Industrial Gases Market Share Estimated to Reach 114.06 Billion USD, at a 6.23% CAGR By Regions, Current Trends, Size, Growth Drivers and Business Forecast 2030

Industrial Gases Market To Thrive At A CAGR Of 6.23% By 2030

According to the MRFR research report, Industrial Gases Market Research Report: Application, Type, and Region– Forecast to 2030, the industrial gases market is predicted to flourish USD 114.06 Billion at a 6.23% CAGR during the assessment timeframe from 2022 to 2030.

Industrial Gases Market Overview:

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Industrial gases refer to the gaseous materials utilized for industrial operations. Acetylene, nitrogen, hydrogen, oxygen, helium, argon, and carbon dioxide are some of the prime gases used in industries. These gases are supplied to several end-use industry areas through gas tankers in both gaseous and liquified forms. These industrial gases are produced from the process of cryogenic filtration of air using air separation units. These gases are also known as a specialty, fuel, medical, and refrigerant gases based on their applications in several industries.

The global market for industrial gases has grown immensely in the last few years. The primary aspect causing a rise in the market’s growth is the growing demand for industrial gases from prime end-use industries such as the power industry, food & beverage, petrochemicals, chemicals, and oil & gas. Because of the growth in industrialization and urbanization and the growing application of industrial gases across several industry areas such as food services, mining, metals, and construction are also likely to boost the demand growth over the review timeframe. Moreover, the factors such as enhancing the demand for electronic devices, expanding crude oil consumption, the need for refining, and strict environmental standards may also influence the growth of the industrial gases market over the assessment era.

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Industrial Gases Market USP Covered

Market Drivers

The global market for industrial gases has grown immensely in recent times owing to increased industrial activity, growing production units, and rapidly expanding building & construction activities.

Market Restraints

On the other hand, strict regulatory regulations may restrict the market’s performance.

COVID-19 Impact

The global health crisis in the form of COVID-19 has had a massive impact on the majority of the industry areas across the globe. On the other hand, the growing demand for greenhouse gases because of their medicinal and fire-fighting uses has led the market to witness substantial growth over the assessment timeframe.

Industrial Gases Market Segment Analysis

Among all the products, the oxygen segment is anticipated to lead the global market for industrial gases over the review timeframe. It boosts the thermal efficiency of fuel. It is utilized to treat hazardous wastes and polluted water for the gasification process of coal. The gas can also reinstate chlorine in the paper and pulp industry in order to lower pollution. On the other hand, the nitrogen segment is anticipated to grow substantially over the coming years. the expanding medical and pharmaceutical industry across the North American and Asia-Pacific region is the main parameter supporting the segment’s growth.

Among all the distribution segments, the cylinder (merchant) segment is anticipated to dominate the global market or industrial gases over the review timeframe. The segment deals with gases being distributed in packaged cylinder forms. On the other hand, the on-site segment is likely to grow at the fastest rate over the coming years.

Among all the application areas, the manufacturing application segment is predicted to secure the top position across the global market for industrial gases over the coming years. the growth of the segment is credited to the demand for industrial gases in the manufacturing industry and increasing demand for advanced industrial gases in the electronic industry.

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Industrial Gases Market Regional Analysis

The global market for industrial gases is analyzed across five major regions: the middle east & Africa, South America, Asia-Pacific, Europe, and North America.

According to the MRFR research reports, the Asia-Pacific region secured the top position across the global industrial gas market in 2020. The regional market is anticipated to grow substantially over the assessment era. The increase in the end-use industry areas across Japan, South Korea, India, and China is the central aspect supporting the growth of the regional market. These nations are also known to be significant contributors to the global market. Among all these, China accounted for the largest market share in 2020. Because of the rise in demand for high-quality gas solutions across the aerospace sector has also led to causing a massive rise in demand for these gases. Moreover, the significant growth in the food and beverage and pharmaceutical companies across developing nations like China and India is also likely to generate plenty of possibilities for market growth over the coming years.

The industrial gas market for the North American region is anticipated to grow substantially over the review timeframe. The region has the U.S. as the leading growth contributor. The expanding electronic and healthcare industries across the region are the primary aspect causing a rise in the regional market growth. Furthermore, the growth of the industrial sector across the region is another prime factor boosting the regional market’s growth over the coming years.

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Industrial Gases Market Competitive Analysis

The list of prominent leaders across the global market for industrial gases includes companies such as:

• Bhuruka Gases Ltd.
• Air Liquide S.A.
• Messer Group GmbH
• Asia Technical Gas Co (PTE) LTD (ATG)        
• Gulf Cryo
• Taiyo Nippon Sanso Corporation
• Ellenbarrie Industrial Gases Ltd.       
• Linde AG
• MATHESON Tri-Gas Inc.
• Tripti Gases Pvt. Limited
• Dubai Industrial Gases
• National Industrial Gas Plants – Mohammed Hamad Al Mana Group

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