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The global industrial gases market is predicted to reach US$105.93 billion in 2024, witnessing growth at a CAGR of 6.48% over the period 2020-2024. The factors such as rising healthcare expenditure, accelerating sales of packaged food, growing base of geriatric population, expansion of refinery capacities, surging demand in the automotive sector and expanding urbanization would drive the growth of the market. However, the market growth would be challenged by mounting concerns regarding CO2 emissions and changing regulations. A few notable trends include increasing mining activities, escalating demand by metallurgical industries, rising demand from electronic applications and technological innovations.
The global industrial gases market has been segmented on the basis of types and applications. In terms of type, the global industrial gases market can be bifurcated into oxygen, nitrogen, hydrogen, acetylene and other gases. Whereas, the industrial gases market can be segmented into manufacturing, chemical & petrochemical, metallurgy, healthcare & pharmaceuticals, food & beverages, electronics and other applications, on the basis of applications.
The fastest growing regional market is Asia Pacific due to growing demand from various end user sectors such as metal manufacturing industry, oil & gas industry, chemical industry, food & beverage industry, expanding refinery capacities along with rising passenger car sales in the region and surge in healthcare expenditure. Further, the sudden outbreak of COVID-19 has created an unfavorable impact on the market as the great lockdown has halted various industrial activities and caused supply chain disruptions of industrial gases.
Scope of the report:
- The report provides a comprehensive analysis of the global industrial gases market segmented on the basis of type, application and region.
- The major regional and country markets (Asia Pacific, North America, Europe and RoW) have been analyzed.
- The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players (Mitsubishi Chemical Holdings Corporation, Linde PLC (Praxair, Inc.), Air Liquide S.A., Air Products and Chemicals, Inc., Air Water, Inc. and Messer Group GmbH) are also presented in detail.
Key Target Audience:
- Industrial Gases Producers, Suppliers and Distributors
- Key End Users of Industrial Gases
- Consulting Companies and Research Organizations
- Government Bodies & Regulating Authorities