The latest report by IMARC Group, titled “Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global industrial gases market reached a value of US$ 71 Billion in 2017. Industrial gases are produced on a large scale for various industrial purposes. They are prepared under specific temperature and pressure conditions. Industrial gases have various applications in industries such as oil and medicine, food, chemical, gas, steelmaking, power, mining, pharmaceutical, biotechnology, nuclear power and aerospace. Owing to their diverse applications, they are also known as refrigerant gases, fuel gases or medical gases.
Highlights of the global industrial gases market:
- Development in various end-use sectors such as petrochemical, energy, mining, food, etc. is the key growth-inducing factor.
- On the basis of applications, manufacturing sector holds the largest share in the market.
- Asia-Pacific dominates the market, accounting for the majority of the global share.
Industrial gases find applications in the photovoltaic industry for the production of solar panels. On account of growing environmental awareness, consumers are opting for renewable sources of energy over the conventional sources which is anticipated to impel the growth prospects of the market in the upcoming years. Expanding infrastructure activities due to growing urbanization in the developing regions has facilitated the demand for industrial gases, particularly oxygen which is used extensively in the production of steel. Additionally, industrial gases find various uses in the healthcare sector. With ageing population and rising cases of lifestyle diseases, the medical sector is projected to experience a surge over the next few years, thereby contributing in the demand for these gases. Further, the market is expected to reach a value of US$ 104 Billion by 2023, exhibiting a CAGR of around 6.5% during 2018-2023.
The market has been segregated on the basis of type, covering nitrogen, oxygen, carbon dioxide, argon and hydrogen. It is further analysed on the basis of key applications, where the manufacturing sector holds the largest market share. It is followed by metallurgy, energy, chemical and healthcare sectors. Based on distribution channels, packaged supply accounts for the majority of the total sales. It is followed by bulk and on-site supplies. Region-wise, Asia-Pacific is the largest market for industrial gases. Other major regions include Middle East and Africa, Europe, North America, and Latin America. On the basis of imports and exports, Asia-Pacific is the largest importer of industrial gases, whereas, the United States represents the largest exporter. An analysis of the competitive landscape finds that the key players operating in the market are Air Liquide S.A., Linde Group, Praxair, Inc., Air Products and Chemicals, Inc., and AirGas, Inc.
The report by IMARC Group has examined the global industrial gases market on the basis of:
- Carbon dioxide
- Middle East and Africa
- Latin America
- North America
- Air Liquide S.A.
- Linde Group
- Praxair, Inc.
- Air Products and Chemicals, Inc.
- AirGas, Inc.
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