
- Metallurgy
- Others
- By Distribution :
- Cylinder (Merchant)
- Bulk (Liquid Gas Transport)
- On-site
Explore More Related Studies Published by Fact.MR Research:
Demand for industrial gas in the Middle East is likely to be valued at US$ 4,103.6 million for 2024. This value is projected to increase to US$ 8,135.6 million by 2034. The industrial gas ecosystem in the Middle East is forecast to expand at a CAGR of 7.4% from 2024 to 2034.
The global landfill gas market is expected to be worth US$ 1.4 billion in fiscal year 2022, up from US$ 1.3 billion in fiscal year 2021. From 2022 to 2032, the market is expected to grow at an 8.3% CAGR, reaching a value of US$ 3.1 billion by the end of 2032.
The global welding gas market is valued at US$ 3.61 billion in 2024. Moreover, worldwide demand is projected to accelerate at a decent CAGR of 5.4% and reach a worth of US$ 6.08 billion by the end of 2034.
Revenue from the sales of landfill gas in South Asia & Oceania is estimated at US$ 95.2 million in 2024 and is forecasted to increase at a high-value 9.1% CAGR over the next 10 years. Projections are that the South Asia & Oceania market will reach a size of US$ 229 million by the end of 2034.
Sales of landfill gas in North America are estimated at US$ 1.02 billion in 2024 and are predicted to increase at a CAGR of 7.7% to reach a market value of US$ 2.14 billion by the end of 2034.
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