Industrial gases have diverse applications across industries. Oxygen is vital for metal fabrication and healthcare, while nitrogen is used in food preservation and electronics manufacturing. Hydrogen finds application in fuel cells and refining processes. Carbon dioxide is used for beverage carbonation and in the food industry. Industrial gases offer high purity, controlled properties, and inertness. They are used for welding, cutting, and cooling as process gases. Their uses range from industrial processes, healthcare, and transportation to energy production, electronics, and environmental applications.
According to Data Bridge Market Research, the Global Industrial Gases Market is expected to grow with a CAGR of 5.95% in the forecast period of 2022 to 2029.
“Rise in the urbanization and industrialization boosts the market’s growth”
The rise in urbanization and industrialization significantly impacts the growth of the industrial gases market. As urban areas and industries expand, there is an increased demand for industrial gases such as oxygen, nitrogen, hydrogen, and carbon dioxide. These gases are essential for various applications, including manufacturing, healthcare, electronics, and food processing. The growing urban population and industrial activities drive the need for industrial gases to support infrastructure development, energy production, and technological advancements, thus fueling the growth of the industrial gases market.
What restraints the growth of the global industrial gases market?
“Growing cost of gas conversion restraints the market’s growth”
The growing cost of gas conversion poses a restraint on the market's growth. Converting from traditional energy sources to gas-based systems requires significant investment in infrastructure, equipment, and technology upgrades. The expenses associated with retrofitting existing systems or implementing new gas-based solutions can be substantial. This financial burden often hinders the adoption of gas conversion, especially for smaller businesses or industries with limited budgets. The high upfront costs and potential disruption to operations act as deterrents, limiting the market's growth in the face of increasing gas prices and environmental considerations.
Segmentation: Global Industrial Gases Market
The global industrial gases market is segmented on the basis of product, distribution outlook, and application.
- On the basis of product, the industrial gases market has been segmented into oxygen, nitrogen, hydrogen, carbon dioxide, acetylene, argon, and others.
- On the basis of distribution outlook, the industrial gases market has been segmented into on-site, bulk, and cylinder.
- On the basis of application, the industrial gases market has been segmented into healthcare, manufacturing, metallurgy and glasses, food and beverage, retail, chemicals and energy, and others.
Regional Insights: Asia-Pacific dominates the global industrial gases market
Asia-Pacific dominates the industrial gases market due to the increasing demand for industrial gases. Additionally, the growth and advancement of end-use industries will contribute to further accelerating the market's expansion. This rise in demand, coupled with the development of various industries, will create favorable conditions for the industrial gas market to thrive in the region.
North America is projected to observe significant growth in the industrial gases market driven by the expanding healthcare and electronic industries. Furthermore, the ongoing development of the industrial sector is expected to provide an additional boost to the market's growth in the region. The increasing demand for industrial gases from these industries and overall industrial progress will play a pivotal role in driving the expansion of the industrial gases market in the region.
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The Prominent Key Players Operating in the Global Industrial Gases Market Include:
- Praxair Technology, Inc. (U.S.)
- Airgas (U.S.)
- Air Liquide (U.S.)
- Air Products & Chemicals (U.S.)
- IWATANI CORPORATION (U.S.)
- Messer Group (U.S.)
- Linde plc (U.K.)
- Southern Industrial Gas Sdn. Bhd. (U.S.)
- nexAir LLC (U.S.)
- Taiyo Nippon Sanso (U.S.)
- SIG Gases (U.K.)
- BASF SE (U.S.)
- Yingde Gases Group Co. Ltd. (U.S.)
- Showa Denko (U.S.)
- Sinopec (U.S.)
- Mitsubishi Chemical Holdings (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global industrial gases market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Industrial Gases Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
