Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global Industrial Gases Market has witnessed significant growth in recent years, driven by increasing demand from various end-use industries such as oil and gas, chemicals, petrochemicals, food and beverage, and power. Industrial gases, including oxygen, hydrogen, carbon dioxide, and nitrogen, are essential for a wide range of applications in these industries. The market size was valued at USD 88.05 billion in 2020 and is projected to reach USD 148.16 billion by 2028, growing at a CAGR of 7.2% during the forecast period
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Industry Developments:
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.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.2% |
| 2028 Value Projection | USD 148.16 billion |
| Base Year | 2019 |
| Market Size in 2022 | USD 88.05 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 280 |
| Segments covered | By Service, Technology, and Region |
| Growth Drivers | Increasing Demand from Healthcare Sector to Add Impetus to Market |
| Surging Investments in Electronics and Metallurgy Industries to Boost Growth |
Drivers & Restraints-
Increasing Application of Industrial Gases in the Oil & Gas Industry
The oil and gas industry is a major consumer of industrial gases, using them for various applications such as drilling, well lifting, pipe inerting, leak testing, and maintenance. The increasing global demand for crude oil and the need for refining have contributed to the growth of the industrial gases market. The expansion of the oil and gas industry is expected to further drive the demand for these gases, leading to market growth.
Growing Urbanization and Industrialization
The rapid urbanization and industrialization in emerging and developed nations have played a significant role in shaping the industrial gases market. Countries like China, India, and Vietnam have witnessed a steep increase in urbanization rates, which has led to the establishment of new manufacturing and processing industries. This has created a favorable environment for the growth of the industrial gases market. Additionally, the expansion of the application sector in various industries has contributed to the demand for these gases Click here to get the short-term and long-term impacts of COVID-19 on this Market.
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Increasing Investment in Manufacturing and Processing Industries
Public and private funding for exploring new horizons in industries such as metallurgy, food and beverage, and mining has fueled the growth of the industrial gases market. Developing nations, particularly in the Asia Pacific region, have attracted significant foreign direct investment (FDI) in these industries. For example, countries like China and India have emerged as leading economies in the region, attracting new investment opportunities. This investment has contributed to the growth of the industrial gases market.
Significant Growth in the Food and Beverage and Healthcare Industries
The food and beverage industry, particularly in Europe, has experienced substantial growth, leading to an increased demand for industrial gases. Germany, for instance, is the fourth-largest food and beverages industry and the third-largest exporter of these products. The healthcare sector has also witnessed significant expansion globally, with increased investment in the medical industry. This has driven the demand for gases used in various healthcare applications, further fueling the industrial gases market.
Segment:
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.
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Oxygen Segments Earned 28.4% Share in 2020: Fortune Business Insights™
Based on the gas type, the market is divided into oxygen, nitrogen, carbon dioxide, hydrogen, argon, and others. Out of these, the oxygen segment generated 28.4% in terms of the industrial gases market share in 2020. This growth is attributable to the increasing usage in a wide range of industries, such as petroleum, pharmaceuticals, ceramics, chemicals, and healthcare.
Competitive Landscape-
Linde Earning Maximum Share Attributable to a Rise in Industrial Investment
The global market is dominated by Linde on account of its high investments in the pharmaceutical and healthcare industries. Besides this, the company is also investing massively on improving the economic scenario. It is also delivering its products to the rising number of manufacturing and metal processing industries, along with food & beverage, chemical, and oil & gas industries. The other players are engaging in merger and acquisition, joint ventures, contracts and agreements, different collaborative strategies, and others to gain a competitive edge in the market.
Report Coverage-
The report involved four notable activities in projecting the current size of the industrial gases industry. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Regional Insights-
Increasing Urbanization and Industrialization to Help Asia Pacific Grow Significantly
Geographically, Asia Pacific held USD 28.31 billion in terms of revenue in 2020. This growth is attributable to the increasing industrialization and urbanization. Besides, the surging usage of industrial gases in the power, oil & gas, and healthcare industries is set to drive growth. Europe, on the other hand, is anticipated to grow because of the expansion of the food & beverage industry. Additionally, the high demand from the pharmaceutical industry would spur growth in this region.
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Competitive Landscape-
Key Participants Focus on Gaining New Contracts to Supply Their In-house Products
The market contains numerous renowned companies that are persistently striving to gain a competitive edge. Most of them are focusing on bagging new contracts from reputed organizations for providing their in-house industrial gases. Below is the two
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.
June 2019 – Exxon Mobil Asia Pacific Pvt. Ltd. and Linde engaged in multi-billion agreements to expand their geographical reach in Singapore. This project includes the construction, development, and operation of four additional gasifiers, an air separation plant with a capacity of 1200 metric ton per day (TPD), and sulfur recovery plants along with the processing units for downstream gas belonging to Linde.
Manufacturers Operating in the global market:
- 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)
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