Expansion of various businesses coupled with a sustainable and efficient process is likely to ensure the growth of the global industrial gases market. Along with the increasing demand in the metal manufacturing industry, industrial gases are also witnessing rising demand from process industries such as oil and gas, food and beverages, energy, healthcare, electronics, and chemicals. Increasing environmental concerns and an introduction of stringent regulations regarding safety are also driving the growth of the global market for industrial gases.
As per the latest report by Persistence Market Research (PMR), the global market for industrial gases is likely to witness robust growth, registering a 7.7% CAGR between 2017 and 2025. The global industrial gases market is estimated to reach US$ 114.5 Bn in revenue by 2025 end.
Rise in Metal Manufacturing & Fabrication to Boost Demand for Industrial Gases
There has been an exponential increase in metal manufacturing in recent years. This has resulted in the increasing demand for industrial gases such as oxygen, nitrogen, hydrogen, and argon. New technologies being adopted by manufacturers for steel production is also driving the demand for oxygen. In order to increase the productivity and quality of metal, manufacturers are adopting the gas metal arc welding process.
Increasing investment in the automobile and aerospace industry is driving demand for metal fabrication services, thereby contributing towards the growth of industrial gases. The demand for high quality of oxygen is also growing in use in gas cutting to ensure a clean cut and high cutting speed. Argon is also witnessing an increasing demand for fabrication and manufacturing to use as a shield gas in welding processes.
Oxygen to Emerge as the Highly Preferred Gas in the Global Industrial Gases Market
Oxygen is one of the largest used gases across various industries including steel, chemical, paper and pulp, and other industries. In the recent years, oxygen is finding increasing application in treating sewage and effluent from various industries. Oxygen gas is being directly dissolved in the water to clean polluted lakes and rivers. Manufacturers in the global industrial gases market are using cryogenic distillation to produce oxygen commercially in large quantities.
Industrial Gases to Witness Rising Demand from Developing Countries
Emerging countries like India, China, and Indonesia are focusing towards increasing production capacity in industries such as metals, chemicals, food and beverages, construction and healthcare. Hence, the demand for industrial gases in these countries is likely to rise in the coming years. Governments in various countries in the Asia Pacific region are also taking initiatives to develop alternative sources of energy. This is fueling the growth of gasification plants that consume a substantial amount of industrial gases. Technological advances and use of Basic Oxygen Furnace (BOF) technology by major metal companies in China is also driving the consumption of industrial gases.
The U.S to Emerge as a Major Contributor to the Growth of the Industrial Gases Market
A rapid rise in the automotive and construction sector in the U.S is resulting in an increased demand for industrial gases. Moreover, the consumption of industrial gases is also increasing in the petroleum and natural gas industry. Increased focus on producing cleaner-burning fuels by refineries is driving the need for a massive amount of hydrogen. Industrial gases companies in the U.S. are also investing on a large scale in research and development activities to develop improved and innovative methods to produce industrial gases.
The report titled “Industrial Gases Market: Global Industry Analysis 2012–2016 and Forecast 2017–2025,” by Persistence Market Research (PMR) provides an in-depth analysis and forecast on the global market for industrial gases. The report captures the different aspects of the global industrial gases market and also sheds light on the major factors that are likely to impact the global consumption and market growth during the forecast period from 2017 to 2025.
The report on the global industrial gases market features a section on competitive landscape presenting a clear picture of the vendor ecosystem. Here, the report offers the global market structure and detailed profiles of some of the prominent companies currently active in the global industrial gases market. Information on the key companies is based on various parameters including key financials, business overview, short-term and long-term strategies, and latest developments by the companies. The analysis of leading players provides the reader an overview of the competitive scenario in the global market for industrial gases.
The report provides an executive summary (including overview, analysis, and key recommendations on the market). The second section consists a brief introduction of the market. Next section includes the viewpoint on the market, featuring the opportunity analysis and macro and micro-economic analysis. The next section in the global industrial gases market offers historical analysis from 2012 to 2016 and forecast from 2017 to 2025. This section also covers the market dynamics including driving factors, key challenges, latest trends and opportunities in the global market for industrial gases. The next few sections in the report focus on the value and volume in the global market as well as based on segmentation including gas type, application, and region.
The region-wise forecasts of the industrial gases market offer information on the historical as well as current market size, and key developments and trends in the major regions. The last section of the report highlights research methodology that has been used to derive at the estimated revenue and volume of the global industrial gases market.
The report has been compiled by using a proven and tested research methodology. It includes both primary and secondary research. To arrive at the overall global market size, key market players, well-established products, industry developments, etc. the report also includes opinions provided by the industry experts, manufacturers, retailers, and distributors. The data collected for the report was also validated using various data sources. Advanced tools were used by researchers to obtain qualitative as well as quantitative data on the global market for industrial gases.
The Global Market for Industrial Gases: Segmentation
The global industrial gases market is segmented into the gas type, application, and region. Based on the gas type, the market is segmented into Oxygen, Acetylene, Nitrogen, Argon, Helium, Carbon Dioxide, and Hydrogen. On the basis of application, the segments include Metal Manufacturing and Fabrication, Healthcare, Automotive & Aerospace, Electronics, Energy, Oil & Gas, Food & Beverages, Pulp & Paper, Chemicals, Pharmaceutical & Biotechnology, and Other industries. Geographically, the global industrial gases market is segmented into Europe, Latin America, Asia Pacific Excluding Japan (APEJ), North America, and the Middle East and Africa.