Industrial Gases Market Growth & Trends Report, 2020-2027
Industrial Gases Market
The Industrial Gases Market was calculated around USD 89 billion in 2019 and is expected to grow at a CAGR of 7.2% over the forecast period (2020-2027).
The factors driving the growth of Industrial Gases Market includes increasing use of industrial gases in end-use industries such as Healthcare, Food and Beverage and Electronics, growing demand for fiber optics, flat panel displays and printed electronics, around the world and rising emphasis on utilizing clean energy. According to the report published by Statista, the Fiber Optic Cable Market in the Untied States has increased from USD 1.93 billion in 2015 to USD 2.24 billion in 2020, which will accelerate the Global Industrial Gases Market in the approaching years. Moreover, the rapid growth in manufacturing semiconductor, increasing investments by leading players on research and development, rising disposable incomes, on-going infrastructure development in the developing countries and growing population growth rates, are some of the additional factors supplementing the Industrial Gases Market size. As per Bloomberg, the Semiconductor and Electronics Market is expected to reach USD 1 trillion by the end of 2029, growing at a CAGR of 7.4% over the forecast period (2022-2029), which will boost the market growth in the coming years.
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However, the growth of Industrial Gases Market is hindered due to strict regulations regarding the distribution of industrial gases.
The major players operating in the market are BASF SE, Southern Company, Universal Industrial Gases, Inc., Air Liquide, Air Products Inc., Linde plc, Bhuruka Gases Limited, Matheson Tri-Gas, Messer Group and Gulf Cryo, among others.
Based on Gas Type, the Oxygen segment is predicted to expand at a significant CAGR during the forecast period
Increasing application of oxygen in gas welding, gas cutting and manufacturing air products, is propelling the segment’s growth.
Based on End User, the Healthcare segment is estimated to grow at a remarkable CAGR over the forecast period
Increasing use of oxygen for breathing, development of gas-assist equipment suppliers and growing adoption of advanced technologies in the healthcare sector, are some of the factors responsible for the segment’s growth.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
As per the Industrial Gases Market Analysis, growing demand for iron and steel across industry verticals, rapid growth in the manufacturing sector, increasing population growth, improved living standards and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Development
In 2019, Air Products entered into an agreement, receiving USD 168 million from NASA for supplying helium for the space projects. The assigned project is for two years.
In 2019, Linde and ExxonMobil Asia Pacific Pvt. Ltd., agreed to expand organization’s integrated manufacturing complex in Singapore. The project includes building and operation of additional gasifiers, a 1,200 metric ton per day air separation plant and Linde’s proprietary downstream gas processing units.
Market Segmentation
Segmentation by Gas Type
Oxygen
Nitrogen
Carbon Dioxide
Hydrogen
Argon
Others
Segmentation by Application
Packaging
Coolant
Carbonation
Cryogenic
Cutting and Wedding
Laboratory
Air Separation
Others
Segmentation by End User
Metallurgy
Healthcare
Chemical
Food & Beverage
Oil & Gas
Power
Pulp and Paper
Electronics
Water Treatment
Mining
Others
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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