New York, US, April 26, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),” Industrial Gases Market Information by Type, Application, and Region - Forecast till 2030", By 2030, the Industrial Gases market can touch USD 161.8 billion from USD 100.32 billion in 2022, developing at a striking rate of 6.16% from 2022 to 2030.
Industrial Gases Market Overview
The four gases that are most frequently utilized in the industry are oxygen, hydrogen, carbon dioxide, and nitrogen. Via gas tankers, these gases are delivered to end-use businesses in both liquefied and gaseous forms. These gases are often created by filtering air using air separation devices at a cryogenic temperature. They are also known as medicinal gases, fuel gases, refrigerant gases, and specialty gases, depending on the sectors in which they are used.
Market Competitive Landscape:
The affluent vendors in the industrial gases market include
- Asia Technical Gas Co (PTE) LTD (ATG)
- Taiyo Nippon Sanso Corporation
- Linde AG
- Dubai Industrial Gases
- MATHESON Tri-Gas Inc.
- National Industrial Gas Plants - Mohammed Hamad Al Mana Group
- Tripti Gases Pvt. Limited
- Ellenbarrie Industrial Gases Ltd.
- Gulf Cryo
- Messer Group GmbH
- Among others.
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Leading industrial gases market firms are investing a lot of money in R&D to broaden their product portfolios, which will fuel further market growth for industrial gases. Participants in the market are also undertaking a variety of strategic initiatives to expand their global footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and thrive in a industrial gases market that is becoming more competitive and growing, competitors in the industrial gases sector must provide products that are affordable.
Industrial Gases Market COVID 19 Analysis
Industrial Gases Market Due to lockdowns, travel restrictions, as well as company closures, the COVID-19 pandemic affected the economies along with businesses of various regions and countries. These disruptions include a breakdown in the supply chain, decreased output and employee numbers, the cessation of technology events, product distribution, and advertising, office closures because of curfews and lockdowns, and a decline in product sales.
With its prevalence and significant raw material suppliers, China is one of the world's leading industrial centers. The collapse of the global economy, supply chain difficulties, and industry closures brought on by the coronavirus outbreak are all having an effect on the growth of the worldwide market. The most recent pandemic outbreak began in Wuhan (a Chinese province) in the year 2019, and it quickly spread around the world. These elements disrupted the worldwide trends and growth of the industrial gases industry.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 161.8 Billion |
| CAGR during 2022-2030 | 6.16% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Growing awareness about the Industrial Gases |
| Key Market Dynamics | Increasing Urbanization & Industrialization and Growing Application of Gases are Prominent Trends |
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Industrial Gases Market USP Covered:
Market Drivers:
The worldwide industrial gas market size is anticipated to increase due to rising public and private financing to explore new frontiers across many industry verticals, including metallurgy, food & beverage, and mining & metal, particularly across emerging nations. For instance, according to the Global Investment Report 2020 issued by the United Nations Conference on Trade and Development (UNCTAD) in June 2020, over 30% of the total foreign direct investment (FDI) movement in 2019 occurred in the Asia-Pacific region, totalling around USD 474 billion. The group also stated that Singapore and Malaysia are expected to rank among the top economies in the area for luring new investment possibilities, along with China, India, and other Southeast Asian nations.
Over the projection period, the demand for various industrial gases will be bolstered by the expanding investment in the food, beverage, and healthcare sectors. According to the Germany Trade & Invest report, Germany has the fourth-largest food and beverage business in the world, with Europe producing the majority of the world's food. The nation is also the third-largest exporter of food and drinks, and in 2018 sales of processed foods and agricultural products totalled USD 84.31 billion. This pattern will persist during the predicted time period, increasing the demand for a number of gases in the food and beverage sector. Due to the increased investment in the medical business, the healthcare sector is likewise growing more quickly globally.
Market Restraints:
The industrial gases market expansion during the anticipated period is likely to be constrained by strict rules and regulations governing the production, storage, and transportation of gases. For the storage and transport of industrial gases, the composition of hydrocarbons was regulated by EU Regulation 231/2012. The European Agreement on the Carriage of Hazardous Products by Road, ADR 13 regulation, required a bond for the carriage of dangerous gases in order to ensure safety.
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Industrial Gases Market Segmentation
By Type
Different types of industrial gases market are Oxygen, Helium, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Argon, and Others. Due to its extensive use in oxygen scarfing, gas welding, gas cutting, flame cleaning, flame straightening, and flame hardness, the oxygen sector is now dominating the market. It is primarily utilized in a number of different sectors, including those that manufacture chemicals, medicines, and petroleum products, as well as pulp and paper, the healthcare sector, glass, and ceramics. Due to its chemical characteristics of being somewhat lighter than air and slightly soluble in water, nitrogen enjoys the second-largest market share. It is utilized in a variety of industries, including those that process chemicals, medicines, glass, ceramics, steel, and other metals.
By Application
Healthcare, Metal and Metallurgy, Pharma and Biotech, Chemicals, Automotive, and Aerospace, and others are the key segments, depending on industrial gases’ applications. Due to its many applications, including the use of oxygen and respiratory gases for breathing, helium for MRIs, and nitrogen to maintain essential blood and tissue, the healthcare industry is now the largest segment with the quickest growth. Market expansion will be bolstered by the rising trend of packaged food consumption and rising investment in the food and beverage sector. In addition to photovoltaic cells, which are used in solar energy panels, specialty gases also aid in the production of innovative insulation and lighting materials. As a result, it is projected that rising demand for renewable energy would drive up demand for these gases.
Industrial Gases Market Regional Insights
Due to expanding urbanization, industrialization, and usage of gases in numerous end-use sectors including metallurgy, healthcare, food and beverage, oil & gas, and electricity, the Asia Pacific region has accounted for the biggest proportion. China, India, Japan, Indonesia, and other emerging economies are eager to invest in the development of renewable energy. Due to the substantial client base, several businesses are also making investments in these nations.
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Due to the growing need for industrial gases market in the aerospace sector for high-quality gas solutions, China is the largest market in the APAC region. The demand for industrial gases would be boosted by the development and growth of the food and beverage and industrial sectors in important economies like China and India.
The demand for the different industrial gases is fostered by the robust growth in the European healthcare and food and beverage industries. Gas consumption is anticipated to be particularly high in the industrial sector throughout the anticipated timeframe. The pharmaceutical and metallurgical sectors have seen a considerable increase in the need for these gases, which will ultimately drive the market.
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