Industrial Gases Market worth $137.9 billion by 2028, at a CAGR of 5.5 %, says MarketsandMarkets™
Chicago, Feb. 21, 2024 (GLOBE NEWSWIRE) -- *The Global **Industrial Gases Market **size is projected to grow from USD 105.6 billion in 2023 to USD 137.9 billion by 2028 at a CAGR of 5.5%, **as per the recent study by MarketsandMarkets™.* The growing fields of metallurgy and the healthcare industry are pivotal drivers for the expansion of the industrial gases market. In metallurgy, industrial gases such as oxygen, nitrogen, and argon play crucial roles in various processes. Oxygen is often used in steel production for combustion, while nitrogen and argon find application in processes like metal cutting and welding. As metallurgical activities increase globally, the demand for these industrial gases rises, propelling market growth.
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*Browse in-depth TOC on "Industrial Gases Market”.*
*158 - Market Data Tables*
*49 - Figures *
*212 - Pages *
*List of Key Players in Industrial Gases Market**: *
1. Air Liquide (France),
2. Linde plc (England),
3. Air Products & Chemicals, Inc. (US),
4. Messer SE & Co. KGaA (Germany),
5. Nippon Sanso Holdings Corp. (Japan)
*Drivers, Opportunities and Challenges in Industrial Gases Market*
1. *Drivers:* Growing demand for frozen food
2. *Restraint:* Strict regulatory compliance
3. *Opportunity:* Growing semiconductor market
4. *Challenge: *Ensuring the safety of employees
*Key Findings of the Study:*
1. By Type, Hydrogen is expected to be third fastest growing gas after Oxygen and Nitrogen during the forecast period.
2. By End-use Industry, food, and beverages industry to be the fastest growing end-use industry.
3. Europe is the third largest market after Asia Pacific and North America during the forecast period.
Similarly, the healthcare industry relies heavily on industrial gases, with oxygen being a fundamental component for medical purposes. Nitrogen is used in cryopreservation for storing biological samples, and carbon dioxide finds applications in medical imaging. As the healthcare sector continues to expand, driven by factors such as an aging population and technological advancements, the demand for industrial gases in this industry is expected to surge, providing a significant boost to the overall market growth.
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Based on the Type, Oxygen segment holds largest market share in industrial gases market. Oxygen stands as the predominant gas in the industrial gases market, playing a pivotal role in both the chemical and electronics industries. In the chemical sector, oxygen is widely utilized in various processes such as combustion, oxidation, and chemical synthesis. It serves as a crucial component in the production of chemicals like ethylene, methanol, and ammonia. Additionally, oxygen enhances combustion efficiency in industrial furnaces, facilitating processes such as petrochemical refining.
In the electronics industry, oxygen is a key participant in the fabrication of semiconductors and integrated circuits. It is an essential component in the production of silicon wafers, acting as a reactant in the chemical vapor deposition (CVD) process and aiding in the creation of high-purity silicon dioxide layers. The controlled use of oxygen in these industries underscores its significance not only as a life-supporting element but also as a critical facilitator of intricate manufacturing processes integral to chemical and electronics production.
Based on end-use industry, the manufacturing holds largest market share in industrial gases market. Industrial gases such as nitrogen, oxygen, and argon are instrumental in welding, metal cutting, and heat treatment, contributing to the fabrication of various materials. Moreover, these gases play a pivotal role in enhancing combustion efficiency in furnaces and supporting chemical reactions critical for the production of chemicals and materials. As manufacturing activities continue to evolve and expand globally, the demand for industrial gases remains robust, solidifying the manufacturing sector's dominance in the industrial gases market.
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Based on region, Asia Pacific is the largest market of industrial gases. The Asia Pacific region has emerged as the largest market for industrial gases due to a confluence of factors, including rapid industrialization, thriving manufacturing sectors, and increase in demand for gases across diverse industries. With countries like China and India experiencing significant economic growth, there is an increasing need for industrial gases in sectors such as steel, chemicals, electronics, and healthcare. The region's dynamic industrial landscape, coupled with a growing emphasis on technological advancements and environmental sustainability, has fueled the demand for industrial gases, positioning the Asia Pacific as a key hub for the production and consumption of these essential gases.
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