Industrial Gases for Plastic and Rubber Market Size Forecast to Reach $5.5 Billion by 2026
Research Reports
Sep 03, 2021
Industrial Gases for Plastic and Rubber Market size is forecast to reach $5.5 billion by 2026, after growing at a CAGR of 4.1% during 2021-2026. With the rising demand for plastics & rubber end products in various end-use segments such as oil & gas, petrochemicals, food, and others, the Industrial gases for plastic and rubber market is witnessing an increase in demand. Injection molding, Blow molding among others are one of the most popular techniques which are used for plastics and rubber making. However, the rising environmental pressures are opening up new applications for lighter and more innovative plastic and rubber materials. Whereas the growing strict regulatory controls on CFCs are restricting or prohibiting the use of certain chemicals. Thus, industrial gases can become a better alternative in that situation.
COVID-19 Impact
The sudden outbreak of covid-19 pandemic has had a major impact on global markets as major economies of the world were in lockdown mode. Owing to this, the plastics demand in different end uses such as cosmetics industry, food & beverages with others has dropped. Whereas on the other hand the demand for rubber during the month from April to June’2020 the demand for natural rubber-made tires has declined massively as most of the vehicle manufacturing plants were shut down. Hence, owing to the aforementioned points, the industrial gases for the plastic and rubber market have also declined.
Industrial Gases for Plastic and Rubber Market Segment Analysis – By Gas
The inert gas segment held the largest share in the industrial gases for plastic and rubber market in the year 2020 and is expected to grow at a CAGR of 5.3% during the forecast period. Nitrogen is useful as a gas, owing to its inert properties, and as a liquid for cooling and freezing. Virtually any industry can benefit from its unique properties to improve yields, optimize performance and make operations safer. Nitrogen is important to the chemical industry. Nitrogen gas is also used to provide an unreactive atmosphere. It is used in this way to preserve foods, and in the electronics industry during the production of transistors and diodes. Large quantities of nitrogen are used in annealing stainless steel and other steel mill products. Annealing is a heat treatment that makes the steel easier to work. So, with the growing demand for inert gases in plastic and rubber industry, the industrial gases for plastic and rubber market will drive.
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Industrial Gases for Plastic and Rubber Market Segment Analysis – By Process
Injection Molding has been the primary market for Industrial gases for plastic and rubber in the year 2020 and is expected to grow at a CAGR of 4.4% during the forecast period. Injection molding is a method to obtain molded products by injecting plastic materials molten by heat into a mold, and then cooling and solidifying them. The method is suitable for the mass production of products with complicated shapes and takes a large part in the area of plastic processing. The functions of the clamping unit are opening and closing a die, and the ejection of products. In injection molding, moisture and oxygen can cause issues with the final product including defects and blemishes. Using dry nitrogen generated from a Parker on-site nitrogen generator eliminates these complications.
Industrial Gases for Plastic and Rubber Market Segment Analysis – By Geography
APAC has dominated the Industrial gases for plastic and rubber market in the year 2020 and is expected to grow at a CAGR of 5.9% during the forecast period. China and India are the major markets in this region, owing to the larger industries and higher demand. With nitrogen being the most preferred gas used in the tires of various automobiles for better performance, so with the growing automotive industry, the market for industrial gas will also grow. According to the OICA’s (International Organization of Motor Vehicle Manufacturers) production statistics of 2019, China is the largest automotive producer around the globe. Whereas India is the 5th largest producer automotive producer. So, with the growing demand and manufacture of automotive in this region, the industrial gases for the plastic and rubber market is expected to grow in the forecast period.
Industrial Gases for Plastic and Rubber Market Drivers
Growing Demand in Automotive Industry
Tires are generally made from rubber and plastic and need to be fit well int the vehicles. But, improperly inflated tires can wear unevenly, wear out faster, and ruin fuel economy. By simply putting, pure nitrogen does a better job of maintaining the right tire pressure, thus enabling the car and its tires to work as efficiently as possible. For most cars, this pressure is measured in pounds per square inch (or psi for short) and the car’s recommended pressures should be printed on a door sill or in the owner’s manual. So, with the growing demand for vehicles around the world, the demand for industrial gases in plastic and rubber will increase.
The Emergence of Electric vehicles
The global shift towards electric vehicles in the developed and developing nations would increase the growth for Industrial gases for plastic and rubber market over the forecast timeframe. Whereas according to the electric vehicle world sales database, Europe is the beacon of EV sales in 2020 with 57 % growth for H1, in a vehicle market that declined by 37 %. The rapid increase of EV sales started in September 2019 and gained further momentum this year. Furthermore, according to the IEA’s Global EV outlook 2020, the global electric car stock has increased by 2.1 million in the year 2019 as compared with 2018. So, with the growing demand for electric vehicles around the world, the industrial gases for plastic and rubber market is expected to grow.
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Industrial Gases for Plastic and Rubber Market Challenges
Concerns Regarding Use in Manufacturing Facilities
There are few risks associated with common industrial gases used in manufacturing facilities such as pressure, anoxia, cryogenic burns, fire, and toxicity. So, if these gases are not handled correctly, the worker or employees can suffer from severe frostbite, compromised respiratory and circulatory systems, and oxygen deficiency. While sometimes these hazards can lead to severe harm or death, they can be avoided with correct handling procedures. So, in manufacturing facilities of industrial gases, a highly skilled worker should only work.
Industrial Gases for Plastic and Rubber Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Industrial gases for plastic and rubber market. Major players in the Industrial gases for plastic and rubber Market are Praxair, Airgas, The Linde Group, Air Liquide, Air Products and Chemicals, Universal Industrial Gases, Messer Group, Taiyo Nippon Sanso, Novomer, Yingde Gases Group, among others.
Acquisitions/Technology Launches
In March 2019, Airgas, an Air Liquide company, has completed the acquisition of TA Corporate Holdings, Inc (Tech Air), an independent distributor of industrial gases and welding supplies serving various geographies in the US.
In March 2019, Industrial gases specialist Messer acquired the majority of Linde AG’s gases business in North America and certain Linde and Praxair business activities in South America.
Key Takeaways
Asia-Pacific dominates the Industrial gases for plastic and rubber market owing to the increasing demand of its application in various end-use such as oil & gas, food & beverages with others.
The growing popularity of nitrogen in plastic industry is likely to aid in the market growth of industrial gases for plastic and rubber.
With the increasing demand for tires in automotive, aviation and others, the market growth for industrial gases for plastic and rubber is expected to drive.
Need for highly skilled workers in the manufacturing facilities otherwise any accident may happen, this will create hurdles for the Industrial gases for plastic and rubber market.
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