Vietnam Industrial Gases Market to Grow With 7.5% CAGR until 2027
Vietnam
Industrial Gases Market is anticipated to grow with increasing industrialization,
in the forecast period, 2023-2027F.
According to TechSci report on, “Vietnam Industrial Gases Market - By Region, Competition Forecast &
Opportunities, 2027” Vietnam
industrial gases market is anticipated to grow with 7.5% CAGR during the
forecast period, 2023-2027, on the account of growing expansion of chemical
industry. The market value in the 2021 was USD385 million and it is further
growing with rising demands for industrial gases from food & beverage industry.
Expanding healthcare industry, growing demands for supportive ventilation
systems for the patients with unable to breathe and supply for the ventilation
systems during the surgeries are further driving the growth of the Vietnam
industrial gases market in the upcoming five years. The demand for industrial
gases is further increasing due to higher consumption of them by metallurgy
& oil & gas industry, thereby supporting the growth of the Vietnam
industrial gases market in the next five years. The industrial gases are
utilized for the analysis of the metals and thus growing excavations of metals
drives the market growth. Also, the industrial gases like hydrogen, carbon have
applications in petrochemical industry. Increasing inclination of the
automobile industry and the consumers opting for the CNG as fuel further drives
the market growth.
Increasing
industrialization, rapidly growing globalization in the country along with the
growing production of industrial gases as a by product of various chemical
processes is aiding the growth of the Vietnam industrial gases market in the
future five years. Growing investments and rapidly increasing market players in
the country involved with the production of industrial gases are also
substantiating the growth of the Vietnam industrial gases market in the
forecast years through 2027.
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The
Vietnam industrial gases market is segmented by product, mode of distribution,
competitional landscape, and regional distribution. Based on product, the
market is bifurcated into oxygen, nitrogen, hydrogen, carbon dioxide, argon and
helium. The further discussion is based on the applications of each industrial
gases. Oxygen has application in metallurgy, light engineering industry,
medical and others. Rising demands from the healthcare industry will support
the growth of oxygen production and thus driving the growth of the market.
Advancement in the light engineering industry will further support the growth
of the Vietnam industrial gases market.
Nitrogen
has applications in pharma & chemical industry, metallurgy, petrochemical
and others. Nitrogen gas productions are increasing due to metallurgy industry.
The gas is used actively for identification of metals and analysis of the
physical and chemical properties of the metals, and thus aiding the market
growth. Hydrogen has applications in refinery, chemical and petrochemicals,
fuel & atomic power generation, metallurgical & metal processing,
hydrogenation of fats and oils and others. Chemical and petrochemical industry
utilizes hydrogen for the production of petroleum products. Recent advancement
toward eco-friendly and natural energy demands is further driving the growth of
the Vietnam industrial gases market in the future five years. Carbon dioxide
has applications in chemical & petrochemical, food & beverages,
welding, healthcare and others. Argon has applications in welding, metallurgy
and others. There are two type forms of helium, liquid and gaseous and it has
applications in saturation diving, ballooning, MRI, NMR and others.
Based
on mode of distribution, the market is also fragmented into tonnage, bulk and
packaged. Tonnage
mode of distribution is anticipated to hold the largest revenue shares of the
market and dominate the market segment in the upcoming five years on grounds of
increasing industrialization in north Vietnam and south Vietnam. Moreover, the
development of the chemical industries in the North and South Vietnam is
increasing and thus the market expansion is expected in the future five years.
Moreover, presence of large number of metal industry, food processing industry and
electronics industry in the country is further aiding the growth of the segment
as well as the growth of the Vietnam industrial gases market in the forecast
years through 2027.
A
partial list of major market players of the Vietnam industrial gases market
includes:
- Messer Vietnam Industrial Gases Co. Ltd
- Air Liquide
- Linde Vietnam
- Taiyo Nippon Sanso Vietnam
- Iwatani Corporation
- SIG Vietnam
- Osaka Gas
- North Vietnam Industrial Gases Ltd.
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“Expanding
chemical industry guarantees higher production of the industrial gases.
Moreover, the applications of the industrial gases are in multiple end use
industries and the demands would increase as the industrialization grows in the
country. Rising concerns for the use, production, distribution of the
industrial gases also affects the market growth in future. New market players
would be required to invest heavily in the production & distribution
sector. Entering the market is quite competitive and demands for supply
satisfaction for brand establishments,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Vietnam
Industrial Gases Market By Product (Oxygen {Metallurgy, Light Engineering
Industry, Medical and Others}, Nitrogen {Pharma & Chemical Industry,
Metallurgy, Petrochemical and Others}, Hydrogen {Refinery, Chemical and
Petrochemicals, Fuel & Atomic Power Generation, Metallurgical & Metal
Processing, Hydrogenation of Fats and Oils and Others}, Carbon Dioxide
{Chemical & Petrochemical, Food & Beverages, Welding, Healthcare and
Others}, Argon {Welding, Metallurgy and Others} and Helium {Saturation Diving, Ballooning,
MRI, NMR and Others}), By Mode of Distribution (Tonnage, Bulk and Packaged), By
Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam 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 Vietnam industrial gases market.
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