New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Industrial Gases Market Research Report Information By Type, Region, and Application– Market Forecast Till 2030”, the industrial gases market is anticipated to flourish substantially during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 6.16%. The reports further predict the market to attain a valuation of around USD 161.8 Billion by the end of 2030. As per the analysis, the market was worth about USD 80.02 Billion in 2021.
Industrial Gases Market Overview:
Industrial gases refer to the gaseous materials utilized for industrial operations. Acetylene, nitrogen, hydrogen, oxygen, helium, argon, and carbon dioxide are some of the prime gases used in industries. These gases are supplied to several end-use industry areas through gas tankers in both gaseous and liquified forms. These industrial gases are produced from the process of cryogenic filtration of air using air separation units. These gases are also known as specialty, fuel, medical, and refrigerant gases based on their applications in several industries.
Competitive Analysis
The catalog of topmost leaders across the industrial gases market includes companies such as:
- Bhuruka Gases Ltd.
- Air Liquide S.A.
- Messer Group GmbH
- Asia Technical Gas Co (PTE) LTD (ATG)
- Gulf Cryo
- Taiyo Nippon Sanso Corporation
- Ellenbarrie Industrial Gases Ltd.
- Linde AG
- MATHESON Tri-Gas Inc.
- Tripti Gases Pvt. Limited
- Dubai Industrial Gases
- National Industrial Gas Plants - Mohammed Hamad Al Mana Group
- Among others.
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The primary aspect causing a rise in the market's growth is the growing demand for industrial gases from prime end-use industries such as the power industry, food & beverage, petrochemicals, chemicals, and oil & gas. Because of the growth in industrialization and urbanization and the growing application of industrial gases across several industry areas such as food services, mining, metals, and construction are also likely to boost the demand growth over the review timeframe. Moreover, the factors such as enhancing the demand for electronic devices, expanding crude oil consumption, the need for refining, and strict environmental standards may also influence the growth of the industrial gases market over the assessment era.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 161.8 Billion |
| CAGR during 2022-2030 | 6.16% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Growing awareness about the Industrial Gases |
| Key Market Dynamics | Increasing Urbanization & Industrialization and Growing Application of Gases are Prominent Trends |
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Industrial Gases Market USP Covered
Market Drivers
The primary aspect causing a rise in the market's growth is the growing demand for industrial gases from prime end-use industries such as the power industry, food & beverage, petrochemicals, chemicals, and oil & gas. Because of the growth in industrialization and urbanization and the growing application of industrial gases across several industry areas such as food services, mining, metals, and construction are also likely to boost the demand growth over the review timeframe. Moreover, the factors such as enhancing the demand for electronic devices, expanding crude oil consumption, the need for refining, and strict environmental standards may also influence the growth of the industrial gases market over the assessment era.
In addition, the aspects such as growing investment in the food and beverages & healthcare sector, growing public and private funding, and growing focus by governments are also projected to impact the market development over the coming years positively.
Market Restraints
On the other hand, strict regulatory regulations are likely to challenge the growth of the industrial gas market over the review era.
COVID-19 Impact
The COVID-19 pandemic has severely affected the performance of the majority industry areas. On the other hand, the growing demand for greenhouse gases because of their medicinal and fire-fighting uses has led the market to witness substantial growth over the assessment timeframe.
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Industrial Gases Market Segment Analysis
Among all the products, the oxygen segment is anticipated to lead the industrial gases market over the review timeframe. It boosts the thermal efficiency of fuel. It is utilized to treat hazardous wastes and polluted water for the gasification process of coal. The gas can also reinstate chlorine in the paper and pulp industry to lower pollution. On the other hand, the nitrogen segment is anticipated to grow substantially over the coming years. the expanding medical and pharmaceutical industry across the North American and Asia-Pacific region is the main parameter supporting the segment's growth.
Among all the distribution segments, the cylinder (merchant) segment is anticipated to dominate the global market or industrial gases over the review timeframe. The segment deals with gases being distributed in packaged cylinder forms. On the other hand, the on-site segment is likely to grow at the fastest rate over the coming years.
Among all the application areas, the manufacturing application segment is predicted to secure the top position across the industrial gases market over the coming years.
Industrial Gases Market Regional Analysis
The MRFR analysis reports implying that the Asia-Pacific region is anticipated to ensure the lead across the industrial gases market over the assessment period. The rapidly rising urbanization and industrialization are the main parameters supporting regional market expansion. Furthermore, the growing application of gases in several end-use industry sectors such as power, oil & gas, metallurgy, food & beverage, and healthcare is also likely to boost the market's development over the review era. Developing economies such as Indonesia, Japan, India, China, and several others are seeking investments in sustainable energy development. Various organizations are also set to invest across these nations, given an enormous consumer base.
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The European regional market for industrial gases is also projected to exhibit considerable development over the assessment era, mainly due to the region's expanding healthcare and food & beverages industries. Furthermore, the rapidly growing demand for these gases in the pharmaceutical and metallurgy industries is also predicted to flourish the market's growth over the coming years.
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