Industrial Gases Market Set for Robust Growth, Reaching US$ 150 Bn by 2029
Published On : Dec 06, 2019
Widely used in metal and ore processing, welding, food processing, healthcare, petrochemical, and various other industries, industrial gases continue to observe an impressive rate of consumption at a global level. Increasing steel production and expanding chemical industry are further creating significant demand for industrial gases. According to a recent market study of Persistence Market Research (PMR), the industrial gases market will witness a robust CAGR during 2019 – 2029, reaching the value of US$ 150 Bn by the end of forecast period.
Key Takeaways - Global Industrial Gases Market Study
- Consumption of industrial gases is concentrated predominantly in metal fabrication production hubs. Oxygen holds a prominent market share with a significant CAGR, attributable to applications in metal manufacturing & fabrication.
- Industrial gases sales in Asia Pacific are estimated to increase at the fastest CAGR over the forecast period. Demand for industrial gases in the Asia Pacific region is largely led by increasing consumption in the metal manufacturing & fabrication industry.
- Most consumers from developing markets prefer to buy industrial gases that are supplied by local or domestic manufacturers. Their focus is on buying industrial gases that comply with safety and purity standards as per local regulations. Moreover, these domestic/local products are cost-effective, with simplified supply chain management.
- Governments of various countries are actively planning to install small and medium size industrial gases generation plants in hospitals in remote or rural areas.
- In India, in 2015, a 500 litres per minute (lpm) oxygen plant was commissioned in SMGS hospital in Jammu to avoid the problem of oxygen cylinder shortage in emergency conditions.
End users are shifting their preference towards high-purity industrial gases owing to production requirements and changing design standards. Manufacturers can gain profits from providing gases with value-based pricing without compromising on efficiency and quality of their offerings.
Increasing usage of oxygen gas in steel manufacturing is expected to propel growth of the industrial gases market. High demand for hydrogen from automotive sector for use as direct fuel or in fuel cells is anticipated to provide lucrative opportunities. Massive investments in infrastructural projects in Asia Pacific and rapidly growing industry across various sectors in Asia Pacific and North America are expected to boost the demand for industrial gases in these regions on a large scale.
Leading Players Account for over 3/5th Share in Industrial Gases Market
The industrial gases market is moderately consolidated on a global level, with leading players accounting for more than 60% of the overall market size as of 2018. However, significant fragmentation is witnessed in regions such as Asia Pacific, where local suppliers hold prominent market positions. Some of the key market players in the market included in the report are Air Liquide S.A., Linde plc, and Air Products and Chemicals, Inc. Focus on business expansion through mergers & acquisitions and new plant establishments are key trends in the global industrial gases market. Regional market players are focused on entering long term relationships with direct end-users to sustain continuous revenue flow.
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Find More About Industrial Gases Market Study
PMR, in its new research report, offers an unbiased analysis of the global industrial gases market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study reveals insights on the global industrial gases market. The report covers market dynamics, market share analysis, pricing analysis, and channel partners involved in the industrial gases market value chain. Readers can also find key trends and market growth scenarios based on gas type and application across North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
To access in-depth insights on global industrial gases landscape, write to the team of analysts at firstname.lastname@example.org
About PMR’s Expertise in Chemicals & Nanomaterials
Persistence Market Research’s Chemical & Nanomaterials team is regarded as a reliable and authoritative source of intelligence among stakeholders across the value chain. The team offers expertize across a broad range of chemicals, including but not limited to, commodity, specialty chemicals, composites, nanotechnology, and institutional cleaning chemicals. Our research and consulting services include market sizing, product and market segmentation, and a detailed discussion on prevailing and anticipated market conditions. Reach out to us for more information on how we can help.
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