The global industrial gases market was worth US$ 75 Billion in 2018. Industrial gases refer to the gases produced in large quantities for usage in industrial processes. Depending on their uses 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 for all the modern anesthetic techniques to advance medical care. For example, 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. This is expected to escalate the sales of these gases in the upcoming years. Moreover, several international non-profit organizations, such as the European Industrial Gases Association, provide authorities 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. Looking forward, IMARC Group expects the market value to reach US$ 111 Billion by 2024, exhibiting a CAGR of 6.6% during 2019-2024.
Breakup by Type:
On the basis of types, nitrogen is the most popular type of industrial gas as 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:
Currently, manufacturing applications account for the largest share as industrial gases are used in numerous industries ranging from the medical and electronics to automotive, marine and textiles.
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. The packaged form is also being preferred owing to its versatility, flexibility and mobility.
On the geographical front, Asia Pacific enjoys the leading position in the market. With the growing population and advancements in the medical and healthcare, and food and beverage industries, there has been a rise in the demand for industrial gases across the region.
The competitive landscape of the market has also been analyzed with 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:
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