The global industrial gases market size reached US$ 93.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 129.1 Billion by 2027, exhibiting a growth rate (CAGR) of 5.4% during 2022-2027. The rising utilization of industrial gases in modified atmosphere packaging (MAP) of various food products, increasing utilization of oxygen facials to revitalize skin and the growing demand for oxygen in hospitals represent some of the key factors driving the market.
Industrial gases comprise various inert and atmospheric gases, such as oxygen, nitrogen, carbon dioxide, methane, butane, propane, nitrous oxides, ozone, neon, helium, krypton, xenon, and acetylene. They are employed in heat treatment, cutting and welding, and surface coatings to manufacture and maintain various automotive parts. They are used in the food and beverage (F&B) industry for freezing, processing, packaging, and transporting various perishable products, such as meat, seafood, fruits, and vegetables. Industrial gases are also utilized to hydrogenate unstable and unsaturated hydrocarbons and fatty acids in animal and vegetable oils. These gases assist in protecting spices, crystals, and fragrances from oxidation and degradation in the air. They also aid in extinguishing fires without damaging electrical components and risking short-circuiting systems. They shield storage tanks and vessels containing various flammable liquids and powders. As industrial gases are cost-efficient, they are extensively utilized in petrochemical, nuclear power, aerospace, pharmaceutical, chemical, and electronics industries across the globe.
Industrial Gases Market Trends:
At present, there is a rise in the utilization of industrial gases for cryopreservation and modified atmosphere packaging (MAP) of various food products to prevent the loss of flavor and aroma. This, along with the growing demand for carbon dioxide and nitrogen gases in manufacturing soft drinks, sparking water, and carbonated wine, is offering a favorable market outlook. Besides this, the increasing usage of industrial gases in optimizing mining operations and enhancing metal extraction methods by improving flotation, leaching, roasting, pressure oxidation, and carbonate precipitation processes is propelling the growth of the market. In addition, the rising adoption of various industrial gases, such as methane, propane, and butane, as fuel for camping and cooking and propellants in aerosol sprays is contributing to the growth of the market. Apart from this, there is an increase in the demand for oxygen in hospitals, nursing homes, and clinics to conduct inhalation therapy and treat patients with cardiovascular complications and stroke. This, coupled with the rising utilization of oxygen facials to revitalize skin, reduce fine lines, and improve blood circulation on the face, is supporting the growth of the market. Additionally, the increasing application of industrial gases in industrial wastewater management and sanitary sewage treatment systems to maintain clean marine environments is strengthening the growth of the market. Furthermore, the rising demand for industrial gases in the oil and gas industry for coil tubing, drilling, well lifting, cooling, leak testing, and inspecting oil wells across the globe is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global industrial gases market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type, application, and supply mode.
- Carbon Dioxide
The report has provided a detailed breakup and analysis of the industrial gases market based on the type. This includes nitrogen, oxygen, carbon dioxide, argon, hydrogen, and others. According to the report, nitrogen represented the largest segment.
A detailed breakup and analysis of the industrial gases market based on the application has also been provided in the report. This includes manufacturing, metallurgy, energy, chemicals, healthcare, and others. According to the report, manufacturing accounted for the largest market share.
Supply Mode Insights:
A detailed breakup and analysis of the industrial gases market based on the supply mode has also been provided in the report. This includes packaged, bulk, and on-site. According to the report, packaged supply mode accounted for the largest market share.
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
The report has also provided a comprehensive analysis of all the major regional markets that include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to the report, Asia Pacific was the largest market for industrial gases. Some of the factors driving the Asia Pacific industrial gases market included the growing population, increasing industrialization activities, rising healthcare expenditure, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global industrial gases market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Air Liquide S.A., Linde plc, Air Products and Chemicals, Inc., and Airgas, Inc. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
|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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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the industrial gases market from 2016-2027.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global industrial gases market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the industrial gases industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.