Pune, India, April 18, 2023 (GLOBE NEWSWIRE) -- The industrial gases market size to hit USD 148.16 billion by 2028. The global market size was valued USD 88.05 billion in 2020 and USD 91.29 billion in 2021. The 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. As per the U.S. Energy Information Administration, the total imports of crude oil in 2019 were 6,801,000 barrels per day (b/d). Fortune Business Insights™ published this information in a report, titled, “Industrial Gases Market, 2021-2028.”
Key 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.
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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 | 2019 |
| Market Size in 2022 | USD 88.05 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 280 |
| Segments covered | By Service, Technology, and Region |
| Growth Drivers | Increasing Demand from Healthcare Sector to Add Impetus to Market |
| Surging Investments in Electronics and Metallurgy Industries to Boost Growth |
Drivers & 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 inerting, 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.
On the contrary, the current outbreak of the COVID-19 pandemic and its impact on various industries are likely to hamper the market in the coming years. This, coupled with the stringent regulations imposed on the storage, manufacturing, and distribution of industrial gases may pose a hindrance to the growth of the market in the coming years.
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.
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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.
Segment Analysis:
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.
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Oxygen Segments Earned 28.4% Share in 2020: Fortune Business Insights™
Based on the gas type, the market is divided into oxygen, nitrogen, carbon dioxide, hydrogen, argon, and others. Out of these, the oxygen segment generated 28.4% in terms of the industrial gases market share in 2020. This growth is attributable to the increasing usage in a wide range of industries, such as petroleum, pharmaceuticals, ceramics, chemicals, and healthcare.
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.
Report Coverage:
The report involved four notable activities in projecting the current size of the industrial gases industry. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Regional Insights:
Increasing Urbanization and Industrialization to Help Asia Pacific Grow Significantly
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. 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.
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Competitive Landscape:
Key Participants Focus on Gaining New Contracts to Supply Their In-house Products
The market contains numerous renowned companies that are persistently striving to gain a competitive edge. Most of them are focusing on bagging new contracts from reputed organizations for providing their in-house industrial gases. Below is the two
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.
June 2019 – Exxon Mobil Asia Pacific Pvt. Ltd. and Linde engaged in multi-billion agreements to expand their geographical reach in Singapore. This project includes the construction, development, and operation of four additional gasifiers, an air separation plant with a capacity of 1200 metric ton per day (TPD), and sulfur recovery plants along with the processing units for downstream gas belonging to Linde.
Manufacturers Operating in the global market:
- 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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