Fort Collins, Colorado, Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Industrial Gases Market Size, Growth, Share, Statistics Report, By Gas (Oxygen, Carbon dioxide, Nitrogen, Others), By Application (Healthcare, Manufacturing, Retail, Chemical, Water Treatment & Mining), By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the industrial gases market size was valued at USD 103.2 Billion in 2022 and is expected to reach USD 219.2 Billion by 2032 with a CAGR of 7.9%.
Industrial gases refer to specific gaseous substances manufactured in various industries. These industries include steel, oil and gas, chemicals and petrochemicals, biotechnology, medicine, environmental protection, and nuclear power. The market has experienced growth due to increased public and private funding in industries like metallurgy, F&B, and mining in developing countries. The F&B and healthcare industries are among the ones that require various industrial gases such as oxygen and nitrogen. The demand for these custom gases is high, making the market profitable.
Oxygen cylinders are commonly used in the hospitality and mining industries to ensure a continuous oxygen supply. In mining, oxygen shortages can prove fatal to workers' health. Therefore, industries stock oxygen tanks to avoid such circumstances. In addition, the ongoing industrial need is projected to stimulate the overall growth of the industrial gas market. Oxygen, nitrogen, and carbon dioxide are popular industrial gases available in gaseous and liquid forms and can be used according to the requirement. The smelting of metals, for instance, requires carbon monoxide, which further contributes to the growth of the market for industrial gases.
Industrial gases are often used in upstream and downstream applications to extract oil from the earth. These gases are used in drilled coiled tubing, well lifting, inspection, checking leakages, gas analysis, shipbuilding, and maintenance. This has created various opportunities for the wide use of these gases in the oil & gas industries. With the growing environmental concerns and high awareness about using clean energy, the vehicles are powered by CNG and LPG, which release less emission than gasoline fuels. Additionally, combined liquid nitrogen and carbon dioxide are used for freezing, rapid freezing, and chilling the products while maintaining their moisture and original quality.
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Report Snapshot
| Report Title | Industrial Gases Market |
| Market Size in 2022 | USD 103.2 Billion |
| Market Size by 2032 | USD 219.2 Billion |
| CAGR from 2023 to 2032 | 7.9% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors. |
| By Gas | Oxygen, Carbon dioxide, Nitrogen, and others. |
| By Application | Healthcare, Manufacturing, Retail, Chemical, Water Treatment & Mining |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others. |
| Major Market Players | The Linde Group, Messer Group, Sanso, Taiyo Nippon, Air Liquide, Air Gass & Chemicals, Universal Industrial Gases, Concore-Corodex Group, Southern Company Gas, BASF, Gulf Cryo, and Bristol Gases. |
Segmentation Overview:
The global industrial gases market has been segmented into product, application, and region. Healthcare is a leading application segment attributed to the widespread adoption of life-supporting systems. For instance, nitrogen is widely used in medicine, agriculture, pharmaceuticals, fertilizers, dyes, and nylons.
Asia Pacific is a leading region for industrial gases and is expected to remain dominant throughout the forecast period. The industry developments and expansions in China, India, South Korea, and Japan have accelerated the demand for industrial gases in the Asia Pacific. North America is a fast-growing market for industrial gases
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Industrial Gases Market Report Highlights:
- The global industrial gases market growth is anticipated at a CAGR of 7.9% by 2032.
- The market for industrial gases is growing due to the rise in their usage in various industries such as oil and gas, petrochemicals, and water treatment.
- Healthcare is a leading application segment owing to the high demand for demand for life-support systems.
- Some prominent players in the industrial gases market report include The Linde Group, Messer Group, Sanso, Taiyo Nippon, Air Liquide, Air Products & Chemicals, Universal Industrial Gases, Concore-Corodex Group, Southern Company Gas, BASF, Gulf Cryo, and Bristol Gases.
Industry Trends and Insights:
- In 2023, PowerTap Hydrogen partnered with Coleman Industrial Gases under a non-binding agreement. Under this venture, these companies will conduct on-site hydrogen production and storage deployments.
- In 2023, Ozona, an Environmental Science Company, plans to invest in commercial carbon dioxide sequestration (CCS) by leasing out acres of land. The company has received clearance to develop natural gas processing plants.
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Industrial Gases Market Segmentation:
- By Product: Oxygen, carbon-di-oxide, nitrogen, others
- By Application: Healthcare, Manufacturing, Retail, Chemical, Water Treatment & Mining
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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