2021 Statistics: U.S. and Global Industrial Gases Market to Reach USD 146.6 Billion by 2028; Rising Adoption of Industrial Gases in the Oil & Gas Industry, Food & Beverage and Chemical Industry is Driving the Market, States Vantage Market Research

WASHINGTON, Nov. 21, 2021 (GLOBE NEWSWIRE) -- The global industrial gases market size is expected to reach USD 146.6 Billion by 2028, exhibiting a CAGR of 6% during the forecast period. The growing industrialization in major cities and application of industrial gases in pharmaceutical, food & beverage, oil & gas industry is expected to boost the industrial gases market. Industrial gases such as nitrogen, oxygen, neon, helium, hydrogen and others are used in industries for their processes, these gases are important in caring out reactions for manufacturing various products. The demand of these gases is increasing rapidly among the developing countries, hence driving the growth of the market, states Vantage Market Research, in a report, titled “Industrial Gases Market by Type (Nitrogen Oxygen Carbon Dioxide Argon Hydrogen) by Application (Oil and Gas, Chemical Industry, Power Industry, Mining Industry, Steelmaking) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028.” The market size stood at USD 89.6 Billion in 2020. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:

  1. Impact Assessment of COVID-19 Pandemic
  2. Quarterly Market Revenue Forecast by Region 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

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The report on Industrial Gases Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Market Overview:

Rising Requirement of Industrial Gases in Chemical Industry Is Boosting the Growth of Market

Industrial gases mainly consist of carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton-xenon, out of which, the atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the temperature of the air until the respective components get liquefied and separated. These gases are widely used for industrial processes such as gas welding, automotive manufacturing, healthcare equipment, and others. The use of these gases is in huge demand due to its special properties, for instance, oxygen & nitrogen are used in gas welding, and this process is commonly used in manufacturing industry. Similarly other gases are used in different processes; hence huge requirement from industrial sector is boosting the growth of market.

Increase in the demand of Industrial Gases in the Medical Sector

Recently, due to the outbreak of COVID-19 pandemic, countries such as India and China faced huge shortage of Oxygen as it is uses as an important content in medical ventilator. This gas had huge demand from the market as it was crucial medical equipment needed during the pandemic. Similarly other gases are used in medical sector such as nitrous oxide, medical air, entonox, carbon dioxide and heliox are commonly used in respiratory equipment. For instance, nitrogen is utilized in pre-flight lung diagnosis to calculate a person’s ability to respond to a simulated aircraft cabin environment. Carbon dioxide can be used at the time of insufflation and can be infused with oxygen for stimulation of the respiratory simulation. Increasing adoption of these gases in the healthcare industry is driving the growth of market.

Regional Analysis:

Increasing Use of Industrial Gases in the Asia Pacific Region

Asia Pacific is expected to grow at a highest CAGR in coming years. This is attributed due to high demand and growth in Industrial sector. Growing population and rapid urbanization are the key factors for the growth of industrial gas market. According to Asia Industrial Gases Association (AIGA), the growth of industrial gases in countries such as India, China, New Zealand, Singapore, Malaysia, and various others is expected to grow due to rapid industrialization and demand in medical gases especially in countries such as China & India.

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List of Prominent Players in the Industrial Gases Market:

1.Air LiquideParis, France
2.Air Products Inc.Allentown, Pennsylvania, United States
3.Linde PLCDublin, Ireland
4.Messer Group GmbHBad Soden, Germany
5.BASF SELudwigshafen, Germany
6.Gulf CryoKuwait Dubai, UAE
7.Bhuruka Gases Ltd.Karnataka, India

Recent Developments in the Industry:

1 On November 2021, FIBA Technologies aims to double its production capacity in preparation for growth in hydrogen storage and transportation after beginning work on expanding its US headquarters. FIBA is investing several million dollars in expanding its manufacturing facilities at its headquarters in Littleton, Massachusetts, installing new equipment and increasing its skilled production workforce.

2. On November 2021, Severstal, Schneider Electric and Air Liquide have come together to support a low-carbon future under a newly developed climate memorandum. Supporting the development and implementation of low-carbon technology and building climate-responsible interaction with stakeholders are also key priorities for the trio.

This market titled “Industrial Gases Market will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, Quantitative Date – Units, Key Market Trends, and various others as mentioned below:

Report AttributeDetails
Base Year2020
Historic Years2016 - 2019
Forecast Years2021 - 2028
Segments Covered
  • Product Type
    • Atmospheric Gases
    • Noble Gases
    • Elemental Gases
    • Liquefied Gases
    • Compound Gases
    • Hydrocarbon Gases
    • Other Product Types
  • End-User Industry
    • Oil & Gas
    • Energy & Power
    • Petrochemical & Chemical Manufacturing
    • Medical & Pharmaceutical
    • Food & Beverage
    • Mining
    • Transportation
    • Others
Quantitative Data - UnitsRevenue in USD Million/Billion and CAGR from 2021 to 2028
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries CoveredU.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Report CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

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Table of Content –

    1. Chapter No. 1: Introduction
      1. Report Scope
      2. Objectives of the Study
      3. USP & Key Offerings
      4. Target Audience
      5. Vantage Market Research Report Guidance/Walk-through
    2. Chapter No. 2: Premium Insights
      1. Market Snapshot
      2. Top Investment Pockets
        1. Market Attractiveness Analysis, By Type
        2. Market Attractiveness Analysis, By Application
        3. Market Attractiveness Analysis, By Asia Pacific
      3. Insights from Primary Respondents
    3. Chapter No. 3: Key Market Dynamics
      1. Introduction
      2. Market Drivers
      3. Market Restraints
      4. Market Opportunities
      5. Porter’s Five Forces Analysis
      6. PEST Analysis
      7. Regulatory Landscape
      8. Technology Landscape
      9. Regional Market Trends
      10. Pricing Analysis
      11. Patent Analysis
      12. Value Chain Analysis
      13. Downstream Buyers
      14. Distributors/Traders List
    4. Chapter No. 4: Competitive Landscape
      1. Competition Matrix – 2020
      2. Company Market Share Analysis – 2020
        1. Company Market Share, 2020
        2. Company Market Revenue, 2017 – 2020 (USD Million)
        3. Company Y-o-Y Growth, 2018 – 2020 (%)
      3. Strategic Developments
        1. Acquisitions & Mergers
        2. New Product Launch

TOC Continued

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