The global industrial gases market was estimated to be US$ 103.10 Billion in 2022 and is expected grow at a CAGR of 7.8% between 2023 to 2032.
Industrial gases are a group of gases that are used in various industrial processes such as manufacturing, energy production, healthcare, and food processing. These gases are typically produced by specialized companies that use various methods to separate and purify gases from the atmosphere or other sources and typically distributed in large quantities to a wide range of industries. The gases are then compressed and stored in cylinders, tanks, or pipelines for distribution to customers.
The global industrial gases market is driven by several factors including the growing demand for energy-efficient technologies and sustainable practices, rapid industrialization and urbanization in developing countries, technological advancements in gas production and distribution, increasing use of industrial gases in food preservation and packaging, and growing demand for specialty gases in the healthcare industry.
The increasing focus on sustainability and energy efficiency is driving demand for industrial gases in industries such as manufacturing, chemicals, and energy.
The adoption of digital technologies and gas separation techniques is enabling more efficient and cost-effective production and distribution of industrial gases. Furthermore, the healthcare industry is a key driver of demand for specialty gases, including oxygen and helium, which are used in a wide range of medical applications.
The global industrial gases market is expected to continue to grow as industries and consumers continue to demand more sustainable and efficient solutions. The increasing demand for energy-efficient technologies and sustainable practices, coupled with rapid industrialization and urbanization in developing countries, is driving demand for industrial gases.
Furthermore, the increasing use of industrial gases in food preservation and packaging and the growing demand for specialty gases in the healthcare industry are expected to continue to drive growth in the industrial gases market. As technology continues to evolve and new applications for industrial gases emerge, the demand for these gases is expected to continue to grow.
Based on product the market is segmented into Nitrogen, Hydrogen, Carbon Dioxide, Oxygen, Argon, Helium, Acetylene and others.
Among these, the largest segment in the industrial gases market based on product is nitrogen. Nitrogen is widely used in many industries, including food processing, electronics, and chemicals.
It is used in the production of fertilizer and in the packaging of food products to prevent spoilage. Nitrogen is also used in the electronics industry for the production of semiconductors and other electronic components. Due to its wide range of applications, the demand for nitrogen is high, making it the largest segment in the industrial gases market.
The fastest-growing segment in the industrial gases market is carbon dioxide. Carbon dioxide is used in many industries, including food and beverage, healthcare, and chemicals. It is used in the production of carbonated beverages and in the preservation of food products.
Carbon dioxide is also used in the healthcare industry for the treatment of respiratory diseases and as a contrast agent in diagnostic imaging. The increasing demand for carbonated beverages and the growing prevalence of chronic diseases are driving the demand for carbon dioxide in these industries, making it the fastest-growing segment in the industrial gases market.
Based on application, the market is segmented into Healthcare, Electronics, Hydrogen Energy, Metal fabrication, Food & Beverages, Oil & Gas, Chemicals, Pulp & Paper and other applications.
Among these, the metal fabrication segment stands out in the industrial gases market, accounting for a considerable share of the overall market. This is due to the extensive use of industrial gases in various manufacturing processes, such as welding, cutting, and brazing.
In addition, industrial gases are used in the production of chemicals, plastics, and fertilizers, which are widely used in various industries. The growing demand for industrial gases is also driven by the increasing focus on energy efficiency and sustainable manufacturing practices.
While, the healthcare segment is the fastest-growing segment in the industrial gases market. The increasing prevalence of chronic diseases and the aging population have led to a growing demand for medical gases such as oxygen, nitrogen, and helium.
Medical gases are used in various applications, such as respiratory therapy, anesthesia, and diagnostic imaging, and are essential for the treatment of several medical conditions. In addition, the growing adoption of home healthcare services and the increasing demand for portable medical devices are driving the growth of the healthcare segment in the industrial gases market.
Moreover, the ongoing COVID-19 pandemic has also led to an increased demand for medical gases, such as oxygen, for the treatment of patients with severe respiratory symptoms. Overall, the healthcare segment is expected to continue to grow at a rapid pace due to the increasing demand for medical gases in various applications.
Geographically, the global industrial gases market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Following are some of the major trends in these regions –
North America is one of the largest markets for industrial gases due to the presence of major industrial sectors, such as chemicals, healthcare, and food and beverage, in the region. The increasing demand for high-quality industrial gases, such as nitrogen and oxygen, in these sectors is driving the growth of the industrial gases market in North America.
In addition, the growing trend towards energy-efficient and sustainable manufacturing practices is driving the demand for industrial gases in the region. The United States is the largest market for industrial gases in North America, accounting for a significant share of the overall market. The country is home to several leading industrial gas companies, such as Air Products and Chemicals Inc. and Praxair Inc., which are driving the growth of the industrial gases market in the region.
Europe is another significant market for industrial gases, driven by the presence of major industrial sectors, such as healthcare, metallurgy, and chemicals, in the region. The growing demand for industrial gases in these sectors, coupled with the increasing trend towards sustainable and energy-efficient manufacturing practices, is driving the growth of the industrial gases market in Europe.
Germany is the largest market for industrial gases in Europe, followed by the United Kingdom and France. The region is also witnessing a growing demand for specialty gases in the healthcare sector, which is further driving the growth of the industrial gases market in Europe.
Asia-Pacific is the fastest-growing market for industrial gases, driven by the rapid industrialization and urbanization in the region. The increasing demand for industrial gases in the manufacturing sector, particularly in China and India, is driving the growth of the industrial gases market in Asia-Pacific.
The region is also witnessing a growing demand for specialty gases in the healthcare sector, driven by the increasing prevalence of chronic diseases and the aging population. In addition, the trend towards energy-efficient and sustainable manufacturing practices is driving the demand for industrial gases in the region.
Companies operating in the global industrial gases market are adopting various growth strategies to expand their market share and increase their customer base. One of the key growth strategies is mergers and acquisitions, which enables companies to gain access to new markets and technologies.
For example, in 2018, Linde AG completed its merger with Praxair Inc., creating the world's largest industrial gas company with a market value of over $90 billion. The merger allowed the company to expand its presence in key markets such as North America, Europe, and Asia-Pacific.
Another growth strategy adopted by companies in the industrial gases market is investments in research and development (R&D) to develop new products and technologies. Companies are investing in R&D to develop new applications for industrial gases and to improve the efficiency and effectiveness of gas production and distribution.
For instance, Air Liquide has invested in R&D to develop hydrogen-based solutions for clean mobility and energy storage and has also partnered with startups to develop new technologies in the areas of renewable energy and carbon capture.
In addition to mergers and acquisitions and investments in R&D, companies in the industrial gases market are also focusing on partnerships and collaborations to expand their reach and capabilities.
For example, in 2021, Air Products signed a long-term agreement with ExxonMobil to supply hydrogen and nitrogen to ExxonMobil's new chemical facility in China. Such partnerships enable companies to leverage their strengths and expertise to create new opportunities and drive growth in the global industrial gases market.
Some of the biggest companies operating in the global industrial gases market are Air Liquide S.A., Air Products and Chemicals, Inc., Air Water Inc., Gulf Cryo, Iwatani Corporation, Linde plc, Messer Group GmbH, Novomer Inc., Praxair, Inc. (now a subsidiary of Linde plc), Sol Group Corporation, Taiyo Nippon Sanso Corporation, Taiyo Toyo Sanso Corporation, The Southern Gas Limited, Universal Industrial Gases, Inc., Yingde Gases Group Company Limited, and many more.
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Based on Region
The industrial gases market was estimated to be US$ 103.10 Billion in 2022.
The industrial gases market is expected grow at a CAGR of 7.8% between 2023 to 2032.
The global industrial gases market is driven by several factors including the growing demand for energy-efficient technologies and sustainable practices, rapid industrialization and urbanization in developing countries, and growing demand for specialty gases in the healthcare industry.
The largest segment in the industrial gases market based on product is nitrogen. Nitrogen is widely used in many industries, including food processing, electronics, and chemicals.
Industrial gases are largely used in the Healthcare, Electronics, Hydrogen Energy, Metal fabrication, Food & Beverages, Oil & Gas, Chemicals, Pulp & Paper and other applications.
North America is lead the global industrial gases market, due to the presence of major industrial sectors, such as chemicals, healthcare, and food and beverage, in the region.
The healthcare segment is the fastest-growing segment in the industrial gases market. The increasing prevalence of chronic diseases and the aging population have led to a growing demand for medical gases such as oxygen, nitrogen, and helium.
Air Liquide S.A., Air Products and Chemicals, Inc., Air Water Inc., Gulf Cryo, Iwatani Corporation, Linde plc, Messer Group GmbH, Novomer Inc., Praxair, Inc. (now a subsidiary of Linde plc), Sol Group Corporation, Taiyo Nippon Sanso Corporation, Taiyo Toyo Sanso Corporation, The Southern Gas Limited, Universal Industrial Gases, Inc., Yingde Gases Group Company Limited among others, are the major players in this industrial gases market.
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