Industrial Gases Market to be Dominated by Oxygen Type Segment Through 2028
Increasing demand for industrial gases in
emerging economies, growing healthcare and food processing industries, and
rising investments in the development of new applications for industrial gases are
expected to drive global industrial gases market in the forecast period
2024-2028.
According to TechSci Research
report, “Industrial Gases Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Industrial Gases market
is anticipated to upsurge at an impressive rate in forecast period of 2028, due
to growing demand from end user industries such as metal production &
fabrication, automotive, manufacturing including chemical & petrochemical,
healthcare & pharmaceuticals, food & beverages, and others for the production
and operation of machines. Approximately 9.4 million metric tons of carbon
dioxide gas were produced in the United States in 2020 to fulfill its demand.
Apart from these, rising research and development activities and government
subsidies are factors driving the demand of industrial gases market.
Environmental concerns and technological
complexity are the key obstacles that the global industrial gases market is
facing. The production and use of industrial gases can have negative
environmental impacts, such as the release of greenhouse gases and other
pollutants. As a result, there is increasing pressure on industrial gas
producers to reduce their emissions and develop more sustainable production
methods. Besides, the production and use of industrial gases can be complex,
requiring specialized knowledge and equipment. As a result, companies are investing
heavily in research and development to stay ahead of the competition and
develop new products and applications. Furthermore, cost pressures, intense
competition, and safety & regulatory compliance are the other factors
impeding the global industrial gases market growth.
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data Figures spread through XX Pages and an in-depth TOC on the "Global Industrial Gases Market".
Global industrial
gases market is segmented based on type, end user, distribution, and region.
Based on type, the market is segmented
into nitrogen, oxygen, argon, hydrogen, carbon dioxide, and others. Oxygen segment is expected to hold the
largest market share in the forecast period owing to wide range of applications
in various industries such as metal
production & fabrication, automotive, chemical & petrochemical,
healthcare & pharmaceuticals, and food & beverages. Oxygen is
used for combustion, oxidation, cutting, welding, and medical purposes. It is
also essential for life support systems and environmental protection. Oxygen
has a high demand and a low production cost compared to other industrial gases.
Hence, due to the high effective result than other alternative gases type,
oxygen is going to dominate the industrial gases market by type segment.
Based on end
user,
the market is categorized into metal production & fabrication, automotive,
chemical & petrochemical, healthcare & pharmaceuticals, food & beverages,
and others. The
chemical & petrochemical segment is expected to hold the largest market
share in the forecast period 2024-2028. Due to their nature, the industrial gases
molecules are used as fundamental utilitarian building blocks for chemical synthesis
as well as their low-profile roles as enhancers of safety, quality, and
productivity and in mitigation of environmental footprint.
Based on distribution, the market is fragmented
into on-site, bulk, cylinder, and others. The
Cylinder segment
is expected to hold the highest market share in its segment. This is due to rising demand for industrial gases from fragmented
industries where they don’t have enough money and place to set up on-site plants.
Such a factor is creating a situation where different companies and industries are
demanding cylinders to fulfill the need of gases’ lower price without any
supply interruption.
Major
companies operating in the global industrial gases market are:
- Air Liquide SA
- Air Products and Chemicals
Inc.
- Asia Technical Gas Co Pte
Ltd.
- BASF SE
- Bhuruka Gases Limited
- Ellenbarrie industrial Gases
Ltd.
- Sapio Life Srl
- IBO INDUSTRIA BRESCIANA
OSSIGENO Srl
- Iwatani Corporation
- Linde PLC
- Messer Group Inc.
- Aneka Gas Industries PT
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“Asia-Pacific
is the largest market for industrial gases, accounting for most of the market
share. The increasing demand for energy, the expansion of manufacturing and
chemical industries, the development of infrastructure and urbanization, and
the rising environmental awareness. Asia Pacific is also home to some of the
largest producers and consumers of industrial gases, such as China, India,
Japan, and South Korea. These countries are investing heavily in research and
development, innovation, and technology to enhance their industrial gas
production and applications. Furthermore, subsidies and tax incentives for
industrial gas production and the use and growing need of industrial gases as
fuels are factors propelling the demand of the industrial gases in the
forecasted period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Industrial Gases Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented By Type (Nitrogen, Oxygen,
Argon, Hydrogen, Carbon Dioxide, and Others), By End User (Metal Production
& Fabrication, Automotive, Chemical & Petrochemical, Healthcare &
Pharmaceuticals, Food & Beverages, and Others), By Distribution (On-site,
Bulk, Cylinder, and Other), By Region, and Competition,
has evaluated the future growth potential of global 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 the global industrial gases market.”
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