WASHINGTON, Nov. 21, 2021 (GLOBE NEWSWIRE) —
The global industrial gases market size 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; expected to boost the industrial gases market. Industrial gases such as nitrogen, oxygen, neon, helium, hydrogen and others are useful 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 also the growth trends of the market for all the regions and countries based on the following data-points:
- Impact Assessment of COVID-19 Pandemic
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- 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
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 profitable 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 serviceable in gas welding, and this process is commonly helpful 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 helpful in pre-flight lung diagnosis; this to calculate a person’s ability to respond to a simulated aircraft cabin environment. Carbon dioxide could be profitable at the time of insufflation and infused with oxygen for stimulation of the respiratory simulation. Increasing adoption of these gases in the healthcare industry is driving the growth of market.
Increasing Use of Industrial Gases in the Asia Pacific Region
Asia Pacific expected to grow at a highest CAGR in coming years. This trend is due to the high demand and growth in the 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; which 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:
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: