The global Industrial Gases market size is expected to reach close to usd 148.16 billion by 2029 with an annualized growth rate of 7.2% through the projected period.
The main factor fueling the growth of global industrial gases industry are developing the techniques of enhanced oil recovery in gas & oil sector, increase in depletion of petrochemicals & chemicals and enlargement of capacity of refinery. Increase in the sales of passenger car is estimated to increase the demand for industrial gases in the automobile sector worldwide over the forecast period.
Rise in investment in aerospace and automobile industry is increasing the demand for services of metal fabrication, participating in the growth of industrial gases. With increase in demand in the manufacturing industry of metal, industrial gases are expecting the increase in demand from industries like food & beverages, healthcare, oil & gas, chemicals and electronics. As environmental concerns are increasing and strict rules for safety are factors that play a major role in the growth of the global industrial gases market.
Development in technology in the healthcare industry upsurge the demand for industrial gases production and act a driving factor for the industrial gases market analysis. For instance, development of gas-assist equipment in the medical field offers variety of controls and equipment. In medical field, oxygen is required in large amounts to reduce the risk of excess oxygen in body tissue or lungs during surgeries and for giving artificial ventilation. Nitrogen is required in pre-flight lung diagnosis for calculating ability of person to respond to aircraft cabin environment. Carbon dioxide is used at the time of insufflation and infused with oxygen for respiratory simulation. Therefore, increase in usage of industrial gases in healthcare sector is increasing the demand of industrial gases market in the coming years.
Nowadays, governments of different countries are contributing substantially to the GDP of the healthcare sector. Healthcare sector is the main focus in the developing economies of Europe and North America. On the other hand, healthcare spending in the developing countries is growing because of increase in initiatives taken by government. Rising healthcare expenses are leading to increase in demand for healthcare products, where there is use of industrial gases.
Global industrial gases market are segmented into products, application, distribution channel and geography. On the basis of products, industrial gases industry is divided into nitrogen, hydrogen, carbon dioxide, oxygen, helium, argon, acetylene and many more. The largest segment in the global industrial gas industry is nitrogen. Nitrogen holds largest share because of the presence of general manufacturing, food processing and pharmaceutical industry use nitrogen in large amount for their manufacturing. Based on application, industrial gases market is divided into energy, healthcare, chemicals and metallurgy. Metal working and metallurgy are dominating the industrial gas industry. On the basis of distribution channel, market is divided into bulk, on-site and packaged.
Geographically, regions focusing on the development of global industrial gases market share are Europe, North America, Asia-Pacific, U.S and Rest of World (RoW). Asia-Pacific is the fastest growing market for industrial gases. Industrial gases market in Europe are expected to increase in the coming years.
Key company profile in the Global Industrial Gases Market report are Air Liquide; Air Products & Chemicals; Messer Group; Taiyo Nippon Sanso; The Linde Group.
Industrial Gases Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||By Product, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
Key segments of the Industrial Gases Market.
by Distribution, 2021 to 2028 (USD Billion)
By Product, 2021 to 2028 (USD Billion)
• Carbon dioxide
By Application, 2021 to 2028 (USD Billion)
Region Overview, 2021 to 2028 (USD Billion)
• North America
o United States of America
o the Netherlands
o The United Kingdom
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• South America
o Rest of South America