Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Industrial Gases Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Nitrogen, Oxygen, Argon, Hydrogen, Carbon Dioxide, Others), By End-User Industry, By Distribution, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific Industrial Gases Market is poised for significant growth in the forecast period from 2024 to 2028, driven by various factors including the escalating demand for hydrogen in multiple applications such as fuel cells, transportation, and industrial processes. Additionally, the construction sector, with major contributions from China, India, the US, and Indonesia, is fostering growth opportunities with these countries accounting for around 58.3% of the global construction sector.
The Asia Pacific Industrial Gases Market is experiencing rapid expansion, encompassing the production and distribution of gases like oxygen, nitrogen, hydrogen, and carbon dioxide, among others. With some of the world's largest industrial gas companies headquartered in the region, recent growth can be attributed to increased demand for healthcare services and favorable governmental policies.
The region's flourishing manufacturing sector, particularly in countries like China, India, Japan, and South Korea, has been pivotal in propelling the Asia Pacific Industrial Gases Market. These nations have witnessed remarkable growth in their manufacturing industries, supported by escalating demand for goods and services both domestically and globally. Given that industrial gases are integral in manufacturing processes for products like electronics, chemicals, and metals, this manufacturing sector growth significantly influences the industrial gas market in the region.
Renewable energy sources are also a central driving force behind the growth of the Asia Pacific Industrial Gases Market. As countries in the region emphasize reducing carbon footprints, the demand for industrial gases, notably hydrogen, as a clean energy source is on the rise. The use of hydrogen to power fuel cells, especially in the automotive industry, is gaining traction as an eco-friendly alternative to traditional gasoline-powered engines. Companies are investing in research, development, and regional expansion, contributing to a competitive and dynamic market. Consequently, the Asia Pacific Industrial Gases Market is expected to maintain its growth trajectory.
Focus on Renewable Energy Sources Drives Industrial Gases Demand in the Region
The shift towards renewable energy sources in the Asia Pacific region, particularly in hydrogen production, is expected to significantly impact the industrial gas market. Hydrogen holds immense promise as a key energy carrier for the future and is vital in transitioning to a low-carbon energy system. With a growing interest in renewable energy sources like wind and solar power, manufacturers are using electrolysis to produce hydrogen. This process involves splitting water into hydrogen and oxygen using electricity. The Asian Development Bank (ADB) has backed an 88-megawatt wind farm in Vietnam. This venture necessitates a substantial amount of industrial gases to convert wind energy into a usable form, further bolstering the demand for industrial gases.
As the Asia Pacific region's pursuit of renewable energy sources gains momentum, the demand for industrial gases, particularly hydrogen, is expected to increase. Moreover, the production, storage, and transportation of hydrogen require various industrial gases such as nitrogen and helium for cooling and pressurization. Japan and South Korea, in particular, are committed to developing hydrogen as a primary energy source and are heavily investing in the required infrastructure and technologies.
Other countries in the region, including China and Australia, are also intensifying efforts in hydrogen production and utilization, creating ample opportunities for industrial gas market players. Consequently, the focus on renewable energy sources in the Asia Pacific region is anticipated to drive growth in the industrial gases market, particularly in the hydrogen segment, creating opportunities for companies to expand operations and develop new products and services tailored to the renewable energy sector.
Construction and Manufacturing Sectors Propel Industrial Gases Market Growth
Infrastructure development, particularly in the construction and manufacturing sectors, is a pivotal driver of the Asia Pacific Industrial Gases Market. Oxygen, nitrogen, and argon are essential gases for applications such as welding, cutting, and metal fabrication, which are integral to both these sectors. Robust infrastructure development in countries like China, India, and Southeast Asia has significantly boosted the demand for these gases. The creation of new highways, railways, airports, and other infrastructure projects necessitates a range of industrial gases for activities like welding, cutting, and metal fabrication.
Furthermore, the growth of the manufacturing sector in the region is another key contributor to the demand for industrial gases. Industries such as steel production, chemical processing, and electronics manufacturing require substantial quantities of industrial gases, particularly nitrogen and oxygen. Initiatives like China's Belt and Road Initiative and the India-Japan partnership in Southeast Asia are anticipated to drive industrial gas demand through infrastructure projects. Additionally, the expansion of the electronics industry in countries like China and South Korea is set to further fuel growth in the industrial gas market. The upward trajectory in construction and manufacturing activities is expected to foster increased demand for industrial gases, augmenting the growth of the Asia Pacific industrial gases market.
Market Segmentation and Players:
The Asia Pacific Industrial Gases Market is segmented by type, end-user, distribution, and region. Notable players in the market include Taiyo Nippon Sanso Corporation, Southern Industrial Gas, Iwatani Corporation, BASF SE, The Linde Group, Goyal MG Gases, Air Liquide, Asia Technical Gas Co., Sig Gases, and Air Products and Chemicals Shanghai.
Report Scope:
This comprehensive report segments the Asia Pacific Industrial Gases Market based on type, end-user, distribution, and region, providing insights into its current state and future potential.
For more information about this report visit https://www.researchandmarkets.com/r/e2kk37
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