Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- The global Industrial Gases Market was USD 88.05 billion in 2020. The global market size is expected to grow from USD 91.29 billion in 2021 and projected to reach USD 148.16 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Industrial Gases Market, 2021-2028.”
According to our analysts, the global industrial gases market is set to gain traction from the high demand for crude oil and the urgent need to refine it for usage in various applications. At the same time, the expansion of the oil and gas industry would affect growth positively.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.2% |
| 2028 Value Projection | USD 148.16 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 88.05 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 280 |
| Segments covered | Increasing Demand from Healthcare Sector to Add Impetus to Market |
| Growth Drivers | Rising Demand for Clean Energy to Boost Market Growth |
| Surging Investments in Electronics and Metallurgy Industries to Boost Growth |
COVID-19 Impacts:
COVID-19 Pandemic: Shutdown of Facilities and Unavailability of Laborers to Impact Growth
The COVID-19 pandemic has resulted in the unavailability of laborers and low demand for industrial gases from end-users because of the complete shutdown of manufacturing facilities and nationwide lockdown measures. Besides, the usage of crude oil has reduced drastically because of the pandemic, thereby creating very less prices of the same. Our research reports will help you overcome this situation by choosing the right strategy.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/industrial-gases-market-101728
Drivers and Restraints:
Increasing Demand from Healthcare Sector to Add Impetus to Market
An increase in the prices of crude oil and a rise in the need for refining have propelled the demand for industrial gases, especially from the oil and gas industry. Additionally, they are also used for various purposes, such as coiled tubing, pipe cooling and inserting, drilling, leak testing, maintenance, spool base in pipe building, and others. Such factors are promoting the industrial gases market growth. Furthermore, the expansion of the healthcare and food & beverage industries is aiding to the growth of the market.
Nevertheless, a rise in the industrialization and urbanization, as well as the growing consumer demand from the processing and manufacturing industries are likely to create lucrative growth opportunities for the market in the long run.
Surging Investments in Electronics and Metallurgy Industries to Boost Growth
Rising investments in electronics, metallurgy, food & beverages, and mining & metal sectors, especially in developing countries worldwide are set to propel the industrial gases market growth in the upcoming years. According to the World Investment Report 2018, for instance, in 2017, Asia Pacific invested approximately USD 476 billion of inflow from foreign direct investment. It was primarily focused on Singapore and China. However, the transportation, storage, and manufacturing of industrial gases revolve around numerous stringent governmental norms. It may hamper growth.
Industry Developments:
March 2021: Echo Energy Plc won two new contracts for selling industrial gases at considerable premiums. Both contracts have a timeline of 12 months and the company will begin selling gases from May 2021.
April 2020: Air Liquide signed 11 new agreements with its industrial merchant customers. It would supply hydrogen, oxygen, and nitrogen for 10 years to its customers. This way, the company will be able to compete in the market.
List of Key Players Mentioned in the Report:
- Air Liquide (France)
- Air Products (United States)
- Linde (Ireland)
- Matheson Tri-Gas (United States)
- Messer Group (Germany)
- Gulf Cryo (Kuwait)
- BASF (United States)
- Southern Company Gas (United States)
- Universal Industrial Gases (United States)
- Ellenbarrie Industrial Gases Ltd (India)
- Bhuruka gases ltd (India)
- Concorde-Corodex Group (UAE)
- Dubai Industrial Gases (UAE)
- Bristol Gases (UAE)
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Segments:
Oxygen Segment to Continue Dominance on Account of Its Rising Demand from Pharmaceutical Industries
Based on segmentation by gas type, the oxygen segment earned 28.9% industrial gases market share in 2019. This is attributable to the extensive usage of oxygen and its high demand from various sectors such as pulp and paper, chemical, pharmaceutical, and petroleum. However, the carbon dioxide segment will also showcase notable growth on account of its significant applications as a raw material in products such as meat, fruits and vegetables, poultry, and others.
Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.
Key Benefits for Industrial Gases Market:
- The Industrial Gases market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Industrial Gases market during the forecast period (2021–2028).
- The report outlines the current market trends and future scenario of the global Industrial Gases market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
Asia Pacific to Dominate Backed by Rapid Industrialization & Urbanization
Geographically, Asia Pacific held USD 28.31 billion in terms of revenue in 2020. This growth is attributable to the increasing industrialization and urbanization. Besides, the surging usage of industrial gases in the power, oil & gas, and healthcare industries is set to drive growth.
North America ranks second. It is likely to earn significant revenue in the coming years owing to the rising application in chemical, healthcare, and oil & gas industries.
Europe, on the other hand, is anticipated to grow because of the expansion of the food & beverage industry. Additionally, the high demand from the pharmaceutical industry would spur growth in this region.
Competitive Landscape:
Linde Earning Maximum Share Attributable to a Rise in Industrial Investment
The global market is dominated by Linde on account of its high investments in the pharmaceutical and healthcare industries. Besides this, the company is also investing massively on improving the economic scenario. It is also delivering its products to the rising number of manufacturing and metal processing industries, along with food & beverage, chemical, and oil & gas industries. The other players are engaging in merger and acquisition, joint ventures, contracts and agreements, different collaborative strategies, and others to gain a competitive edge in the market.
Global Industrial Gases Market Size Segmentation:
By Gas Type
- Oxygen
- Nitrogen
- Carbon Dioxide
- Hydrogen
- Argon
- Others
By Application
- Packaging
- Coolant
- Carbonation
- Cryogenic
- Cutting & Welding
- Laboratory
- Air Separation
- Others
By End User:
- Metallurgy
- Healthcare
- Chemical
- Food and beverage
- Oil & Gas
- Power
- Pulp and Paper
- Electronics
- Water Treatment
- Mining
- Others
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Industrial Gases Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Industrial Gases Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Gas Type
- Oxygen
- Nitrogen
- Carbon Dioxide
- Hydrogen
- Argon
- Others
- Market Analysis, Insights and Forecast – By Application
- Packaging
- Coolant
- Carbonation
- Cryogenic
- Air Separation
- Cutting & Welding
- Laboratory
- Others
- Market Analysis, Insights and Forecast – By End-User
- Metallurgy
- Healthcare
- Chemical
- Food & Beverage
- Oil & Gas
- Power
- Pulp and Paper
- Electronics
- Water Treatment
- Mining
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- North America Industrial Gases Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Gas Type
- Oxygen
- Nitrogen
- Carbon Dioxide
- Hydrogen
- Argon
- Others
- Market Analysis, Insights and Forecast – By Application
- Packaging
- Coolant
- Carbonation
- Cryogenic
- Air Separation
- Cutting & Welding
- Laboratory
- Others
- Market Analysis, Insights and Forecast – By End-User
- Metallurgy
- Healthcare
- Chemical
- Food & Beverage
- Oil & Gas
- Power
- Pulp and Paper
- Electronics
- Water Treatment
- Mining
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
Continued…
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