Asia-Pacific Emerges as Epicenter of Global Industrial Gas Market Growth Amid Rapid Industrialization
DUBLIN, Oct. 12, 2023 /PRNewswire/ -- The "Global Industrial Gas Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial gas market is poised for remarkable growth, with an expected valuation of $147.28 billion by 2028, surging from $96.5 billion in 2022 at an impressive CAGR of 7.30% during the period from 2022 to 2028. Several pivotal market trends and opportunities are driving this expansion.
Global Energy Crisis and Market Trends
Global Energy Crisis: Over the last decade, European Union (EU) states have increasingly relied on Russian gas, with Russian gas accounting for 47% of total EU demand in 2019. This interdependency between the EU and Russia led to a drop in Russian pipeline supplies in H1 2022, impacting market dynamics significantly.
Market Trends and Opportunities
- Adoption of Enhanced Oil Recovery (EOR) Technique: Enhanced Oil Recovery (EOR) techniques have gained prominence, enabling oil and gas-producing companies to maximize oil recovery from existing fields. As the adoption of EOR techniques increases, the demand for industrial gases, essential in the production and refinement of oil and gas, is expected to grow substantially.
- Rising Shift Towards Alternative Energy and Power Sources: The global demand for power generation is on the rise, driven by population growth and the adoption of renewable energy sources like wind and solar power. This shift toward sustainable energy sources is expected to boost the industrial gas market, particularly for applications such as gas turbines in power generation.
- Constantly Increasing Gas Pipeline Infrastructure: The growing demand for energy and industrial goods is driving the construction and expansion of gas pipelines. This infrastructure development facilitates the transportation of natural gas, hydrogen, and other industrial gases over long distances efficiently.
Insights by End-User
The global industrial gas market serves diverse end-user industries based on their specific gas requirements. The manufacturing industry is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. Industrial gases find extensive use in manufacturing applications, from welding and metal fabrication to chemical production and pharmaceuticals.
Insights by Types of Gases
Industrial gases are categorized into air separation, synthetic, and specialty gases. Air separation gases, led by nitrogen, are prominent in the market. Nitrogen, with applications in various industries, including food, electronics, and medical, is expected to play a significant role in market growth.
Insights by Distribution Model
Distribution modes in the industrial gas market encompass on-site pipeline, bulk, and cylinder supply. On-site pipeline distribution is anticipated to dominate the market, given its efficiency in supplying industrial gases like oxygen, nitrogen, and argon to customers.
Geographical Analysis
North America, Europe, Asia-Pacific, and the Middle East & Africa are key regions in the global industrial gas market. North America and Europe, driven by end-use industries like healthcare, metal fabrication, and chemical manufacturing, have significant market presence. Asia-Pacific is the fastest-growing region due to rapid industrialization and urbanization, particularly in China and India.
Competitive Landscape
The industrial gas market is highly competitive, with multinational corporations and numerous smaller players. Key market players include Linde plc, Air Liquide, Air Products and Chemicals, Praxair, Taiyo Nippon Sanso Corporation, Messer Group, SOL, Yingde Gases Group Company, and Gulf Cryo Holding, among others.
Key Questions Answered
- What is the projected size of the industrial gas market?
- What is the expected growth rate of the global industrial gas market?
- What are the key trends and opportunities in the industrial gas market?
- Which region holds the largest share of the global industrial gas market?
- Who are the major players in the global industrial gas market?
Market Dynamics
Opportunities & Trends
- Rapid Pace of Industrialization.
- Adoption of Advanced Oil Recovery Techniques.
- Advent of Hydrogen Fuel Cell.
Growth Enablers
- Shift Toward Alternative Energy & Power Sources.
- Increasing Demand from Healthcare Sector.
- Constantly Expanding Global Gas Pipeline Infrastructure.
Restraints
- Environmental Effects of Industrial Gases.
- Unprecedented Scale of Economic Slowdown.
For more information about this report visit https://www.researchandmarkets.com/r/m7ce44
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