Industrial Gases Market Demand, Future, Growth, Business Insights, Forecast By 2050
Research Reports
Jun 25, 2024
Industrial Gases Market Overview:
The study documents by MRFR state that the Industrial Gases Market Research Report Information by Type, End User and Region – Forecast Till 2050, the Industrial Gases Market Size is projected to grow from USD 993.24 million in 2023 to USD 4,986.62 million by 2050, with CAGR of 6.13% during the forecast period (2024 – 2050). Industrial Gases Market Share was valued at USD 942.02 million in 2022.
The industrial gases market encompasses a variety of gases used across numerous industries for diverse applications, including manufacturing, healthcare, electronics, and food processing.
These gases, such as oxygen, nitrogen, carbon dioxide, hydrogen, and noble gases, play critical roles in enhancing productivity, safety, and environmental sustainability. With technological advancements and increasing demand from end-user industries, the industrial gases market is poised for significant growth.
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Competitive Analysis
- Linde PLC (Ireland)
- Air Liquide (France)
- BASF SE (Germany)
- Air Products and Chemicals Inc. (US)
- Messer Group GmbH (Germany)
- Iwatani Corporation (Japan)
- SOL Group (Italy)
- Matheson Tri-gas Inc. (US)
- Taiyo Nippon Sanso Corporation (Japan)
- Elliniki Gases S.A. (Greece)
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Market Dynamics
Drivers
Several factors are driving the growth of the industrial gases market. The increasing industrialization and urbanization in developing economies are significantly boosting the demand for industrial gases. Additionally, the growth of end-user industries such as healthcare, electronics, and food and beverages is further propelling market expansion.
Technological advancements in gas production and distribution, coupled with stringent environmental regulations, are encouraging industries to adopt cleaner and more efficient gas solutions.
Industrial Applications: Industrial gases are critical in various manufacturing processes, including metal fabrication, welding, cutting, and chemical processing. The manufacturing industry, in particular, accounted for the largest market share in 2022.
Healthcare Sector: The healthcare industry is a major driver due to the use of gases like oxygen, nitrogen, and carbon dioxide for medical applications such as respiratory therapy, anesthesia, and cryopreservation. The sector is expected to grow rapidly as healthcare infrastructure expands globally.
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Restraints
Despite the growth prospects, the industrial gases market faces several challenges. High production and storage costs, along with stringent safety regulations, can hinder market growth. Moreover, fluctuations in raw material prices and the complexities associated with the transportation of gases pose significant challenges. The need for substantial capital investment in infrastructure and technology also acts as a restraint for new entrants.
Market Segmentations
Industrial Gases Type Outlook: Hydrogen, Oxygen, Nitrogen, Carbon-dioxide, Others
Cryogenic Gases End User Outlook: Industry, Transportation, Agriculture, Energy, Others
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