The global Industrial gases market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Industrial gases are a special class of chemicals that caters to a wide array of applications in several end-use industries. They are largely used in industries which include chemical, medical, cryogenics, laboratory, metallurgy, food processing and packaging, water treatment, metal cutting and welding and semiconductor industries among several others.
Major gases classified under industrial gases include atmospheric gases (nitrogen, oxygen and argon), elemental gases (hydrogen, chlorine and fluorine), noble gases (helium, neon, xenon and krypton) and other gases (acetylene and ammonia).
Rising demand of gas blanketing and cryogenics in chemical industries and refineries is likely to drive the industrial gases market. As industrial gases are used for these applications, demand for gas blanketing and cryogenics is expected to fuel the growth of this market. Demand for gas blanketing and cryogenics in chemical industries and refineries are actually increasing because of growing economy in developing countries. Additionally, demand for metallurgy, food processing and packaging, water treatment, metal cutting and welding and semiconductor industries is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets. This demand is growing at a higher rate, which in turn will boost consumption of industrial gases.
Drivers and Restraints of Industrial Gases Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for industrial gases market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Most of the industrial gases are exposed to the probability of volatility in supply and price of crude oil and gas. Few industrial gases are hazardous in nature and are harmful to the environment. Existing and future regulations concerning the use of certain industrial gases in end products are likely to challenge the market growth.
Industrial Gases Market by Region
Asia was the largest consumer of industrial gases and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, India and Japan were the largest consumers of industrial gases in this region. Growing demand for oil & gas, chemical, medical, cryogenics and other industries will drive industrial gases market in Asia. Consumption of industrial gases in the Americas was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to remain at the same rate due to the shift of industries to Asia. Demand from the Middle East and Africa was low relatively and is likely to stay same in the next few years.
Top players in this market include Air Liquide, Linde AG, Air Products and Praxair Inc. Other significant players operating in the industrial gases market include BASF, Gulf Cryol, Airgas, Taiyo Nippon Sanso Corporation, Asia Technical Gas Co (PTE) LTD (ATG) and Goyal MG Gases Pvt. Ltd. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth