Covina, Oct. 05, 2023 (GLOBE NEWSWIRE) -- How big is the Industrial Gases Market?
Industrial Gases Market accounted for US$ 97.06 billion in 2022 and is estimated to be US$ 194.2 billion by 2032 and is anticipated to register a CAGR of 6.8%.
Industrial gases are essential in a wide range of industries, including manufacturing, healthcare, electronics, food and beverage, chemicals, and energy. Hydrogen, oxygen, carbon-dioxide, nitrogen and noble gases such as neon, argon, krypton and xenon are some examples of industrial gases.
Rapidly growing industrialization across globe has become major contribution in target market growth. As industrialization progresses there is an increased need for gases such as oxygen, nitrogen and hydrogen in metal fabrication, chemical production, automotive manufacturing, electronics assembly and other manufacturing activities as well as in healthcare sector which is likely to propel Industrial Gases market growth.
Key Highlights:
- In May 2023, INOX Air Products, India planned to invest Rs 3,000 crore to meet growing demand of industrial gases in ten sites nationwide by 2025. The two air separation units are to be established at Tata Steel’s Meramandali Plant in Odisha.
Analyst View:
Growing prevalence of diseases coupled with expansion of healthcare sector worldwide has driven the market growth. Some of the industrial gases like oxygen and nitrogen are essential for respiratory support, anesthesia, cryogenic storage and medical treatments which is anticipated to increase the demand for Industrial Gases market growth over the forecast period.
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| Attributes | Details |
| Industrial Gases Market Value (2022) | US$ 97.06Bn |
| Industrial Gases Market Projected Value (2032) | US$ 194.2Bn |
| Industrial Gases Market CAGR (2022 – 2032) | 6.8% |
Segmentation:
- Based on Product Type-Industrial Gases Market is segmented into Hydrogen, Oxygen, Carbon Dioxide, Nitrogen, Helium, Argon, and Acetylene.
- Based on Storage and Transportation-Industrial Gases Market is segmented into Tonnage Distribution, Merchant Liquid Distribution, and Cylinder and Packaged Gas Distribution.
- Based on Application-Industrial Gases Market is segmented into Manufacturing, Chemical processing, Metallurgy, Medical and healthcare, Food and beverages, Refining, Electronics, and others.
- By Region-the Industrial Gases Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Competitive Landscape & their strategies of Industrial Gases Market:
The prominent players operating in the Industrial Gases Market includes,
- Air Liquide
- BASF SE
- Messer Group
- Air products and Chemicals Inc.
- MATHESON TRI-GAS INC.
- Linde plc.
- Ellenbarrie Industrial Gases Ltd.
- Southern Company Gas
- Bhuruka Gases Limited.
- Universal Industrial Gases Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Recent Development:
- Energy Transition:
The shift towards cleaner energy sources and the adoption of hydrogen as an energy carrier were driving demand for industrial gases like hydrogen and oxygen for fuel cell applications and renewable energy production.
- Healthcare and Pharmaceuticals:
The COVID-19 pandemic highlighted the importance of medical gases such as oxygen, nitrogen, and carbon dioxide for respiratory care and pharmaceutical production.
- Technological Advancements:
Innovations in cryogenic technology and gas production methods were improving the efficiency and cost-effectiveness of industrial gas production.
- Sustainability Initiatives:
Many industrial gas companies were focusing on sustainability and reducing carbon emissions through various means, including carbon capture and utilization (CCU) and the development of cleaner processes.
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