According to the latest report by IMARC Group, titled "Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global industrial gases market size reached US$ 93.7 Billion in 2021. Industrial gases comprise various types of inert and reactive gases that are mainly utilized for industrial processes. They usually include several elements and noble gases that are a vital part of a vast array of applications, such as medicinal, cleaning, fueling, water purification, and transportation and preservation of food and beverages. They are available in a gaseous state at room pressure and temperature while they are mostly stored in solid or liquid form. Some of the common industrial gases include acetylene, helium, propane and butane that are commonly stored in vaporizers, large tanks and pressure vessels.
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 global market is primarily driven by the increasing product demand from the food and beverage sector. The growing adoption of industrial gases in packaging, carbonation and freezing of products is creating a positive market outlook. Moreover, the widespread utilization of life-support systems across the healthcare industry is providing a boost to the demand for industrial gases. Furthermore, the rising procedure of metal refining and welding, along with the manufacturing of stainless steel, is also propelling the market growth. Additionally, the escalating adoption of hydrogen in the oil refining process for hydro desulphurization is acting as another major growth-inducing factor. Apart from this, the increasing investments by private and public agencies in the rapid expansion of manufacturing and processing facilities across multiple countries is expected to significantly support the uptake of industrial gases. Some of the other factors further driving the market include rapid industrialization and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 129.1 Billion by 2027, exhibiting a CAGR of 5.4% during 2022-2027.
- On the basis of the type, the market has been segregated into nitrogen, oxygen, carbon dioxide, argon, hydrogen and others. Among these, nitrogen exhibits a clear dominance in the market.
- Based on the application, the market has been segmented into manufacturing, metallurgy, energy, chemicals, healthcare and others. Currently, manufacturing applications account for the majority of the total market share.
- On the basis of the supply mode, the market has been segregated into packaged, bulk and on-site. Packaged industrial gases presently represent the largest market segment.
- Based on the regional insights, the market has been divided into Asia Pacific, North America, Europe, the Middle East and Africa and Latin America. Among these, the Asia Pacific region holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.Some of these players include Air Liquide S.A., Linde Group, Praxair, Inc., Air Products and Chemicals, Inc. and Airgas, Inc.
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