Asia
Pacific Industrial Gases Market is anticipated to grow appreciably in forecast period of 2024- 2028 due to the increasing demand for hydrogen in wide range of applications,
including fuel cells, transportation, and industrial processes. Approximately
58.3% of global construction sector are accounted by China, India, US, and
Indonesia, where China alone holds the 26.1% of global growth.
The
Asia Pacific Industrial Gases Market is a rapidly growing market that includes
the production and distribution of gases such as oxygen, nitrogen, hydrogen, carbon
dioxide, and others. The region is home to some of the world's largest
industrial gas companies and has seen significant growth in recent years due to
several key drivers such as demand for healthcare services and favorable government
policies.
Asia
Pacific Industrial Gases Market is the region where manufacturing sector is
expanding at high pace. Many countries in the region, such as China, India,
Japan, and South Korea, have seen significant growth in their manufacturing
industries over the past decade, driven by increasing demand for goods and services
both domestically and internationally. Industrial gases are essential in the
manufacturing process of many products, including electronics, chemicals, and
metals, making the growth of the manufacturing sector a key driver of the
industrial gases market in the region.
The
Asia Pacific Industrial Gases Market is being driven by the region's increasing
focus on renewable energy sources. With countries in the region increasingly
looking to reduce their carbon footprint, there is a growing demand for
industrial gases such as hydrogen, which can be used as a clean energy source.
Hydrogen can be used to power fuel cells, which are being increasingly used in
the automotive industry as a clean alternative to traditional gasoline-powered
engines. As companies in the industry continue to invest in research and
development and expand their operations in the region, the market is likely to
remain highly competitive and dynamic. Therefore, Asia Pacific Industrial Gases
Market is expected to continue to grow in the upcoming years.
Growing
Focus on the Renewable Energy Sources in the Region is Driving the Industrial
Gases Demand
The
focus on renewable energy sources in the Asia Pacific region is expected to
have a significant impact on the industrial gases market, particularly in
hydrogen production. Hydrogen is seen as a key energy carrier for the future
and has the potential to play an important role in the transition to a low-carbon
energy system. It is observed that manufacturers have increased their interest
in using renewable energy sources, such as wind and solar power, to produce
hydrogen through electrolysis. This process involves splitting water into
hydrogen and oxygen using an electrical current, with the hydrogen then used as
a fuel source or stored for later use. The Asian Development Bank (ADB)
signed to provide USD 107 million financing to project with BIM Wind Power Joint
Stock Company (BIM Wind) to backing the operation of an 88-megawatt (MW) wind
farm in Ninh Thuan province, Viet Nam. Hence, the project will need significant
amount of industrial gases to convert wind into energy and propel eth demand of
industrial gases.
As
the demand for renewable energy sources continues to grow in the Asia Pacific
region, there is likely to be an increasing demand for industrial gases,
particularly hydrogen, to support the development of these technologies. In
addition, the production, storage, and transportation of hydrogen require a
range of industrial gases, including nitrogen and helium, which are used for
cooling and pressurization. Countries such as Japan and South Korea are
particularly focused on developing hydrogen as a key energy source, with both
countries investing heavily in the development of hydrogen infrastructure and
technologies.
In
addition, other countries in the region, such as China and Australia, are increasing
their focus on hydrogen production and utilization, providing opportunities for
companies operating in the industrial gases market. Therefore, the focus on
renewable energy sources in the Asia Pacific region is expected to drive the
growth of the hydrogen segment of the industrial gases market, providing
opportunities for companies to expand their operations and develop new products
and services to meet the needs of the renewable energy sector and increase the Asia
Pacific Industrial Gases Market growth.
Rising
Demand From Construction and Manufacturing Sectors are Factor driving the Industrial
Gases Market Growth
Infrastructure
development is a key driver of growth in the Asia Pacific Industrial Gases
Market, particularly in the construction and manufacturing sectors. The demand
for industrial gases such as oxygen, nitrogen, and argon are closely tied to
the growth of these sectors, as these gases are used for a range of
applications, including welding, cutting, and metal fabrication. The Asia
Pacific region has seen a significant increase in infrastructure development, particularly
in countries such as China, India, and Southeast Asia. The development of new
highways, railways, airports, and other infrastructure projects requires a
range of industrial gases for activities such as welding, cutting, and metal
fabrication.
Moreover,
the growth of the manufacturing sector in the Asia Pacific region has been a
key driver of demand for industrial gases. Manufacturing activities such as
steel production, chemical processing, and electronics manufacturing require
large quantities of industrial gases, with nitrogen and oxygen being among the most
used industrial gases. The development of infrastructure projects such as
the Belt and Road Initiative in China and the India-Japan partnership in
Southeast Asia are expected to drive demand for industrial gases in the region.
In addition, the growth of the electronics industry in countries such as China
and South Korea is also expected to contribute to the growth of the industrial
gases market. Hence, the rising construction and manufacturing activities in the
region are expected to increase the demand of industrial gases and drive the Asia
Pacific industrial gases market growth.
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Recent
Development
Mergers
& acquisitions, partnerships, and collaborations have been a significant
trend in the Asia Pacific Industrial Gases Market in recent years, as companies
seek to expand their market share and improve their competitiveness in the
region. The consolidation of the market through mergers and acquisitions has led
to increased efficiency and reduced costs for companies, and increased access
to new technologies and markets.
- In
2018, the acquisition of Linde AG and Praxair, Inc. created the world's
largest industrial gas company. The merger brought together two of the
largest companies in the industry, with a combined market value of over
$90 billion. The merged company, Linde plc, operates in more than 100
countries and serves a wide range of industries, including healthcare,
manufacturing, and energy.
- In
2018, Taiyo Nippon Sanso Corporation acquire the Praxair's European gases
business in USD 5.9 billion, which helps Taiyo Nippon Sanso Corporation to
expand the company's operations in Europe who have large customer base and
annual sale of approx. USD 2 billion on last year.
- In
2020, Air Liquide and Toyota Tsusho Corporation announced a partnership to
develop hydrogen infrastructure in Japan, which aims to support the
development of fuel cell vehicles and reduce carbon emissions.
- Air
Liquide's investment in a new air separation unit (ASU) in Indonesia. The
ASU, which is expected to start operations in 2021, will produce oxygen,
nitrogen, and argon for various industries, including electronics, steel,
and chemicals.
Market Segmentation
Asia Pacific Industrial Gases Market is segmented based on type, end-user, distribution, and region. Based on type, the
market is fragmented into nitrogen, oxygen, argon, hydrogen, carbon dioxide,
and others. Based on end user, the market is categorized into metallurgy,
welding, medical, chemical & petrochemical, food & beverage, and others.
Based on Distribution, the market is divided into on-site, bulk, cylinder, and
other. Based on region, the market is divided into North America, Europe, Asia
Pacific, South America, Middle East & Africa.
Company
Profiles
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 , and Air Products and Chemicals Shanghai Co. Ltd. are
some of the key players of Asia Pacific industrial gases Market.
|
Attribute
|
Details
|
|
Base
Year
|
2022
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Historic
Data
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2018 – 2021
|
|
Estimated
Year
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2023
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|
Forecast
Period
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2024 – 2028
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Quantitative
Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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|
Report
coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments
covered
|
Type
End-User
Distribution
|
|
Country
scope
|
China, India, Japan, South Korea, Australia, Malaysia, Singapore,
Vietnam, Indonesia, Taiwan.
|
|
Key
companies profiled
|
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
,and Air Products and Chemicals
Shanghai Co. Ltd.
|
|
Customization
scope
|
10% free report customization with purchase. Addition or alteration
to country, regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
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|
Delivery
Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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Report Scope:
In this report, Asia Pacific
Industrial Gases market has been segmented into the following categories, in
addition to the industry trends, which have also been detailed below:
- Asia
Pacific Industrial Gases Market, By Type:
- Nitrogen
- Oxygen
- Argon
- Hydrogen
- Carbon Dioxide
- Others
- Asia Pacific
Industrial Gases Market, By End User:
- Metallurgy
- Welding
- Medical
- Chemical
& Petrochemical
- Food
& Beverage
- Others
- Asia Pacific
Industrial Gases Market, By Distribution:
- On-site
- Bulk
- Cylinder
- Other
- Asia Pacific Industrial Gases
Market,
By Region:
- China
- India
- Japan
- South Korea
- Australia
- Malaysia
- Singapore
- Vietnam
- Indonesia
- Taiwan
Competitive landscape
Company Profiles: Detailed analysis of the
major companies present in the Asia Pacific Industrial Gases market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Asia Pacific Industrial Gases
Market is an upcoming report to be released soon. If you wish an early delivery
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