The global industrial gases market was worth US$ 80.2 Billion in 2019. Industrial gases refer to the gases produced in large quantities for usage in industrial processes. Depending on their application in different sectors, these gases are also known as fuel, medical, refrigerant, or specialty gases. Some of the industrial gases, such as oxygen and helium, provide a base for life support for artificially ventilated patients and modern anesthetic techniques. Hydrogen is used in the transportation industry and oxygen in gasification plants, hospitals and steel manufacturing plants. In addition, liquid helium is utilized in magnetic resonance imaging (MRI) equipment to cool down superconductive magnet coil scanners.
In recent years, technological innovations in the usage of various industrial gases have bolstered the growth of the market. For instance, liquid oxygen and hydrogen are being used in propellants to launch rockets that carry broadcast, communications and meteorological satellites into space. Apart from this, the leading companies are investing in research and development activities (R&D) to develop new and improved methods to produce and distribute industrial gases across the globe. Moreover, several international non-profit organizations, such as the European Industrial Gases Association, provide manufacturers with expert advice on the production, transport, storage and utilization of industrial gases. They also promote consistency of safety, health, environmental and technical standards throughout the industrial gas industry. However, the demand and production of industrial gases are being affected by the spread of the coronavirus disease (COVID-19), which has led to a slow-down in the commercial, transportation and industrial activities. Looking forward, IMARC Group expects the market value to reach US$ 116.3 Billion by 2025, at a CAGR of 6.4% over the forecast period (2020-2025).
Breakup by Type:
On the basis of the type, nitrogen is the most popular type of industrial gas. It is extensively utilized in applications such as lasing gas mixture, petrochemicals for instrumentation, calibration gases and in both controlled and modified atmospheric packaging solutions.
Breakup by Application:
Manufacturing applications currently account for the largest market share, as industrial gases are widely used in the medical, electronics, automotive, marine and textile industries.
Breakup by Supply Mode:
Nowadays, packaged industrial gases dominate the market, accounting for the majority of the overall market share. They are available in a wide range of sizes, from small portable packages to large cylinders, which offer versatility, flexibility and mobility.
Region-wise, Asia Pacific holds the leading position in the market. This can be accredited to the growing population and advancements in the medical and healthcare, and food and beverage industries across the region.
The competitive landscape of the market is characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are Air Liquide S.A., Linde Group, Praxair, Inc., Air Products and Chemicals, Inc., and Airgas, Inc.
The global industrial gases market was worth around US$ 80.2 Billion in 2019.
According to the estimates by IMARC Group, the global industrial gases market will exhibit moderate growth during the next five years.
The growing utilization of industrial gases across diverse industries, such as metallurgy, energy, manufacturing, chemicals, etc., represents one of the key drivers for the global industrial gases market.
The rising investments in several R&D activities to develop new and improved methods for production and distribution of industrial gases, represent one of the key trends in the global industrial gases market.
Oxygen, which is one of the most used industrial gases, is increasingly being adopted to provide artificial ventilation for patients suffering from coronavirus infection, thereby experiencing high demand in the healthcare sector.
On the basis of the type, the market has been classified into nitrogen, oxygen, carbon dioxide, argon, hydrogen, and others. Amongst these, nitrogen gas holds the largest market share.
On the basis of the application, the market has been classified into manufacturing, metallurgy, energy, chemicals, healthcare, and others. At present, the manufacturing sector exhibits a clear dominance in the market.
On the basis of the supply mode, the market has been classified into packaged, bulk, and on-site. Amongst these, packaged industrial gases currently account for the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
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