Industrial gases refer to the gases produced in huge quantities for usage in a variety of industrial processes. They are prepared at ambient temperature and pressure, and supplied in both liquid and gaseous form. Depending on their uses in different sectors, these gases are also known as fuel gases, medical gases, refrigerant gases or speciality gases. Their chemical properties such as inertness or reactivity and physical properties such as density, boiling point and vapor pressure make them suitable for applications in several industries. For instance, hydrogen is used in the transportation industry; oxygen in gasification plants, hospitals and steel manufacturing; nitrogen in food preservation and the production of electronics; etc. The latest report by IMARC Group, titled “Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global industrial gases market reached a value of US$ 75 Billion in 2018.
Rising demand from the major end-use industries such as chemicals, petrochemicals, oil and gas, and energy has resulted in the development of the global industrial gases market. With rising environmental concerns, renewable resources are witnessing a growth worldwide, thereby facilitating the market. Apart from this, increasing urbanization and industrialization in the countries of Asia-Pacific and Middle East are expected to provide a thrust to industries such as food and beverages, transportation, chemical and metal fabrication, which in turn will amplify the demand for industrial gases. Additionally, improving economic scenario, climate control initiatives, increased energy demand and healthcare needs in both the developing and developed regions are projected to contribute in the expansion of the market. According to the report, the market is expected to reach a value of US$ 111 Billion by 2024, exhibiting a CAGR of 6.6% during 2019-2024.
The report has segmented the global industrial gases market on the basis of type, covering nitrogen, oxygen, carbon dioxide, argon and hydrogen. Nitrogen currently represents the largest type accounting for majority of the market share. The market is further analysed on the basis of key applications, which include manufacturing, metallurgy, energy, chemicals and healthcare. Manufacturing sector represents the largest application for industrial gases and currently holds the largest market share. Based on distribution channel, packaged supply accounts for the majority of the total sales, followed by bulk and on-site supply. Region-wise, Asia-Pacific is the major market, accounting for the largest share. Other regions include Middle East and Africa, North America, Europe and Latin America. Some of the key players operating in the market include Air Liquide S.A., Linde Group, Praxair, Inc., Air Products and Chemicals, Inc., and Airgas, Inc.
This report provides a deep insight into the global industrial gases market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the industrial gases industry in any manner.
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