According to the latest report by IMARC Group, titled “Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global industrial gases market size reached US$ 99.4 Billion in 2022. Industrial gases encompass a wide range of gaseous materials specifically manufactured for use across various industries. Oxygen, nitrogen, hydrogen, helium, and carbon dioxide, are some of the common industrial gases. They are utilized in processes like manufacturing, chemical synthesis, refrigeration, and preservation of food products. Industrial gases are also essential in healthcare, metallurgy, electronics, and energy sectors, where they assist in enhancing efficiency, productivity, and safety. They are typically produced in large quantities and are delivered in compressed, liquefied, or cryogenic forms. As a result, industrial gases are also used for welding, cutting, heat treatment, cooling, and cleaning applications.
Global Industrial Gases Market Trends:
The increasing demand for industrial gases, such as oxygen in the healthcare industry during surgical procedures, and emergency situations is one of the key factors propelling the market growth. In line with this, the widespread product utilization in the food industry for refrigeration and preservation, is acting as another growth-inducing factor. Additionally, the development of innovative technologies and methods for gas production and purification, enhancing efficiency, is positively impacting the market growth. Moreover, the increasing product application in pollution control and renewable energy applications, owing to the rising global emphasis on environmental sustainability, is providing a considerable boost to the market growth. In addition to this, the implementation of stringent regulations by governments regarding emissions and ecological protection, prompting industries to adopt cleaner, more efficient energy sources, is creating a positive outlook for the market growth. Furthermore, the sudden shift towards the development of specialized, customized gas mixtures for particular industrial applications is providing an impetus to the market growth. Besides this, the increasing collaboration between manufacturers and end-users, investment in research and development (R&D), and the growing focus on adhering to international quality standards are providing remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 134.8 Billion by 2028, expanding at a CAGR of 5.1% during 2023-2028.
- Based on the type, the market has been segmented into nitrogen, oxygen, carbon dioxide, argon, hydrogen, and others. According to the report, nitrogen represents the largest market segment.
- On the basis of the application, the market has been divided into manufacturing, metallurgy, energy, chemicals, healthcare, and others. Amongst these, manufacturing represents the largest market segment.
- Based on the supply mode, the market has been classified as packaged, bulk, and on-site. According to the report, packaged industrial gases represent the largest market segment.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific represents the largest market segment.
- The competitive landscape of the market has also been examined, with some of the key players being Air Liquide S.A., Linde Group, Air Products and Chemicals, Inc., Airgas, Inc., etc.
|Base Year of the Analysis
||Type, Application, Supply Mode, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Air Liquide S.A., Linde Group, Air Products and Chemicals, Inc. and Airgas, Inc.
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