Pune, India, July 18, 2022 (GLOBE NEWSWIRE) -- The global industrial gases market size to hit USD 148.16 billion by 2028, at CAGR 7.2%. The market was valued USD 91.29 billion in 2021. This growth is attributed to factors such as increasing demand for crude oil and the urgent need to refine it for usage in various applications. The growing oil and gas industry affecting the market growth positively. As per the U.S. Energy Information Administration, the total imports of crude oil in 2019 were 6,801,000 barrels per day (b/d). Fortune Business Insights™ published this information in a report, titled, "Industrial Gases Market, 2021-2028."
Key Industry developments:
March 2021: Echo Energy Plc won two new contracts for selling industrial gases at considerable premiums. Both contracts have a timeline of 12 months and the company will begin selling gases from May 2021.
April 2020: Air Liquide signed 11 new agreements with its industrial merchant customers. It would supply hydrogen, oxygen, and nitrogen for 10 years to its customers. This way, the company will be able to compete in the market.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.2% |
| 2028 Value Projection | USD 148.16 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 88.05 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 280 |
| Segments covered | By Service Type, By End-User and Regional Forecast |
| Growth Drivers | Surging Investments in Electronics and Metallurgy Industries to Boost Growth |
| Increasing Urbanization and Industrialization to Help Asia Pacific Grow Significantly |
Drivers & Restraints-
Surging Investments in Electronics and Metallurgy Industries to Boost Growth
Rising investments in electronics, metallurgy, food & beverages, and mining & metal sectors, especially in developing countries worldwide are set to propel the industrial gases market growth in the upcoming years. According to the World Investment Report 2018, for instance, in 2017, Asia Pacific invested approximately USD 476 billion of inflow from foreign direct investment. It was primarily focused on Singapore and China. However, the transportation, storage, and manufacturing of industrial gases revolve around numerous stringent governmental norms. It may hamper growth.
COVID-19 Pandemic: Shutdown of Facilities and Unavailability of Laborers to Impact Growth
The COVID-19 pandemic has resulted in the unavailability of laborers and low demand for industrial gases from end-users because of the complete shutdown of manufacturing facilities and nationwide lockdown measures. Besides, the usage of crude oil has reduced drastically because of the pandemic, thereby creating very less prices of the same. Our research reports will help you overcome this situation by choosing the right strategy.
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Segmentation-
Oxygen Segments Earned 28.4% Share in 2020: Fortune Business Insights™
Based on the gas type, the market is divided into oxygen, nitrogen, carbon dioxide, hydrogen, argon, and others. Out of these, the oxygen segment generated 28.4% in terms of the industrial gases market share in 2020. This growth is attributable to the increasing usage in a wide range of industries, such as petroleum, pharmaceuticals, ceramics, chemicals, and healthcare.
Report Coverage-
The report involved four notable activities in projecting the current size of the industrial gases industry. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
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Regional Insights-
Increasing Urbanization and Industrialization to Help Asia Pacific Grow Significantly
Geographically, Asia Pacific held USD 28.31 billion in terms of revenue in 2020. This growth is attributable to the increasing industrialization and urbanization. Besides, the surging usage of industrial gases in the power, oil & gas, and healthcare industries is set to drive growth. Europe, on the other hand, is anticipated to grow because of the expansion of the food & beverage industry. Additionally, the high demand from the pharmaceutical industry would spur growth in this region.
Competitive Landscape-
Key Participants Focus on Gaining New Contracts to Supply Their In-house Products
The market contains numerous renowned companies that are persistently striving to gain a competitive edge. Most of them are focusing on bagging new contracts from reputed organizations for providing their in-house industrial gases.
A list of prominent manufacturers operating in the global market:
- Air Liquide (France)
- Air Products (United States)
- Linde (Ireland)
- Matheson Tri-Gas (United States)
- Messer Group (Germany)
- Gulf Cryo (Kuwait)
- BASF (United States)
- Southern Company Gas (United States)
- Universal Industrial Gases (United States)
- Ellenbarrie Industrial Gases Ltd (India)
- Bhuruka gases ltd (India)
- Concorde-Corodex Group (UAE)
- Dubai Industrial Gases (UAE)
- Bristol Gases (UAE)
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Key Benefits for Industrial Gases Market:
- The Industrial Gases market analysis covers in-depth information of major industry participants.
- Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analys is of the Industrial Gases market during the forecast period (2022–2028).
- The report outlines the current market trends and future scenario of the global Industrial Gases market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Industrial Gases Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Industrial Gases Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Gas Type
- Oxygen
- Nitrogen
- Carbon Dioxide
- Hydrogen
- Argon
- Others
- Market Analysis, Insights and Forecast – By Application
- Packaging
- Coolant
- Carbonation
- Cryogenic
- Air Separation
- Cutting & Welding
- Laboratory
- Others
- Market Analysis, Insights and Forecast – By End-User
- Metallurgy
- Healthcare
- Chemical
- Food & Beverage
- Oil & Gas
- Power
- Pulp and Paper
- Electronics
- Water Treatment
- Mining
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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