Industrial Gases Market Huge Growth Opportunities and Trends to 2030

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 The global Industrial Gases Market was USD 88.05 billion in 2020. The global market size is expected to grow from USD 91.29 billion in 2021 and projected to reach USD 148.16 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Industrial Gases Market, 2021-2028.”

According to our analysts, the global industrial gases market is set to gain traction from the high demand for crude oil and the urgent need to refine it for usage in various applications. At the same time, the expansion of the oil and gas industry would affect growth positively.

Drivers and Restraints:

Increasing Demand from Healthcare Sector to Add Impetus to Market

An increase in the prices of crude oil and a rise in the need for refining have propelled the demand for industrial gases, especially from the oil and gas industry. Additionally, they are also used for various purposes, such as coiled tubing, pipe cooling and inserting, drilling, leak testing, maintenance, spool base in pipe building, and others. Such factors are promoting the industrial gases market growth. Furthermore, the expansion of the healthcare and food & beverage industries is aiding to the growth of the market.

Nevertheless, a rise in the industrialization and urbanization, as well as the growing consumer demand from the processing and manufacturing industries are likely to create lucrative growth opportunities for the market in the long run.

Surging Investments in Electronics and Metallurgy Industries to Boost Growth

Rising investments in electronics, metallurgy, food & beverages, and mining & metal sectors, especially in developing countries worldwide are set to propel the industrial gases market growth in the upcoming years. According to the World Investment Report 2018, for instance, in 2017, Asia Pacific invested approximately USD 476 billion of inflow from foreign direct investment. It was primarily focused on Singapore and China. However, the transportation, storage, and manufacturing of industrial gases revolve around numerous stringent governmental norms. It may hamper growth.

Industry Developments:

March 2021: Echo Energy Plc won two new contracts for selling industrial gases at considerable premiums. Both contracts have a timeline of 12 months and the company will begin selling gases from May 2021.

April 2020: Air Liquide signed 11 new agreements with its industrial merchant customers. It would supply hydrogen, oxygen, and nitrogen for 10 years to its customers. This way, the company will be able to compete in the market.

List of Key Players Mentioned in the Report:

  • Air Liquide (France)
  • Air Products (United States)
  • Linde (Ireland)
  • Matheson Tri-Gas (United States)
  • Messer Group (Germany)
  • Gulf Cryo (Kuwait)
  • BASF (United States)
  • Southern Company Gas (United States)
  • Universal Industrial Gases (United States)
  • Ellenbarrie Industrial Gases Ltd (India)
  • Bhuruka gases ltd (India)
  • Concorde-Corodex Group (UAE)
  • Dubai Industrial Gases (UAE)
  • Bristol Gases (UAE)

Segments:

Oxygen Segment to Continue Dominance on Account of Its Rising Demand from Pharmaceutical Industries

Based on segmentation by gas type, the oxygen segment earned 28.9% industrial gases market share in 2019. This is attributable to the extensive usage of oxygen and its high demand from various sectors such as pulp and paper, chemical, pharmaceutical, and petroleum. However, the carbon dioxide segment will also showcase notable growth on account of its significant applications as a raw material in products such as meat, fruits and vegetables, poultry, and others.

Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

Key Benefits for Industrial Gases Market:

  • The Industrial Gases market analysis covers in-depth information of major industry participants.
  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • Major countries have been mapped according to their individual revenue contribution to the regional market.
  • The report provides an in-depth analysis of the Industrial Gases market during the forecast period (2021–2028).
  • The report outlines the current market trends and future scenario of the global Industrial Gases market to understand the prevailing opportunities and potential investment pockets.
  • The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

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