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Global Industrial Gases Market was Valued at US$ 94.96 Bn in 2019 and it is Expected to Reach More than US$ 152.45 Bn by 2028, Likely to Grow with the CAGR of 5.4% During the Forecast Period.
Gases such as Oxygen, hydrogen, nitrogen, and carbon dioxide are the most common gases used as industrial gases. Other industrial gases include argon, neon, xenon, and krypton. Industrial gases are distributed to the end-use industries in liquefied form through gas tankers. These gases are generally manufactured from cryogenic filtration of air through air separation units (ASU).
Industrial gases include are classified under atmospheric gases (oxygen, nitrogen, and argon), elemental gases (hydrogen, fluorine, and chlorine), noble gases (helium, neon, xenon, and krypton) and other gases (acetylene and ammonia). These Industrial gases find applications in various end-use industries which include metallurgy, oil & gas, chemical, medical, laboratory, food processing and packaging, water treatment, metal cutting, welding and semiconductor industries.
Increasing Demand in Metal Industry, Chemicals, Healthcare and Energy Is Anticipated to Boost the Demand for Industrial Gases
The global industrial gases market is anticipated to grow as a result of increasing demand in the metal industry, chemicals, healthcare, energy, and other sectors. These drivers are supported by the high rise in demand from emerging economies such as China and India. Rapid industrialization and rising demand in automotive, chemicals, electronics and heavy machinery along with technological developments in the market have propelled the growth of the global industrial gases industry.
In addition, the factor such as growth in metal manufacturing and processing industries such as oil & gas, food & beverages, and so on drive the growth of the industrial gases market. Furthermore, rising demand for high-grade industrial gases in healthcare is anticipated to provide lucrative growth opportunities for the industrial gases market.
However, the stringent laws and regulations related to the manufacturing, storage, and distribution of industrial gases along with the high cost involved in the storage and transportation associated with the industrial gases is another factor that hinders the market growth.
The Oxygen Segment is Expected to Dominate The Industrial Gases Market During the Forecast Period
Oxygen was the largest product segment, accounting for over xx % of global revenue share in 2019 and this trend is expected to continue over the forecast period. Oxygen gas finds its wide applications in the metallurgy industry, such as welding, fabrication and other processes. Asia Pacific region dominated the industrial gases market in the country owing to various upcoming metallurgical projects along with the presence of major steel production units in this region. In addition, the healthcare and medical sectors are also found the major applications of oxygen.
Hydrogen is projected to the highest growth rate of over 5.5% during the forecast period. The fastest growth in the historic period can be attributed to demand by oil and gas companies to remove sulfur during the oil refining process and to process crude oil into refined fuels.
By End-Use Industry, the metal manufacturing Segment is Expected to Witness Highest Growth in the Global Industrial Gases Market Across the Globe
The metal manufacturing segment is estimated to be the largest application of the Industrial Gases market accounted for over 25% of market share. The metal manufacturing segment is projected to grow at the highest rate in the Industrial Gases market during the forecast period. The various applications of industrial gases in steel manufacturing and metallurgy industry will drive the growth.
The Asia Pacific Is Expected to Dominate the Industrial Gases Market During the Forecast Period
The Asia Pacific accounted for the largest market for industrial gas over 30% of the global industrial gases market and this trend will continue for the next few years. The fastest growth is attributed to the high demand for industrial gases in the chemical, pharmaceutical and steel industry along with the large population and rapid industrialization in the region. In addition, the high demand for gaseous mixtures in steel and polymer industries is supporting the growth of the industrial gases market in the region. A considerable increase is observed in the domestic consumption of these industrial gases in developing countries such as India and China. Owing to this, the demand for industrial gases in the Asia Pacific is anticipated to witness high growth in the near future. While the Asia Pacific was followed by North America and Europe in terms of demand.
The industrial gases market has been dominated by large players of the gases industry such as Air Liquide S.A., Airgas, Inc., The Linde Group, and Messer Group GmbH. Some of the key players in the global Industrial Gases market are Southern Gas Ltd., Universal Industrial Gases, Inc., Gulf Cryo, International Industrial Gases Limited, Goyal MG Gases Pvt. Ltd., Ellenbarrie industrial Gases, MVS Engineering Pvt. Ltd., and National Gases Ltd.
Industrial Gases Market Key Segments:
Industrial Gases Market, By Type
- Carbon Dioxide
Industrial Gases Market, By Function
Industrial Gases Market, By End Use Industry
- Metal manufacturing & fabrication
- Food & Beverage
- Others (mining, construction and power)
Industrial Gases Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America