Noida, India, Nov. 03, 2021 (GLOBE NEWSWIRE) -- The rising application of industrial gases in numerous areas such as health care, food and beverage, electronics and semiconductors, flat panel display and printed electronics, and fertilizer production is driving the growth of the global industrial gases market.
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global industrial gases market was worth USD 93.1 billion in 2020 and is further projected to reach USD 147 billion by 2027, at a CAGR of 6.5% during the forecast period (2021-2027). The market is largely driven by factors, such as growing applications in healthcare and food & beverages.
The growing application of industrial gases in the healthcare sector is favoring propel the global industrial gases market
The healthcare sector is increasingly utilizing industrial gases for a variety of purposes. One of the most widely used industrial gases in the healthcare industry is oxygen. Oxygen cylinders can be used to aid breathing in the event of respiratory difficulties. Moreover, oxygen is also one of the main components of medical air that aims to provide extremely sensitive respiratory systems with a pure, sterile, compress source of air for respiratory therapy and humidification treatments.
Carbon dioxide is also used extensively in the medical sector. It is used to diagnose chronic respiratory conditions such as asthma, bronchitis, COPD, and others. It is also used in the treatment of cancer in combination with radiation therapy. Moreover, industrial gases are also used in the healthcare sector to provide oxygen and anesthetic mixtures for renal dialysis, chronic respiratory obstruction, and cardio-pulmonary bypass surgery. The growing use of industrial gases in the healthcare sector is expected to propel the global industrial gases market forward during the forecast period.
Increasing application of industrial gases in F&B industry driving market growth
Food & Beverage (F&B) industries have relied on industrial gases for a long time. Industrial gases used in the food and beverage industry include nitrogen, carbon dioxide, and oxygen. Industrial gases are also used as food additives to enhance the taste and texture of food. It can also be used for food processing or preservation, as a non-solvent sterilizing agent, or as a fuel for dispensing food or beverages. Additionally, carbon dioxide is the most important additive in carbonated drinks manufactured by the food and beverage industry. Carbon dioxide and liquid nitrogen are also used to freeze food products. Industrial gases are used for a wide range of applications in the continually expanding food and beverage industry, which is expected to drive the global industrial gases market during the forecast period.
Risks associated with handling industrial gases are stifling market expansion.
Because of the many hazards associated with industrial gases, handling them necessitates extreme caution and precaution. One of the most common hazards associated with industrial gases is their toxicity. The most toxic industrial gases are carbon monoxide and sulfur-containing gases. The combustibility of industrial gases like hydrogen and acetylene is also a concern.
Asphyxiation, often known as “the silent killer,” is another health hazard related to the handling of industrial gases. Displacement of oxygen by industrial gases like pure nitrogen can cause an industry to collapse instantly due to Asphyxiation. Apart from these hazards, industrial gases are also associated with corrosive, material handling, and chemical risks, all of which are likely to hinder the global industrial gases market's growth over the forecast period.
Oxygen accounted for the largest share in the global industrial gases market in 2020
The oxygen segment held the largest market share in the global industrial gases market in 2020. Oxygen is used in various industries for various purposes. Oxygen is primarily used in fuel enhancers and the medical sector. Hospitals provide oxygen therapy to patients with respiratory conditions. The healthcare industry is also in great need of medical-grade oxygen, especially in pandemic-ravaged areas.
During the pandemic, medical-grade oxygen demand increased due to the increase in COVID-19 cases. As the country struggled with a deadly second wave of the pandemic, India was in a severe shortage of oxygen cylinders. Thus, the Indian government took the decision to increase oxygen production by 50% before the third COVID wave hits the country. Furthermore, the use of oxygen as fuel in various industries has further supported the dominant share of the segment in the global industrial gases market.
Global Industrial Gases Market: Regional insights
The global industrial gases market is grouped into the Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa regions. Among these, the Asia-Pacific (APAC) dominated the global industrial gases market in 2020 and accounted for the largest market share. The growth of end-user industries in growing economies like India, China, South Korea, and other Asian countries supported the development of the industrial gases market in the Asia-Pacific region. According to the World Fertilizer Magazine, the Asia-Pacific accounts for around 60% of the global nitrogen-based fertilizers consumption. Moreover, oxygen production in the region has gone up significantly in recent times as demand for medical-grade oxygen shot up during the pandemic. Additionally, the growing pharmaceutical and the food & beverages industry is expected to support the growth of the global industrial gases market in the region during the forecast period.
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COVID-19 Impact on Global Industrial Gases Market
The industrial gases market registered increased demand for industrial gases from sectors like healthcare and food & beverages during the pandemic. As the COVID-19 cases surged around the world, the demand for medical-grade oxygen went up exponentially. According to PATH, an international, nonprofit global health organization, the demand for medical-grade oxygen tripled during the first 4-months of 2021. Furthermore, the ongoing container shortage, created by the disruptions in the supply chain, has led to an increased demand for industrial gases like Nitrogen and Carbon dioxide used for preserving food items longer. Container shortages are not expected to be resolved before Q1 2022, further driving industrial gas demand. As the demand for clean fuels like hydrogen increases, the industrial gas sector is expected to grow significantly in the coming years.
The Leading Players operating in the Market are the Linde Group, Air Liquide S.A., Praxair Inc., Taiyo Nippon Sanso Corporation, Matheson Tri-Gas Inc., Air Products and Chemicals, Inc., Iwatani Corporation, Messer Group GmbH, Gulf Cryo, Yingde Gas Group Co., Ltd., and others are the key players operating in global industrial gases market.
Key market players are entering into collaborations, partnerships, and engaging in mergers & acquisitions to capture a more significant market share. Furthermore, the market participants are focused on improving their product quality to attain a competitive edge over other players.
In October 2021, Islam Oxygen Ltd., a Bangladeshi producer of medical, industrial, and laboratory gases, announced that it is raising TK93 Cr. (USD 10.86 million) for a new industrial gas plant in the country. Currently, Islam Oxygen is providing medical-grade oxygen to 98% of the hospitals in Bangladesh. The company has already increased its production capacity to 2.5 crores (25 million) cubic meters amid the pandemic.
In October 2021, Linde, a global giant in industrial gases, announced that its new hydrogen production facility in Texas has commenced operations. The plant has a daily capacity of producing 1.5 billion cubic feet of high purity hydrogen. The plant is also connected to Phillips 66’s Sweeney Refinery via Linde’s 600-km US Gulf Coast hydrogen pipeline.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global industrial gases market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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