Industrial Gases Market to Expand at CAGR of 6.1% during Forecast Period, Observes TMR Study

Growing use of industrial gases in metal and mining industries is drive the global industrial gases market

ALBANY, N.Y., March 21, 2022 (GLOBE NEWSWIRE) -- The global industrial gases market was valued at US$ 65.7 Bn in 2020, and the market is projected to reach US$ 126.1 Bn by 2031. The global market is estimated to rise at a CAGR of 6.1% during the forecast period, from 2021 to 2031. Aside from continued demand from growing end-use sectors, the global industrial gas market is positioned to benefit from a few new developments. Increasing research and development initiatives for new applications, as well as inorganic growth of enterprises' manufacturing facilities to boost global sales potential. In addition, market growth is likely to be fueled by mergers and acquisitions, innovation in industrial gas packaging, and use of integrated distribution channels. The global market is also being driven by expansion of the automotive, rubber manufacturing, and packaging industries. Stringent laws that need be followed and the risk of CO2 emissions, on the other side, are preventing the market from realizing its full potential.

The number of suppliers related to the value chain of the global industrial gases market, as per the report's researchers, is steadily expanding. As a result, the competition landscape is becoming more intense. With the advent of a number of local players, the pricing of finished products has become a point of contention.

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Pricing things at fair levels is not enough to win more market share. Companies in this global market are also concentrating on regional expansion and addressing the absence of manufacturing differentiation. Furthermore, the improvement of the supply chain is projected to aid firms in increasing their market share.

Key Findings of Market Report

  • Rising demand for crude oil throughout the world, as well as the growing need for refining, has propelled the global industrial gases market. Upstream and downstream applications of industrial gases are becoming more common in the oil & gas industry. Drilling, firefighting, compositional analysis, coiled tubing, inspection and maintenance, well hoisting, shipbuilding, leak testing, gas analysis are key applications of these gases. The need for industrial gases such as oxygen, hydrogen, nitrogen, carbon dioxide, and others is likely to rise as the oil & gas industry grew and expanded. This factor is likely to propel the global industrial gases market even more.

  • The global market is anticipated to observe high growth due to increasing demand for industrial gases from the electronics, food & beverage, and healthcare industries. Due to rising demand for industrial gases in medical emergency situations, there are unexplored prospects for industry participants functioning in the global industrial gases market.

  • The oil, glass, steel, and fiber optics industries all rely heavily on industrial gases. The fast rise of the industrial gases market is aided by the development and change of these industries in developing countries.

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  • Furthermore, as people become more informed about the need of environmental preservation and the demand for clean energy grows, industrial gas use has increased in various nations

  • For companies in the global industrial gases market, Asia Pacific offers potential development possibilities. The need for industrial gases in the region is being driven by rising population and developing markets such as Singapore, South Korea, India, and China. The Asia Pacific industrial gases market is also fueled by the region's rapid industrial development and urbanization. The booming electronics, food & beverage, mining, and manufacturing industries in Asia Pacific provide attractive potential for industrial gases producers.

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Global Industrial Gases Market: Growth Drivers

  • Breakthroughs in the multiplexing technology have allowed the development of immunoassays and molecular diagnostics for the diagnosis and treatment of life-threatening illnesses, including cancer as well as various infectious illnesses. For HIV and cancer diagnosis, multiplexed diagnostics analysis provides a quicker, more effective, and equally valuable alternative approach.

  • In 2020, academic research and institutions had majority stake in the global market. Pharmaceutical and biotechnology firms have benefited from research on industrial gases and other illness indications, which has paved the path for individualized health care and targeted treatments.

Global Industrial Gases Market: Key Players

Some of the key market players are

  • Yingde Gases Group Company Limited
  • Air Products & Chemicals Inc.
  • Taiyo Nippon Sanso Corporation
  • Sig Gases Berhad
  • Messer Group GmbH
  • Praxair Inc.

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Global Industrial Gases Market: Segmentation

Product Type

  • Hydrogen
  • Nitrogen
  • Oxygen
  • Carbon Dioxide
  • Argon
  • Helium
  • Acetylene

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Rohit Bhisey
Transparency Market Research
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