Industrial Gases Market by Application Type (Healthcare, Manufacturing, Metallurgy & Glasses, Food & Beverages, Chemical and Energy, Retail, and Others); By Product (Nitrogen (N2), Oxygen (O2), Hydrogen (H2), Argon, Acetylene, Helium and Others); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Industrial gases market size was valued 88.4 Bn in 2021 and is expected to reach 169.2 Bn by 2031, at a CAGR of 6.7% in the forecast period.
Industrial gases are gaseous products manufactured in huge volumes for multiple processes of production. Their reactivity, inertness, and other superior physical properties are rated for industrial gases. Few examples of industrial gasses are oxygen (O2), Carbon dioxide (CO2), hydrogen (H2), nitrogen (N2), Argon (AR), and many others. These industrial gasses find their area of application in a form of gas bottles in therapeutic oxygen, balloon helium, welding and welding devices, beer containers, and LPG. A variety of small gas-pumped containers are also available for the production of industrial gases. These small gas cans include the supply of LPG, propane (C3H8), butane (C4H10), nitrous oxide (N2O), or carbon dioxide (CO2) in a form of cylinders, flasks, bottles, capsules, or canisters.
The rising demand for industrial gases in oil, food & beverage, medical, electronic, and petroleum & gas applications fueled the global market for industrial gases. Significant demand from the oil and gas industries is experiencing for industrial gases. To monitor different processes, refineries need huge amounts of industrial gases. Furthermore, high environmental requirements for reducing Sulphur content allowable in refining products encourage refining operators to desulfurize oil, offering the potential for industrial gas development opportunities the growth can be attributed to expanding energy demand, the adequacy of energy-efficient technology, surging demand for natural gas power plants, the effect of the shale gas revolution and a decrease in carbon dioxide emissions.
Global Industrial GasesMarket: Segments
Global Industrial Gases Market has been segmented based on product type, application type and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa
Oxygen dominated the market with over XX% of the market share in 2019
Global Industrial GasesMarket is segmented by product into nitrogen (N2), oxygen (O2), hydrogen (H2), argon, acetylene, helium, and others. Oxygen is known to increase the thermal efficiency of fuel, and hence to be used to get more energy from the fuel, oxygen is utilized for manufacturing, melting of steel, medical applications, smelting of copper. Oxygen is used for the treatment and gasification of contaminated wastewater, contaminated water and biomass. To minimize emissions, chlorine may also be substituted by it in the production of pulp and paper. In future years, therefore, large-scale oxygen application in different industries is expected to boost demand for industrial oxygen.
Nitrogen is used to a broad extent in the health sector, and the developing North America and Asia-Pacific healthcare and pharmaceutical industries could fuel demand growth in the next few years. Nitrogen is an inert gas that can be used in heat treatment to create a stable atmosphere. Due to its neutral properties, gas is often used in large amounts in explosive furnaces and many other furnace applications.
Manufacturingdominated the market with XX% Market share in 2019 and is anticipated to witness significant growth in the forecasted period
Global Industrial Gases market is segmented by Application type into Healthcare, manufacturing, metallurgy & glasses, Food & beverages, chemical and energy, Retail, and others. In the manufacturing sector demand for industrial gases such as N2, O2, CO2, H2, etc. is anticipated as the result of the increasing production activities in nations like India, China, Brazil, and South Korea to be significant growth of developing economies. A further boost is projected to be the growth of the sector in the rising adoption of advanced industrial gases in the electronic industry.
High environmental requirements for reducing Sulphur content allowable in refining products encourage refining operators to desulfurize oil, offering the potential for industrial gas development opportunities. The growth can be attributed to expanding energy demand, the adequacy of energy-efficient technology, surging demand for natural gas power plants, the effect of the shale gas revolution, and a decrease in carbon dioxide emissions.
High demand from the end-user:
The rising demand for industrial gases in oil, food & beverage, medical, electronic, and petroleum & gas applications fueled the global market for industrial gases. Significant demand from the oil and gas industries is experiencing for industrial gases. To monitor different processes, refineries need huge amounts of industrial gases.
High initial cost
Industrial gasses are capital intensive and require a huge initial investment and high maintenance cost of the equipment thus restraining the market growth. Strict government policies and laws and orders to carry out the energy production by gas turbines in the industry hinder the market growth over the forecasted period.
North America is anticipated to dominate the market with XX% market share in 2019 growing at a CAGR of XX% over the forecasted period.
The North American market is anticipated to witness the highest growth due to the growing emphasis on the Combined Cycle Gas Turbine (CCGT) capacity additions. The availability of enormous gas reserves, improved production and a lower build-up period helps power generation by CCGT.
Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
These actors adapt policies to further improve their footprints in the market, such as providing multi-annual services contracts for current and emerging power plant shareholders. Competition among the leading suppliers is based on their gas turbines 'productivity and effectiveness, as well as their customers' associated services. To boost its market dominance due to the rapid technological change and fierce competition, technical capability and R&D are one of the most important focus areas of industry.
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