According to the latest report by IMARC Group, titled “Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global industrial gases market reached a value of US$ 75 Billion in 2018. Industrial gases refer to gases that are produced on a large scale to be used for industrial purposes. They consist of elements, molecular compounds and mixtures that are prepared at ambient pressure and temperature. Some of the most common industrial gases include oxygen, hydrogen, nitrogen, carbon dioxide, argon, neon, xenon and krypton. Depending on their application, they are also known as fuel, medical, specialty or refrigerant gases, and are extensively utilized in various industrial verticals including oil, food, power, mining, healthcare, chemical, aerospace, steelmaking, pharmaceutical, biotechnology and nuclear power.
On account of rapid industrialization, there has been a significant increase in the demand for specialty chemicals including industrial gases. For example, oxygen is used extensively in the production of steel, whereas argon, oxygen and nitrogen are employed in the gas metal arc welding process. Apart from this, growing environmental awareness has resulted in a shift toward the use of renewable sources of energy. For instance, industrial gases are widely utilized in the photovoltaic industry for the production of solar panels. Healthcare is yet another industry where industrial gases such as oxygen and carbon dioxide find extensive applications. Oxygen is used in the treatment of medical issues such as hypoxemia, and carbon dioxide is often combined with oxygen or air to serve as a respiratory stimulant. Furthermore, the advent of advanced technologies like molecular sieve separation is anticipated to provide a boost to the market growth. Looking forward, the global industrial gases market size is projected to reach US$ 111 Billion by 2024, expanding at a CAGR of around 6.6% during 2019-2024.
- On the basis of the type, the market has been divided into nitrogen, oxygen, carbon dioxide, argon and hydrogen. Amongst these, nitrogen holds the dominant market share.
- Based on the application, the market has been categorized into manufacturing, metallurgy, energy, chemicals, healthcare and others. Currently, manufacturing is the largest application segment.
- On the basis of the supply mode, packaged supply holds the dominant market share. Other major segments include bulk and on-site.
- On the geographical front, the market has been segregated into Asia Pacific, Middle East and Africa, Europe, North America, and Latin America. Currently, Asia Pacific is the leading market.
- The competitive landscape of the market has also been analyzed and the detailed profiles of the key player operating. Some of the leading companies include Air Liquide S.A., Linde Group, Praxair, Inc., Air Products and Chemicals, Inc., and AirGas, Inc.
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