WASHINGTON, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global Industrial Gases Market size is expected to reach USD 146.6 Billion by 2028, exhibiting a CAGR of 6% during the forecast period. The growing industrialization in major cities and application of industrial gases in pharmaceutical, food & beverage, oil & gas industry is expected to boost the industrial gases market. Industrial gases such as nitrogen, oxygen, neon, helium, hydrogen and others are used in industries for their processes, these gases are important in caring out reactions for manufacturing various products. The demand of these gases is increasing rapidly among the developing countries, hence driving the growth of the market, states Vantage Market Research, in a report, titled “Industrial Gases Market by Type (Nitrogen Oxygen Carbon Dioxide Argon Hydrogen) by Application (Oil and Gas, Chemical Industry, Power Industry, Mining Industry, Steelmaking), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028.” The market size stood at USD 92.0 Billion in 2020.
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Key Industry Findings & Insights from the report:
The global Industrial Gases Market was valued USD 92.0 Billion in 2020 and is all set to surpass USD 146.6 Billion by 2028, exhibiting a CAGR of 6% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Industrial Gases industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in the Industrial Gases Market:
Yingde Gases Group Company Limited
Air Products and Chemicals Inc.
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Rising Requirement of Industrial Gases in Chemical Industry Is Boosting the Growth of Market
Industrial gases mainly consist of carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton-xenon, out of which, the atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the temperature of the air until the respective components get liquefied and separated. These gases are widely used for industrial processes such as gas welding, automotive manufacturing, healthcare equipment, and others. The use of these gases is in huge demand due to its special properties, for instance, oxygen & nitrogen are used in gas welding, and this process is commonly used in manufacturing industry. Similarly, other gases are used in different processes; hence huge requirement from industrial sector is boosting the growth of market.
Increase in the demand of Industrial Gases in the Medical Sector
Recently, due to the outbreak of COVID-19 pandemic, countries such as India and China faced huge shortage of Oxygen as it is uses as an important content in medical ventilator. This gas had huge demand from the market as it was crucial medical equipment needed during the pandemic. Similarly, other gases are used in medical sector such as nitrous oxide, medical air, entonox, carbon dioxide and heliox are commonly used in respiratory equipment. For instance, nitrogen is utilized in pre-flight lung diagnosis to calculate a person’s ability to respond to a simulated aircraft cabin environment. Carbon dioxide can be used at the time of insufflation and can be infused with oxygen for stimulation of the respiratory simulation. Increasing adoption of these gases in the healthcare industry is driving the growth of market.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Cross-Border B2C E-Commerce service industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The Report on Industrial Gases Market Highlights:
Historic Data, Estimates and Forecast
Increasing Use of Industrial Gases in the Asia Pacific Region
Asia Pacific is expected to grow at a highest CAGR in coming years. This is attributed due to high demand and growth in Industrial sector. Growing population and rapid urbanization are the key factors for the growth of industrial gas market. According to Asia Industrial Gases Association (AIGA), the growth of industrial gases in countries such as India, China, New Zealand, Singapore, Malaysia, and various others is expected to grow due to rapid industrialization and demand in medical gases especially in countries such as China & India.
Recent Developments in the Industry:
1 On November 2021, FIBA Technologies aims to double its production capacity in preparation for growth in hydrogen storage and transportation after beginning work on expanding its US headquarters. FIBA is investing several million dollars in expanding its manufacturing facilities at its headquarters in Littleton, Massachusetts, installing new equipment and increasing its skilled production workforce.
2. On November 2021, Severstal, Schneider Electric and Air Liquide have come together to support a low-carbon future under a newly developed climate memorandum. Supporting the development and implementation of low-carbon technology and building climate-responsible interaction with stakeholders are also key priorities for the trio.
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Industrial Gases Market by Type (Nitrogen Oxygen Carbon Dioxide Argon Hydrogen) by Application (Oil and Gas, Chemical Industry, Power Industry, Mining Industry, Steelmaking) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028".
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Industrial Gases Market for the base year and forecast period?
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