The global Industrial Gases market size is expected to be worth around US$ 134.2 billion by 2027, according to a new report by Vision Research Reports.
The global Industrial Gases market size was valued at US$ 87.2 billion in 2019 and is anticipated to grow at a CAGR of 5.4% during forecast period 2020 to 2027.
Growth Factors
Moreover, increasing urbanization and industrialization coupled with increasing application of industrial gases in various industries such as healthcare, metals and mining, and food and beverage are further expected to influence the market for industrial gases in the coming years. Industrial gas is an important segment that contributes to an economy’s progress. The region-wise market is expected to grow at a rate that is double the GDP rate. However, environmental regulations and safety and huge gas conversion costs may hinder the market growth during the forecast period.
The utilization of nitrogen has increased faster than that of oxygen. Argon has also picked up the pace and can be expected to supersede oxygen in terms of utilities. Rise in global crude oil demand and the need for refining it will offer significant growth opportunities to the market, further boosting the demand for industrial gases.
Industrial production has been growing globally and is expected to maintain the growth in the forecast period. There is a continuous growth in the demand for industrial gases in the aerospace and metal and mining industry, in which various industrial gases are used on a large scale.
In addition, growing implementation of cryogenic processes for air separation in industries and the usage of gaseous mixes such as syngas, a blend of carbon monoxide and hydrogen, are the key trends driving the market demand for industrial gases globally.
Report Highlights
In the product segment, nitrogen gas is projected to expand at the highest revenue-based CAGR during the forecast period, reaching USD 28.1 billion by 2027. Nitrogen is used on a large scale in healthcare sector and the growing medical and pharmaceutical industry in North America and Asia Pacific region is expected to propel the market growth in the coming years.
Oxygen is used for fabrication, steel melting, medical applications, copper smelting, etc., is known to improve the thermal efficiency of fuel, and thus, can be used for obtaining better energy from fuel. Oxygen is used to treat hazardous wastes, polluted water, and for gasification process of coal. It can also replace in pulp and paper industry in order to reduce pollution.
Companies have started focusing on developing cleaner sources of energy and have thus come up with the concept of hydrogen fuel cells. Hydrogen can be used to power fuel cells that efficiently convert hydrogen to electricity.
In application segment, the manufacturing industry accounted for the largest market share and is projected to register the second-highest CAGR during the forecast period. The demand for industrial gases such as nitrogen, oxygen, carbon dioxide, hydrogen and others in manufacturing industry is projected to witness substantial growth in the developing economies owing to the growing manufacturing industry in India, China, Brazil, and South Korea. Growing demand for advanced industrial gases in electronic industry is expected to further propel the growth of this segment.
The healthcare application segment emerged as the fastest-growing application and accounted for approximately 18% of the total revenue share in 2019. The healthcare segment is projected to witness substantial growth in the developing economies owing to high demand for industrial gases such as oxygen, nitrogen, and carbon dioxide in the medical and pharmaceuticals sectors.
Among other popular industrial gases, is widely used in the food industry for carbonated soft drinks, beer, etc. Liquid CO2 is also used as a refrigerant in the food and beverage industry. This gas is also used as an insecticide/deoxidizing agent for food preservation. The growth of the food and beverage industry is further expected to propel the demand for carbon dioxide.
Asia Pacific accounted for the largest market share in 2019 and is projected to continue its dominance during the forecast period. The industrial gases market for the Asia Pacific region is projected to hold a share of approximately 36% in 2027, expanding at a CAGR of 6.5% from 2020 to 2027.
The economic growth in countries of Asia Pacific such as China, India, and South Korea has shown strong growth and the trend is expected to continue in the next five years. The industrial production indexes for the year 2018 disclose that industrial production has been experiencing a positive trend so far and is expected to increase further.
China is the largest country-level market for industrial gases in Asia Pacific as well as across the globe. Asia Pacific observed the maximum demand for these gases, owing to the upsurge in demand for high-quality gas solutions in the aerospace industry.
Key Players
Air Liquide
The Linde Group
Air Products & Chemicals
Messer Group
Taiyo Nippon Sanso
Market Segmentation
Product Outlook
Oxygen
Nitrogen
Hydrogen
Carbon Dioxide
Acetylene
Argon
Others
Application Outlook
Healthcare
Manufacturing
Metallurgy & Glasses
Food & Beverage
Retail
Chemicals & Energy
Others
Distribution Outlook
On-site
Bulk (Liquid Gas Transport)
Cylinder (Merchant)
Regional Outlook
North America
The U.S.
Canada
Mexico
Europe
The U.K.
Germany
France
Italy
Asia Pacific
China
India
Japan
South Korea
Central & South America (CSA)
Brazil
Middle East & Africa
Saudi Arabia
UAE
The Industrial Gases market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Industrial Gases market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Industrial Gases market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Industrial Gases market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Industrial Gases market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Industrial Gases capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Industrial Gases by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Industrial Gases market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Industrial Gases market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Industrial Gases market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Industrial Gases industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Industrial Gases market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Industrial Gases market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Industrial Gases market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Industrial Gases market. These factors have benefited the growth of the global market for Industrial Gases. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Industrial Gases. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Industrial Gases are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers