Industrial Gases Market Scope, Summary, Overview, Research Methodology and Forecast Till 2028
Added: (Tue Dec 06 2022)
The global industrial gases market size was valued at USD 89.5 billion in 2021. The market is projected to grow from USD 89.5 billion in 2021 to USD 134.3 billion by 2028, exhibiting a CAGR of 7.00% during the forecast period.
Industrial gases are produced as gaseous products to be used in various industrial production processes at ambient pressure and temperature. Among them are compounds, pure gases, and gas mixtures. Increases in the capacity of the world's oil and gas refineries and in the consumption of natural gas for domestic and commercial purposes are driving the market for industrial gases. Growing demand for industrial gases from important end-use industries like the oil and gas, petrochemicals, food and beverage, chemicals, and power industries. The rising use of industrial gases in numerous industries, including construction, metals, mining, and food services, is driving the expansion of the market. Market growth is also fueled by rising global demand for renewable energy sources and electronic devices.
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COVID-19 IMPACT
Every sector of the economy has been negatively impacted by the worldwide health catastrophe brought on by the unexpected spread of the COVID-19 pandemic. Due to operational disruptions brought on by a lack of labor and a decline in demand from end-use industries due to extensive lockdowns to stop the virus' spread, less money was invested in gases in the fiscal year 2020. The spread of the disease has also dramatically altered the demand for crude oil, resulting in record-low oil prices.
DRIVING FACTORS
Growing Demand from Healthcare Sector to Fuel Market Growth
The demand for industrial gases is growing due to the healthcare sector's rapid technological development. The growth of gas-assist equipment vendors in the medical sector offers a variety of equipment and controls, but the basic process is the same regardless of the variances. Pressure changes and stream regulation primarily provide organized control of process factors. Additionally, bulk oxygen is frequently needed in the medical sector to reduce the risk of excess oxygen in the body during procedures and to provide artificial ventilation. Nitrogen is used in pre-flight lung diagnostics to determine a person's capacity to adapt to a simulated aircraft cabin environment. Carbon dioxide can be inhaled during insufflation and mixed with oxygen to stimulate the heart. Thus, all these factors are anticipated to drive the market's growth.
View More Information : https://www.globenewswire.com/en/news-release/2022/11/29/2564106/0/en/Global-Industrial-Gases-Market-Size-Share-Worth-USD-134-3-Billion-by-2030-at-a-7-CAGR-Markets-N-Research-Analysis-Outlook-Leaders-Report-Trends-Forecast-Segmentation-Growth-Rate-Va.html
LIST OF KEY COMPANIES PROFILED:
- BASF SE
- AIR LIQUIDE S.A.
- Messer Group
- Linde Plc
- Taiyo Nippon Sanso
- Southern Gas Ltd.
- Universal Industrial Gases, Inc.
- Gulf cryo, International Industrial Gases Limited
- Goyal MG gases Pvt. Ltd.
- Ellenbarrie Industrial Gases
- Praxair Technology, Inc.
- MVS Engineering Pvt. Ltd.
- National Gases Ltd.
- Air Products & Chemicals
KEY INDUSTRY DEVELOPMENTS:
- June 2022: To aid China in achieving its decarbonization targets and laying the groundwork for a cleaner future, Air Products has stated that it will support China's new phase of development, focusing on the energy transition.
- March 2021: Echo Energy Plc was awarded two more contracts to sell industrial gases at a premium. Each contract has a 12-month term, and the company will begin selling gases in May 2021.
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