Industrial Gases Market Insights
Global Industrial Gases Market is recorded to grow exhibiting a higher CAGR of by 2023 on account of rising demand filed from chemical & petrochemical, metal fabrication & production, automobile, healthcare & pharmaceuticals, and food & beverage industries and more. Market Research Future has published this report covering essential accruals based on the latest trend, market valuation, estimated growth graph, growth pattern, challenges, driving factors for market growth and regional shares distribution.
Industrial gases are defined to be specific gaseous materials that are produced for industrial purposes. The most prominent are listed to be as oxygen, nitrogen, carbon dioxide, helium, and hydrogen, although various other mixtures, which are also manufactured and provided as gas cylinders. At times, several industries such as steel, oil and gas, chemicals and petrochemicals, biotechnology, medicine, environmental protection, and nuclear power require such customized gases. Hence, the market for the same is feeding off the prosperity of each of them.
Market Drivers and Restraints:
Industrial gases are extensively utilized in various end-use industries such as metal and metallurgy, healthcare, chemicals, automotive, aerospace, food and beverages and others. Metal manufacturing activities have increased exponentially in the last few years. With rapid adoption of advanced technologies and new techniques by the manufacturers for steel production, there has been a significant rise in the demand for oxygen. Adoption of gas metal arc welding process by manufacturers in order to improve the quality and productivity is one of the major factors that are driving the global industrial gases market towards higher verticals
The development of cryogenic technologies such as air separation and hydrogen reforming technologies are acting as the cornerstone for the expansion of industrial gases market, globally. Utilization of industrial gases for packaging and other purposes in food and beverages industry and high demand or gases such as argon and oxygen for metal fabrication purposes in the automotive and aerospace industries are resulting in the significant growth of the global industrial gases market.
Industrial Gases Market Segmentation
According to the reports published by MRFR, the global industrial gas market has been segmented based on gas type and application.
By the mode of gas type, the industrial gases market comprises of oxygen, helium, nitrogen, hydrogen, carbon dioxide, acetylene, argon, and others.
By the mode of application, the industrial gases market comprises of healthcare, metal and metallurgy, pharma and biotech, chemicals, automotive and aerospace, electronics, food and beverages and more.
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Regional Outlook
Region wise, the global industrial gases market is analyzed in the regions namely Asia Pacific, North America, Europe and the rest of the world.
The report thus analyzes that the industrial gases market in the North America region is obsessed by the high demand for industrial gases in the automotive and construction industries mainly, as they are rapidly developing in the current period. Whereas, the industrial gases market in the Asia Pacific region is expanding at a significant growth rate owing to the increased production activities such as export of industrial gases and increasing use of necessary oxygen furnace technology by major metal and metallurgy companies. These activities are required with increasing consumption of industrial gases, which is creating significant ways for the market to grow. With that, significant rise in production capacity of various end-use industries such as chemicals, metals, food, and beverages, healthcare and construction are also demanding for industrial gases at a higher level, which in turn is boosting the growth of industrial gases market in Europe.
Key players:
The bulging players that are operating in the global industrial gases market are listed as Air Liquide S.A., Linde AG, Air Products, Praxair Inc., BASF, Gulf Cryo, Airgas Inc., Air Products and Chemicals inc., Taiyo Nippon Sanso Corporation, Ellenbarrie Industrial Gases Ltd., Messer Group GmbH, The Southern Gas Ltd., MATHESON Tri-Gas Inc., Cryotech Anlagebau GmbH, Abdullah Hashim Industrial Gases & Equipment Co. Ltd., Mohsin Haider Darwish LLC, Bhuruka Gases Ltd., Asia Technical Gas Co (PTE) LTD (ATG), Buzwair Industrial Gases Factory, Bristol Gases – Concorde Corodex Group, National Industrial Gas Plants - Mohammed Hamad Al Mana Group, Yateem Oxygen, Dubai Industrial Gases, India Glycols Ltd., Tripti Gases Pvt. Limited, SICGIL India Limited, Ellenbarrie Industrial Gases Ltd., and Goyal MG Gases Pvt. Ltd.
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