Large-scale Infrastructure Projects and Increasing Investments in Asia Pacific to Create Demand
Manufacturers in the industrial gases market are expected to gain significant opportunities by focusing on countries such as China and India in the Asia Pacific, attributable to increasing capital expenditure for construction activities and mega infrastructure projects planned in the region in the foreseeable future. Ongoing investments in large-scale infrastructure projects and rampant investments in core industrial sector is expected to drive demand for industrial gases through 2029. Various initiatives in the form of tax relaxations, pliable regulations, low cost land, and access to resources have been taken by central and state governments to increase industrial penetration in respective regions.
High Demand for Oxygen to Propel Growth of Global Industrial Gases Market
Industrial oxygen is among the most consumed gas and is present in the main streamline of several industries, mainly in steel manufacturing and healthcare sector. Steel manufacturers use oxygen to enhance furnace performance by enrichment of furnace air, while the medical sector uses oxygen at different stages of treatment and in medical devices. Growing steel production and increasing healthcare expenses at a global level are creating opportunities for product innovation and expansion.
Various players in the global are offering with innovative products for targeting the customers from medical industry. Small oxygen concentrators that are portable and can be used for the patients with chronic respiratory disorders and in emergency medical kits are gaining popularity.
Healthcare and Technical Applications to Boost Demand for Industrial Gases
Elderly demographic has been growing considerably at a high rate at a global level. Governments worldwide are planning to invest significant amount towards improvement of healthcare services, also allowing 100% FDI in the medical device sector. Owing to this, the healthcare industry in India is experiencing vast infrastructural changes. Additionally, in the healthcare industry, industrial gases are used for respiratory applications and various cryogenic and surgical applications. Rapid growth of the healthcare industry is estimated to create high demand for industrial gases during the forecast period.
The global industrial gases market is highly consolidated owing to the presence of limited players across the globe. Tier-1 players account for around half of the market share in the global industrial gases market. Key players in the global industrial gases market are constantly enhancing their manufacturing capabilities by expanding existing processing facilities. Manufacturers focus on strategic agreements or contracts with end-use industries for the supply of industrial gases.
In April 2017, Air Liquide signed a long-term contract with Oman Oil Refineries and Petroleum Industries Company (Orpic), the national refining company of Oman. As per this contract, Air Liquide would supply nitrogen to the Liwa Plastics Industries Complex (LPIC).
Our analysis suggests that the F&B industry is rapidly emerging as a lucrative target for industrial gases manufacturers. F&B industry operators must ensure that their product offerings are packaged and transported in modified environments, as these are sourced from distant locations. Industrial gases are used for such applications in F&B industry. Growing demand for carbonated drinks is expected to significantly contribute to the growth of industrial gases market over the forecast period.
Industrial Gases Market - Scope of the Report
Persistence Market Research (PMR) recently published report on the global industrial gases market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the industrial gases market structure. This market research report presents exclusive facts and figures about how the industrial gases market is anticipated to will grow over the forecast period of 2019-2029.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in this report in a comprehensive manner. This information can help readers to understand the quantitative development projections of the industrial gases market over the forecast period.
The study is relevant for stakeholders in the industrial gases market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand effective strategies to grow in the industrial gases market. Industry experts, researchers, and journalists, as well as business researchers in the industrial gases market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting growth of the industrial gases market. The study also offers actionable insights based on the future trends in the industrial gases market. Furthermore, regional players and new entrants in the industrial gases market can also use the information presented in this report to make efficient business decisions and gain momentum in the market.
Key Segments of the Industrial Gases Market
PMR’s study on the industrial gases market is divided into three segments- gas type, application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Industrial Gases Market Report
Industrial Gases Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the industrial gases market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the industrial gases market study, which comprise of the facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to gain insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the industrial gases market to make PMR’s projection on growth prospects of the industrial gases market more accurate and reliable.