Chicago, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The global industrial gases market size is expected to exhibit strong growth by reaching USD 134.3 billion by 2028. As per the report titled "Industrial gases Market Size, Share & COVID-19 Impact Analysis, By Product (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Argon and Others), By Application (Healthcare. Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemicals & Energy and Others), By Distribution (On-site, Bulk (Liquid Gas Transport) and Cylinder (Merchant)) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 89.5 billion and USD 134.3 billion in 2028. The market is expected to exhibit a CAGR of 7.00% during the forecast period.
Market Overview
Industrial gases are produced as gaseous products to be used in various industrial production processes at ambient pressure and temperature. Among them are compounds, pure gases, and gas mixtures. Increases in the capacity of the world's oil and gas refineries and in the consumption of natural gas for domestic and commercial purposes are driving the market for industrial gases. Growing demand for industrial gases from important end-use industries like the oil and gas, petrochemicals, food and beverage, chemicals, and power industries.
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COVID-19 IMPACT
Due to operational disruptions brought on by a lack of labor and a decline in demand from end-use industries due to extensive lockdowns to stop the virus' spread, less money was invested in gases in the fiscal year 2020. The spread of the disease has also dramatically altered the demand for crude oil, resulting in record-low oil prices.
Notable Industry Development
- April 2022: NITRO Crete, situated in Colorado, has been acquired by Cryogenic Industrial Solutions (CIS), according to the company. Stephen De Bever, NITRO Crete's current CEO, will continue to serve in that capacity.
Growth Factor
Rising Investment in the Manufacturing and Processing Sectors Will Drive Market Growth
Growing governmental and private financing, particularly in emerging countries, is anticipated to increase the size of the worldwide industrial gas market as companies look to expand into new industrial sectors like metallurgy, food & beverage, and mining & metal. For instance, According to the World Investment Report 2020, which UNCTAD published in June 2020, the total amount of foreign direct investment (FDI) that entered the Asia Pacific region in 2019 was around USD 474 billion, or more than 30% of the total amount of FDI that moved throughout the world. The organization also stated that Southeast Asian nations like Singapore and Malaysia are expected to rank among the top economies in the area, attracting new investment opportunities. These nations include China, India, and other Southeast Asian countries.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the industrial gases market plan acquisitions to improve their brand recognition globally. For instance, in January 2021, the world's largest Proton Exchange Membrane electrolyzer plant will be built, owned, and run by Linde at the Leuna Chemical Complex in Germany. Through the company's current pipeline network, the new electrolyzer will supply industrial customers of Linde with low-carbon hydrogen.
List of Key Players Profiled in the Report
- BASF SE
- AIR LIQUIDE S.A.
- Messer Group
- Linde Plc
- Taiyo Nippon Sanso
- Southern Gas Ltd.
- Universal Industrial Gases, Inc.
- Gulf cryo, International Industrial Gases Limited
- Goyal MG gases Pvt. Ltd.
- Ellenbarrie Industrial Gases
- Praxair Technology, Inc.
- MVS Engineering Pvt. Ltd.
- National Gases Ltd.
- Air Products & Chemicals
Air Products Canada Ltd. Announced a Multi-billion Dollar Project to Construct a Net-Zero Hydrogen Energy Complex
In June 2021, a multi-billion dollar proposal to construct a net-zero hydrogen energy complex that lays out a strategy for Air Products to run Canada's green hydrogen network was unveiled by Air Products Canada Ltd., the Government of Canada, and the Province of Alberta.
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Report Scope and Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2021 to 2028 CAGR | 7% |
| 2028 Value Projection | 134.3 billion |
| Base Year | 2021 |
| Market Size in 2021 | 89.5 billion |
| Historical Data for | 2018 - 2021 |
| Segments covered | By Product, By Application, By Distribution, and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
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Segmentation of Global Industrial Gases Market
Global Industrial Gases Market – By Product
- Oxygen
- Nitrogen
- Hydrogen
- Carbon dioxide
- Acetylene
- Argon
- Others
Global Industrial Gases Market – By Application
- Healthcare
- Manufacturing
- Metallurgy & Glass
- Food & Beverages
- Retail
- Chemicals & Energy
- Others
Global Industrial Gases Market – By Distribution
- On-site
- Bulk (Liquid Gas Transport)
- Cylinder (Merchant)
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Reduced Gas Demand as a result of Nationwide Lockdowns May Limit the Market Growth
Every business was negatively impacted by the sudden spread of the COVID-19 pandemic, which resulted in a global health catastrophe. Due to the reduction in operational time brought on by the absence of staff and the lower demand from end-use sectors due to the nationwide lockdown to stop the virus' spread, less money was invested in gases in the fiscal year 2020. The development of the disease has also drastically altered the demand for crude oil, resulting in new record high oil prices. Consequently, there is less demand for different gases across all end-use industries.
Regional Overview
Asia Pacific is projected to hold the largest industrial gas market share over the forecast period. This can be attributed to the growing demand for manufactured goods brought on by the region's large population and robust manufacturing sector, particularly in India, South Korea, China, and Japan, due to their competitive labor markets. Additionally, the less strict environmental rules than in Western nations are facilitating the expansion of the regional industry.
Further Report Findings
- The market in Asia Pacific is expected to gain a huge portion of the global industrial gases market share in the coming years because of the growing need for industrial gases, a growing population and established market players.
- The expansion of the end-use industries in China and India will also contribute to the growth of the regional market for industrial gases throughout forecasting.
- In North America, the growth in this region is primarily driven because the healthcare and electronics industries are growing.
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