Westford, USA, Oct. 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Industrial Gases Market will reach a value of USD 161.8 Billion by 2031, with a CAGR of 6.16% during the forecast period 2024 to 2031. Gaining demand from the major end-user industries such as electricity, food & beverage, petrochemical, oil & gas, and chemical sectors for industrial gases further complements this market growth. Increasing usage of industrial gases in all aspects of mining, construction, metallurgy, and food services is fueling the market development. In addition, increasing demand for renewable energy sources and technology devices globally are driving the growth of this market. At the same time, demand for more refined and variable crude oil consumption can increase demand for industrial gases in the forecasting period.
Industrial Gases Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $100.32 Billion |
| Estimated Value by 2031 | $161.8 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.16% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Distribution Channel, End User, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Industrial Gases and its Growing Demand |
| Key Market Opportunities | Development of Specialty Gases |
| Key Market Drivers | Rising Crude Oil Consumption |
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Exploring the Multifaceted Uses of Oxygen in Industrial Processes
In 2023, the oxygen product segment was the market leader and accounted for the largest percentage of total revenue at 28.43%. Oxygen is used in copper smelting, medicinal uses, steel melting, and industrial processes. It is established that oxygen enhances the thermal efficiency of fuel. Thus, by utilizing oxygen as a method, it is possible to increase the energy return from the fuel. Moreover, it can be applied to the coaling systems of gasification and treatment for contaminated waters and hazardous waste remediation. It is considered to be a chlorine alternative in terms of pollution for paper and pulp industries.
Rapid Growth of On-Site Hydrogen Generation in Industrial Gases Market
On-site hydrogen production is the industrial gases market segment with the highest predicted growth. In this concept, hydrogen production units are installed in business buildings or other sites, allowing for huge volumes of gases to be supplied in various pressures and states. Due to its successful solution for several challenges existing in the transportation and distribution of hydrogen, the sector is expected to grow rapidly. New technologies have made on-site hydrogen generation look more attractive compared to supply chains as per traditional practice, especially due to cost savings. This is particularly the case for small businesses, saving on costs and improving operational efficiency.
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Fueling Growth in Asia-Pacific Industrial Gases Market
Asia-Pacific holds the largest revenue share at 36.64% in 2023 and is predicted to grow at the highest rate in the forecast period with a CAGR of 9.8%. The overall demand for industrial gases in this region will increase considerably because of the growth and expansion of end-use industries like those in South Korea, Japan, China, and India in the region. The increasing need for industrial gases in the aerospace industry for quality gas solutions has made China the largest nation market in the APAC regional market. Growth and development within the food & beverage and industrial sectors of major economies in China and India would be the main drivers for demand in industrial gases during the forecast period.
Industrial Gases Market Insights
Drivers
- Rising Focus on Sustainability
- Global Infrastructure Development
- Growing Demand Across Industries
Restraints
- High Production Costs
- Regulatory Challenges
- Volatile Raw Material Prices
Key Players Operating in the Industrial Gases Market
- SOL Group
- Coregas Pty Ltd.
- Gulf Cryo
- Messer Group GmbH
- Nippon Gases
- Air Water Inc.
- Iceblick Ltd.
- Airgas, Inc.
- Linde Plc
- Taiyo Nippon Sanso Corporation
Key Questions Covered in the Industrial Gases Market Report
- What are the factors restricting the growth of the global industrial gases market?
- Which is the dominant sub-segment of the distribution channel segment?
- What are the major players operating within the market?
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This report provides the following insights:
Analysis of key drivers (growing demand across industries, rising focus toward sustainability), restraints (high production costs and regulatory challenges), opportunities (investment in renewable energy, development of specialty gases), and challenges (supply chain disruption, intense competition) influencing the growth of the industrial gases market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the industrial gases market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the industrial gases market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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