Industrial Gases Market

Industrial Gases Market Outlook 2031

• The global industrial gases market was valued at US$ 65.7 Bn in 2020
• It is estimated to expand at a CAGR of 6.1% from 2021 to 2031
• The global industrial gases market is expected to reach the value of US$ 126.1 Bn by the end of 2031

Analysts’ Viewpoint on Industrial Gases Market Scenario

There is a lucrative presence of manufacturers operating in the industrial gases market. These players are focusing on increasing their investments on research and development activities to improve product quality to meet rising consumer requirements. There is a healthy growth of the industrial gases market due to surging demand from healthcare, food & beverages, mining, oil & gas, and electronics industries. However, stringent regulations applied on manufacturing, storage, and distribution of industrial gases in many developing countries is hampering the growth of the global industrial gases market. Companies in the industrial gases market should accelerate their product development and unlock revenue opportunities to obtain competitive benefits. However, market stakeholders are extending their services arms to gain a competitive edge in the global market.

Impact of COVID-19 on Industrial Gases Market

Similar to other industries, the global industrial gases market was negatively affected by COVID-19. Lockdown and shutting down businesses led to disruption in value chain. Even though the coronavirus pandemic has weakened all the businesses in the industrial gases market, manufacturers are creating potential opportunities, owing to increasing applications of industrial gases in various end-use industries across the globe. Increasing demand for oxygen, nitrogen, carbon dioxide, hydrogen, and argon in different end-use industries such as consumer electronics, semiconductors, food & beverages, healthcare, mining, etc. is generating revenue streams for manufacturers in the industrial gases market.

Manufacturers are taking efforts to recover from losses due to the COVID-19 outbreak and exploring different opportunities to overcome challenges in the global industrial gases market. Countries such as India and China are expected to witness rapid growth due to industrialization and urbanization.

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Profitable Opportunities for Asia Pacific Market Players

Asia Pacific creates potential growth opportunities for manufacturers operating in the industrial gases market. Increasing population, presence of well-established market players, and developing economies such as India, China, South Korea, and Singapore are factors driving the demand for industrial gases in the region. The Asia Pacific industrial gases market is also driven by rapid urbanization and industrial growth in the region. There are lucrative opportunities for manufacturers operating in the industrial gases market due to expanding food & beverages, manufacturing, electronics, and mining industries in Asia Pacific.

Manufacturers working in the industrial gases market are gaining revenue benefits owing to rise in application of carbon dioxide, oxygen, and nitrogen in the healthcare industry.

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Increasing Demand for Industrial Gases in Various End-use Industries

The growing demand for industrial gases from food & beverages, electronics, and healthcare sectors is driving the global market growth. There are untapped opportunities for market players operating in the industrial gases market due to surging demand for industrial gases in emergency medical conditions. Moreover, due to the rapid spread of manufacturing and processing industries across the globe, market players are expected to witness value-grab growth opportunities in the upcoming years. Steel, glass, oil, and fiber optics segments demand intensive usage of industrial gases. Growth and advancement in these sectors in developing countries is contributing to the rapid expansion of industrial gases market.

In addition, the growing awareness about environment protection from degradation and subsequent demand of clean energy has augmented the rise in consumption of industrial gases in several countries. Industrial gases can also be used in photovoltaic industries for manufacturing of semiconductors, solar displays, flat panels, etc. Rising popularity and adoption of electronic devices across the globe is driving the demand for industrial gases. Increasing applications of industrial gases in metal & mining industries is also boosting market growth.

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Rising Application in Oil & Gas Industry to Boost Market Growth

The increasing demand for crude oil in the world and the surging requirement of refining have fueled the demand for industrial gases in the market. Industrial gases are increasingly being used in the oil & gas industry for upstream and downstream applications. Some of the major applications are drilling, coiled tubing, well lifting, leak testing, inspection & maintenance, shipbuilding, gas analysis, firefighting, compositional analysis, etc. Growth and expansion of the oil & gas industry would increase the demand for industrial gases such as hydrogen, carbon dioxide, oxygen, nitrogen, etc. This factor further drives the global industrial gases market.

In addition, rapidly expanding manufacturing and processing industries due to urbanization in developing countries is also accelerating the industrial gases market.

Global Industrial Gases Market: Overview

• Asia Pacific is the most propitious of all the regions of the global industrial gases market and is expected to continue to be the fastest growing region of the market during the forecast period
• The largest share of industrial gases, by value, is held by the Asia Pacific region mainly due to the presence of a large population base and large demand for industrial gases in industries of the growing economies such as India, China, South Korea, and Singapore. The high market share of the industrial gases market in the region can be attributed mainly to the rapid industrialization in developing economies such as India, China, and Japan, which have a multitude of untapped opportunities.
• Major demand for industrial gases is observed in the booming healthcare, manufacturing, and electronics segments. This has resulted in the corresponding increase in demand for various gaseous mixtures (exotic ones include Neoquad – a mixture of helium, nitrogen, neon, and oxygen, and Argox – a mixture of argon and oxygen).

Asia Pacific a Significant Market for Industrial Gases

• Sudden surge in the use of specialty gases, primarily in food, electronics, and health care industries, has boosted the demand for industrial gases in growing economies. Emergency medical conditions empower countries such as India and China with a multitude of untapped opportunities.
• Growing awareness regarding environment protection from degradation and subsequent demand of clean energy has augmented the consumption of industrial gases in developing countries
• Rapid economic developments in south and central Asian countries and strong government initiatives undertaken to strengthen their respective economies have resulted in a rise of disposable income and awareness among consumers
• Usage of industrial gases is rising in steel, glass, oil and fiber optics sectors. Growth in these sectors in countries such as China, Japan, and India is propelling the industrial gases market.

Industrial Gases Market: Competition Landscape

• Key players profiled in the report are
  • Air Products & Chemicals Inc.
  • Air Liquid SA
  • Praxair Inc.
  • Linde Group
  • Sig Gases Berhad
  • BASF SE
  • Yingde Gases Group Company Limited
  • Taiyo Nippon Sanso Corporation
  • Messer Group GmbH
  • Iwatani Corporation
• Prominent companies are entering into mergers and acquisitions to gain a better stronghold in the market

Industrial Gases Market Snapshot

Industrial Gases Market – Segmentation

TMR’s research study assesses the global industrial gases market in terms of product type and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global industrial gases market.