According to Market Research Future (MRFR), the global industrial gases market valuation is expected to rise at a high CAGR of 6.23% during the assessment period (2017-2027). Increasing consumption of industrial gases in the healthcare, metal & metallurgy, and pharma & biotech sectors creates a substantial demand in the market. The rise in industries such as chemicals, pulp & paper, and food & beverages; define the growth landscape of industrial gases across the world.
The global industrial gases market is growing at a rapid pace. The market growth attributes to the rising demand and industrialization worldwide. Besides, the increasing consumption of various specialty gases across the end-user industries drives the development of the market. Moreover, the spurting rise in sectors such as automotive & aerospace and electronics escalate the market demand.
Additionally, the increasing consumption of industrial gases in many applications across diverse industries influences the demand in the market. Surging demand for industrial gases from the energy and oil & gas industry substantiate the growth of the market. The industrial gas business is capital intensive and requires enormous investments, which is estimated to act as significant headwinds for the development of the market. Nevertheless, stringent environmental norms to minimize sulfur content of refinery products would support the market growth throughout the review period.
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Global Industrial Gases Market – Segments
The report is segmented into three dynamics;
By Gas Type : Oxygen, Helium, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Argon, and others.
By Application : Healthcare, Metal & Metallurgy, Pharma & Biotech, Chemicals, Automotive & Aerospace, Electronics, Pulp & Paper, Food & Beverages, and others.
By Regions : Americas, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Global Industrial Gases Market – Regional Analysis
North America dominates the global Industrial Gases Market Analysis. The largest market share attributes to the high demand for industrial gases in rapidly developing automotive and construction industries. Besides, the large petroleum industry and growing telecom infrastructure in the region drive the growth of the market. Moreover, vast industrialization substantiates the market demand, consuming enormous amounts of various specialty gases.
Also, substantial developments in the automotive industries and renewable energy sectors foster the market demand considerably. The North American industrial gases market is expected to retain its dominance over the global market throughout the assessment period.
Asia Pacific is another lucrative market for industrial gases globally. The market growth is driven by the increased production activities for the export of industrial gases. Additionally, the increasing use of basic oxygen furnace technology by major metal and metallurgy companies boost the regional market growth, increasing the consumption of industrial gases. Furthermore, the massive consumption of specialty gases in major end-use applications pushes the development of the regional market.
Besides, the presence of key market players and end-user industries in the region influence market growth. Moreover, booming electronics sectors in China and India, foster regional market growth. Also, the rising production in the automotive and pharmaceutical industries boosts market growth, creating a huge market demand in the region. The APAC industrial gases market is expected to witness a significant growth rate during the assessment period.
The industrial gases market in Europe is growing substantially. Factors such as the presence of well-established automotive and metal & metallurgy industries propel the regional market growth. Moreover, spurting growth in already burgeoning automotive sectors in the region, acts as a key growth driver for the development of the market. Besides, rising production capacities in various end-use industries such as chemicals, metals, food & beverages, and healthcare & construction create substantial market demand.
Global Industrial Gases Market – Competitive Landscape
Highly competitive, the industrial gases market appears fragmented due to the presence of numerous big and small players. Strategies such as mergers & acquisitions, collaboration, and product/technology launch remain key trends for the leading players to gain a larger competitive share.
Industry players invest substantially to develop new specialty gas lines to be used in countless applications, ranging from life-saving oxygen for hospitals to electronics manufacturing, clean fuels, and much more. They strive to deliver state-of-the-art gas processing solutions to support customer expansion, efficiency improvements, and emissions reductions.
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