Industrial Gases Market Insights:
Market Research Future has published this report covering essential accruals based on the latest trend, market valuation, estimated growth graph, growth pattern, challenges, driving factors for market growth and regional shares distribution. Global industrial gases market is recorded to grow exhibiting a higher CAGR of by 2023 on account of rising demand filed from chemical & petrochemical, metal fabrication & production, automobile, healthcare & pharmaceuticals, and food & beverage industries and more.
Industrial gases are defined to be specific gaseous materials that are produced for industrial purposes. The most prominent are listed to be as oxygen, nitrogen, carbon dioxide, helium, and hydrogen, although various other mixtures, which are also manufactured and provided as gas cylinders. At times, several industries such as steel, oil and gas, chemicals and petrochemicals, biotechnology, medicine, environmental protection, and nuclear power require such customized gases. Hence, the market for the same is feeding off the prosperity of each of them.
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The bulging players that are operating in the global industrial gases market are listed as Air Liquide S.A., Linde AG, Air Products, Praxair Inc., BASF, Gulf Cryo, Airgas Inc., Air Products and Chemicals inc., Taiyo Nippon Sanso Corporation, Ellenbarrie Industrial Gases Ltd., Messer Group GmbH, The Southern Gas Ltd., MATHESON Tri-Gas Inc., Cryotech Anlagebau GmbH, Abdullah Hashim Industrial Gases & Equipment Co. Ltd., Mohsin Haider Darwish LLC, Bhuruka Gases Ltd., Asia Technical Gas Co (PTE) LTD (ATG), Buzwair Industrial Gases Factory, Bristol Gases – Concorde Corodex Group, National Industrial Gas Plants – Mohammed Hamad Al Mana Group, Yateem Oxygen, Dubai Industrial Gases, India Glycols Ltd., Tripti Gases Pvt. Limited, SICGIL India Limited, Ellenbarrie Industrial Gases Ltd., and Goyal MG Gases Pvt. Ltd.
Global Industrial Gases Market Drivers and Trends:
The analyst of the report has also stated that several vendors, who are the major market players in the global industrial gases are steadily mounting, which is making the market a competitive one. Expansion of refinery capacities, increasing consumption of chemicals & petrochemicals and rising adoption of enhanced oil recovery (EOR) techniques in oil & gas sector are few of the primary factors boosting growth in the global industrial gases market. Further, rising passenger car sales are also anticipated to propel industrial gases demand in automobile sector across the globe during the forecast period.
Growing oil & gas production and processing activities in developing regions are also anticipated to fuel demand for industrial gases globally. Industrial production has been showing positive signs, while the emerging economies are accepting it rapidly, hence remaining the key driver of the market. Also, it is expected that the growth in industrial production is positive with swelling demand for industrial gases from food & beverage, healthcare, electronics, and oil & gas industry is eventually sustaining the growth of the global industrial gases market.
The global industrial gas market also is benefitting from the perspective of consumer demand for freshness in food products. In recent times, health-conscious consumers are on the verge of demanding fewer additives and fresh food products, which surges the demand for industrial gases. As a result of it, the food and beverage industry are buying increasing quantities industrial gases which are used to freeze and package a variety of food products such as dairy and frozen products, beverages, fruits, vegetables, meat, fish, seafood, convenience foods, bakery, and confectionery.
Moving forward, industrial gases are experiencing a massive demand from the oil & gas industry as refineries require vast quantities of industrial gases to control various processes. Moreover, some essential yet stringent environmental norms are lowering permissible sulfur content of refinery products, which in turn, has challenged refining operators to desulfurize crude. This poses a significant opportunity for the growth of the industrial gases market.
Industrial Gases Market Segmentation:
According to the reports published by MRFR, the global industrial gas market has been segmented based on gas type and application.
By the mode of gas type, the industrial gases market comprises of oxygen, helium, nitrogen, hydrogen, carbon dioxide, acetylene, argon, and others.
By the mode of application, the industrial gases market comprises of healthcare, metal and metallurgy, pharma and biotech, chemicals, automotive and aerospace, electronics, food and beverages and more.
Industrial Gases Regional Industry Outlook:
Region wise, the global industrial gases market is analyzed in the regions namely Asia Pacific, North America, Europe and the rest of the world.
The industrial gases market in the North America region is majorly driven by the high demand for industrial gases in rapidly developing automotive and construction industries in this region. The industrial gases market in the Asia Pacific region is expanding at a significant growth rate owing to the increased production activities for the export of industrial gases and also due to increasing use of basic oxygen furnace technology by major metal and metallurgy companies which is increasing the consumption of industrial gases in this region. Rise in production capacity of various end-use industries such as chemicals, metals, food and beverages, healthcare and construction are inducing high demand for industrial gases, which in turn is propelling the growth of industrial gases market in the Europe region.
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