Global Industrial Gases Market size is expected to reach $82.4 billion by 2024 from $49.8 billion in 2016; growing at a CAGR of 6.5% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 6.8% and 6.6%, respectively, during the forecast period.
Increasing demand of medical grade gases in healthcare and medical industry is one of the major drivers of the global industrial gases market
Global industrial gases trends are resource constrains, growing demand for packed food & beverages, globalization of the industry, and increasing demand of medical grade gases in healthcare and medical industry. Though, high cost of transport & storage of these gases may hamper the market growth. Furthermore, capacity expansion and advancement of innovative technologies like molecular sieve separation would provide several growth opportunities for the market in the future years.
Global industrial gases market has been segmented into products type, production and delivery, application, and geography. Products type segment hydrogen, nitrogen, industrial gases oxygen, helium, industrial gases carbon dioxide, argon, and acetylene. Production and delivery segment includes into merchant gases (cylinder delivery), merchant gases (liquified, tank delivery), and high-volume gases (on-site generation). Key industrial gases applications are chemical production, petroleum refinery, electronics, metal processing, food processing, healthcare, and other applications. Global industrial gases industry analysis by region includes North America, Europe, Asia-Pacific and Rest of the World (RoW).
Hydrogen held for the highest market share in the product type segment
Hydrogen dominated the product type segment with the largest market share in 2016, and expected to maintain its dominance over the forecast period 2016 – 2024, driven by regulatory demands regarding cleaner fuels from various end user sectors.
Petroleum refinery application dominated with highest market share in 2016
Petroleum refinery application accounted the highest market share in 2016, and expected to remain the largest over the forecast period 2016–2024. Food processing segment is anticipated to grow at a fastest CAGR from 2016 to 2024.
Asia-Pacific to grow at a fastest CAGR over the forecast period
Asia-Pacific dominated the global industrial gases market with largest market share of 39% in 2016 and with fastest CAGR, driven by healthcare needs, high energy demand, and climate control initiatives in this region. Moreover, UAE, Singapore, Philippines, Saudi Arabia, and Colombia are posing the significant demand of industrial gases.
The key players operating in the global industrial gases market are Air Liquide S.A., Praxair, Inc., The Linde Group, Air Products & Chemicals Inc., Messer Group GmbH, Buzwair Industrial Gases Factories Taiyo Nippon Sanso Corporation, BASF SE, Yingde Gases Group Company, and AIR WATER INC., among others.
Scope of Global Industrial Gases Market
Products Type Segments
- Carbon Dioxide
Production and Delivery Segments
- Merchant Gases (Liquified, Tank Delivery)
- Merchant Gases (Cylinder Delivery)
- High-Volume Gases (On-Site Generation)
- Petroleum Refinery
- Chemical Production
- Food Processing
- Metal Processing
- Other Applications
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfil clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise is data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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