Industrial Gases Market Size & Share to Grow at ~5.2% CAGR and Will Gain USD 130 Billion by 2026
Industrial gases are gases that are produced in huge quantities for use in manufacturing processes. Depending on their application in various industries, these gases are recognized for their uses as refrigerant, medicinal, specialty gases, and fuel. Some industrial gases, such as oxygen and helium, are utilized in life support systems and contemporary anesthetic techniques for artificially ventilated patients. Hydrogen is utilized in transportation, whereas oxygen is used in gasification plants, hospitals, and steel mills. In magnetic resonance imaging (MRI) equipment, liquid helium is also utilized to cool superconductive magnet coil scanners.
According to the report published by Facts and Factors, the global industrial gases market was valued at approximately USD 97 Billion in 2020 and is expected to generate revenue of around USD 130 Billion by end of 2026, growing at a CAGR of around 5.2% between 2021 and 2026.
The market is divided into nitrogen, carbon dioxide, argon, oxygen, hydrogen, acetylene, and other types based on type. With a revenue market share of about 30% in 2020, oxygen led the type category. This is due to increasing demand from healthcare institutions throughout the world as a result of the COVID-19 epidemic. The treatment of hazardous wastes and polluted waters, as well as the coal gasification process, all use oxygen. The gas can also be used to replace chlorine in the pulp and paper industry to reduce pollution. Oxygen is also often utilized in medical procedures.
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The market is divided into manufacturing, food & beverages, chemicals & energy, healthcare, metallurgy & glass, retail, and others, depending on the application. In 2020, the manufacturing category had a revenue market share of about 27%, and it is expected to increase at a substantial rate in the following years. The demand for industrial gases such as hydrogen, carbon dioxide, oxygen, and nitrogen is anticipated to rise considerably in emerging nations due to the growth of manufacturing sectors in Brazil, India, South Korea, and China. The growing need for advanced industrial gases in the electronics sector is anticipated to accelerate this segment’s growth.
The market is divided into three categories based on the distribution channel: cylinder, bulk, and on-site. In 2020, the cylinder dominated the distribution channel category with a revenue share of about 35%. However, in the future years, on-site is expected to increase quickly. The sector is expected to grow considerably since on-site generation avoids several difficulties connected with hydrogen transportation and distribution. On-site hydrogen generation has become more popular among small businesses as new technologies have become more cost-effective than previously available scattered methods.
Top Market Players
Major players operative in the global industrial gases market is Linde plc, SOL Group, INOX Air Products Ltd., India Glycols Ltd., Yateem Oxygen, Taiyo Nippon Sanso Corporation, Dubai Industrial Gases, Sicgil India Limited, Mohammed Hamad Al Mana Group, Tripti Gases Pvt. Ltd., Air Liquide, Air Products and Chemicals, Inc.Ellenbarrie Industrial Gases Ltd., Iwatani Corporation, Abdullah Hashim Industrial Gases & Equipment Co. Ltd, Buzwair Industrial Gases Factory, Gulf Cryo, Bristol Gases – Concorde Corodex Group, Bhuruka Gases Ltd., The Southern Gas Ltd., and Mohsin Haider Darwish LLC amongst others.
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The number of production facilities generating various types of industrial gases for various sectors is increasing as industrial activity grows. This drives the industrial gas market in both developing and established countries. Due to the fast expansion of infrastructure and building activities in emerging countries, industrial gases such as cutting and welding gases are in great demand in metalworking and welding applications. The discharge of industrial gases into the atmosphere also contributes to global warming and ozone depletion. As a result, manufacturers and regulatory agencies have challenges in avoiding and embracing natural-based industrial gases, as well as the need for highly trained staff when handling flammable gases. Climate change, rising healthcare costs, rising energy costs, and growing infrastructure projects have all heightened awareness of the need for sustainable industrial gases.
Asia Pacific Market is Projected to Grow Significantly in the Upcoming Years due to Increasing Demand From End-User Industries
With a revenue share of about 35 percent in 2020, the Asia Pacific region led the industrial gases market, and this dominance is expected to continue in the following years. Increased demand for industrial gases is being driven by the region’s developing and developed economies, including India, China, Japan, and South Korea. One of the key reasons for the Asia Pacific industrial gases market is the rising demand from end-user industries in these nations. The aerospace sector requires high-quality gas solutions, and the region’s increasing aerospace industry is driving the industrial gas market.
In 2020, China led the Asia Pacific market. Growing demand for iron and steel from a range of sectors, as well as new steel ventures, are expected to expand the usage of mechanical gas generating units to satisfy the mass requirements for contemporary gases, as well as government initiatives to encourage the industrial sector. Growing economies such as India and China are expected to provide attractive possibilities for the Asia Pacific industrial gases industry.
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