Industrial Gases Market Industry Analysis Comparing Industry Prospects And Challenges Of Investing

 Industrial Gases Market Growth & Trends

The global industrial gases market size is expected to reach USD 147.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028. The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thereby attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Major end-use industry segments such as medical and pharmaceuticals, food and beverages, petroleum refining, petrochemicals, and aerospace prefer acquiring these gases directly from the manufacturing/distribution companies. Companies operating in these end-use segments usually require large quantities of gases, and therefore opt for bulk or onsite form of distribution.

The healthcare industry consumes substantial amounts of industrial gases in analytical and imaging equipment, diagnostics, home and institutional respiratory therapies, instrument and equipment sterilization, dental and general surgical anesthesia, imaging contrasts, and many other applications. Continuing research in new applications improves the growth in demand for industrial gas by the healthcare sector.

Industrial gases are used for a wide range of applications in the food and beverage industry. In the food industry, industrial gases are employed for numerous applications, including modified atmospheric packaging (MAP), chilling and freezing, and controlling the temperature of products during transportation and storage. It is majorly used to maintain the quality and increase the shelf life of food products.

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Industrial Gases Market Report Highlights

• North America is expected to witness significant growth over the forecast period. The growing healthcare and electronic industries across the region are likely to promote market growth in North America
• By product, nitrogen is expected to witness the highest growth over the forecast period. It is an inert gas that finds numerous applications in the field of heat treatment for establishing a neutral atmosphere. Nitrogen is used to eliminate air from mines contaminated with methane to avoid break out of fire
• Based on application, the manufacturing segment accounted for the largest revenue share in 2020 owing to increasing demand for industrial gases, such as nitrogen, oxygen, carbon dioxide, and hydrogen, in the manufacturing industry
• The presence of a large number of players in the market has resulted in tough competition. New and multifunctional product developments, superior quality, and efficient pricing are the only strategies companies can adapt to survive in this highly competitive global market

Industrial Gases Market Segmentation

Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:

Industrial Gas Product Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)

• Oxygen
• Nitrogen
• Hydrogen
• Carbon Dioxide
• Acetylene
• Argon
• Others

Industrial Gas Application Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)

• Healthcare
• Manufacturing
• Metallurgy & Glass
• Food & Beverages
• Retail
• Chemistry & Energy
• Others

Industrial Gas Distribution Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)

• On-site
• Bulk (Liquid Gas Transport)
• Cylinder (Merchant)

Industrial Gas Regional Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK.
  • Germany
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Central & South America (CSA)
  • Brazil
• Middle East & Africa
  • Saudi Arabia
  • UAE

List of Key Players of Industrial Gases Market

• Air Liquide
• Air Products & Chemicals
• Messer Group
• Taiyo Nippon Sanso
• The Linde Group

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.