Asia Pacific Industrial Gases Market to Grow at Steady Rate During Forecast Period
Increasing investments in
automobile and aerospace industry to drive growth of Asia-Pacific industrial
gases market through 2024
According to
TechSci Research report, “Asia Pacific Industrial Gases Market By Type, By Usage, By Mode
of Distribution, By Function, By Application, By Country, Forecast &
Opportunities, 2024”, the Asia-Pacific industrial gases market is expected to
grow at a steady rate during the forecast period on account of the rapidly growing
construction and infrastructural industry in the region. Additionally, rise in
industrial activities and growth in manufacturing units producing different
types of industrial gases for various end user industries. However, emission of industrial gases
into the atmosphere is causing the problems like global warming and ozone layer
depletion which is likely to hamper the growth of the market during forecast
period.
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The Asia-Pacific
industrial gases market is segmented based on type, usage, mode of
distribution, function, application, country and company. Based on type, the
market can be fragmented into oxygen, nitrogen, argon, hydrogen, carbon-dioxide
and others. Nitrogen is expected to witness significant growth during forecast
period owing to its expensive use in wide range of applications such as lasing
gas mixture, petrochemicals for instrumentation, calibration gases, among
others. Based on mode of distribution, the market can be categorized into tonnage,
bulk and packaged. The packaged segment is expected to dominate the market
attributable to its versatility, flexibility and mobility. Based on function,
the market can be grouped into coolant, intermediate, insulators and others.
The intermediate segment is expected to witness significant growth during
forecast period on account of growing use of industrial gases as an
intermediate to carry out various chemical reactions. Based on application, the
market can be segmented into metallurgy, welding, medical, chemical &
petrochemical, food & beverage and others. Among these, metallurgy segment
is expected to dominate the market during forecast period. This can be ascribed
to the growing use of cutting and welding gases in metal working and welding applications.
Taiyo Nippon Sanso
Corporation, Southern Industrial Gas Sdn. Bhd., Iwatani Corporation, BASF SE,
The Linde Group, Goyal MG Gases Pvt. Ltd., Air Liquide, Asia Technical Gas Co.,
(Pte) Ltd (ATG), Sig Gases Bhd, Air Products and Chemicals Shanghai Co. Ltd.
and others are some of the leading players operating in Asia-Pacific industrial
gases market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
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“The industrial
gases market in Asia-Pacific is expected to witness substantial growth during
the forecast period due to growth of several associated end user industries in
the region. Additionally, increasing technological advancements in the
healthcare industry has given rise to the demand for production of industrial
gases which in turn is driving the industrial gases market in the region” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Asia Pacific Industrial Gases Market By Type,
By Usage, By Mode of Distribution, By Function, By Application, By Country,
Forecast & Opportunities, 2024” has evaluated
the future growth potential of Asia-Pacific industrial gases market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Asia-Pacific industrial gases market.
Contact
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