Industrial Gases Market to Rise at 6.1% CAGR during the Forecast Period from 2021 to 2031, TMR Study

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Dec 20, 2022, 08:30 ET

The expansion of the global market is likely to be driven by an increase in use of industrial gases from healthcare, electronics and food and beverage sectors
The demand for industrial gases is likely to increase due to the growing use of electronic devices globally

WILMINGTON, DEL., Dec. 20, 2022 /PRNewswire/ -- The global market value of industrial gases was clocked at US$ 65.7 Bn in 2020. It is estimated to expand at a CAGR of 6.1% from 2021 to 2031. Insights on the industrial gases market estimate the market to attain value of US$ 126.1 Bn by 2031. The global industrial gases market is home to several successful market players. These companies are concentrating on raising their research and development expenditures to raise the quality of their products and satisfy growing client demands. The global market for industrial gases is likely to expand at a healthy rate due to booming demand from the electronics, food and beverage, oil and gas, mining, and healthcare industries.

Firms in the industrial gases market are expected to accelerate product development and open up new streams of revenue to get an advantage over rivals. Market participants are, nevertheless, expanding their service offerings in order to obtain a competitive advantage in the global market.

Despite the fact that the coronavirus outbreak has damaged every company in the industrial gases industry, manufacturers are nevertheless moving forward due to the growing demand for industrial gases from numerous end-use sectors throughout the world. Players in the global industrial gases market are likely to benefit from the rising use for argon, oxygen, hydrogen, carbon dioxide, and nitrogen in a variety of end-use sectors, including mining, semiconductors, consumer electronics, healthcare, food & beverage, and so on.

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Key Findings of Market Report

As a result of the growing use of industrial gases in medical emergency situations, there are unexplored prospects for industry participants in the global industrial gases market. Furthermore, market participants are anticipated to have high growth possibilities in the forthcoming years due to the accelerated proliferation of processing and manufacturing industries around the world.
The demand for clean energy as a result of increased environmental consciousness and the resulting increase in industrial gas usage in various nations. Industrial gases may also be employed in the production of flat panels, solar displays, semiconductors, and other photovoltaic components.
The market demand for industrial gases has been spurred by the rising global consumption of crude oil and rising need for refining. For both upstream and downstream uses, industrial gases are being utilized more and more in the oil and gas industry. Major uses include compositional analysis, coiled tubing, well raising, leak testing, shipbuilding, inspection & maintenance, drilling, shipbuilding, firefighting, gas analysis, and so on. The need for industrial gases like nitrogen, hydrogen, oxygen, and carbon dioxide will rise as the oil and gas sector expanded and grew. The expansion of the industrial gases market globally is further likely to be fueled by this aspect. Oil and gas industry is likely to account for considerable market share for industrial gases during the forecast time frame.

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Global Industrial Gases Market: Growth Drivers

Industries such as oil, fiber optics, glass, and steel heavily rely on industrial gases. The fast rise of the industrial gases market is being facilitated by growth and development in these industries in developing nations.
Of all the regions in the global industrial gas market, Asia Pacific is estimated to be the most favorable one and is anticipated to maintain its position with highest rate of growth during the forecast period. The growing electronics, manufacturing, and mining sectors in Asia Pacific are expected to present attractive growth prospects for firms in the industrial gases market.

Global Industrial Gases Market: Key Competitors

Yingde Gases Group Company Limited
Air Products & Chemicals Inc.
Messer Group GmbH
Sig Gases Berhad
Taiyo Nippon Sanso Corporation
BASF SE

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Global Industrial Gases Market: Segmentation

Product Type

Hydrogen
Nitrogen
Oxygen
Carbon Dioxide
Argon
Helium
Acetylene

Regions Covered

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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