According to the latest report by IMARC Group, titled "Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global industrial gases market size reached US$ 80.2 Billion in 2019. Industrial gases are produced on a large scale to be used across numerous industrial processes. Nitrogen, oxygen, carbon dioxide, argon, neon, xenon and hydrogen are some of the most commonly available industrial gases. These gases comprise elements, molecular compounds and mixtures that are usually prepared at ambient pressures and temperatures. They are characterized by high reactivity or inertness and superior physical properties. Multiple gases, such as medical oxygen, welding gases and balloon helium, are widely available in gas cylinders and portable gas containers of varied sizes. They are consequently utilized across the healthcare, mining, aerospace, pharmaceutical, biotechnology, nuclear and chemical industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial Gases Market Trends:
The market is primarily driven by rapid industrialization, especially in developing economies. In line with this, the increasing requirement for industrial gases from numerous end use industries is also contributing to the market growth. Vast quantities of these gases are utilized in the oil and gas sector for controlling multiple processes in refineries. These gases also find application in the photovoltaic industry for manufacturing solar panels. Moreover, they form an essential component in the healthcare sector for numerous applications. For instance, oxygen and helium cylinders are used as a respiratory stimulant to provide artificial ventilation for patients on life support. Liquid helium is a crucial element that is employed in magnetic resonance imaging (MRI) equipment for cooling down superconductive magnet coil scanners. This, along with the increasing healthcare expenditure and rapid expansion of the healthcare infrastructure, is creating a positive outlook for the market. The increasing utilization of cryogenic processes for air separation in multiple industries is acting as another major growth-inducing factor. The implementation of stringent environmental norms that encourage the use of industrial gases and the continually improving methods to produce and distribute industrial gases are some of the other factors contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 116.3 Billion by 2025, growing at a CAGR of 6.4% during the forecast period (2020-2025).
- On the basis of the type, the market has been classified into nitrogen, oxygen, carbon dioxide, argon, hydrogen and others. Among these, nitrogen represents the most preferred segment.
- Based on the application, the market has been divided into manufacturing, metallurgy, energy, chemicals, healthcare and others. At present, the manufacturing segment exhibits a clear dominance in the market.
- On the basis of the supply mode, packaged supply accounts for the majority of the total market share. Other major segments include bulk and on-site.
- On the geographical front, Asia Pacific holds the leading position in the market. Some of the other key regions include Middle East and Africa, Europe, North America, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key player. Some of these players include L’AIR LIQUIDE S.A., Linde plc, Praxair, Inc., Air Products and Chemicals, Inc., and Airgas, Inc.
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