The industrial gases market is set for sustainable growth and will reach USD 150 billion by 2029

Industrial gases market

NEW YORK, NEW YORK, USA, October 3, 2022 / — Widely used in metallurgical and ore-processing, welding, food, medical, petrochemical and other industries, industrial gases still enjoy an impressive level of consumption at the global level. The increase in steel production and the expansion of the chemical industry are creating significant demand for industrial gases. According to recent market research by Persistence Market Research (PMR), the industrial gases market will experience a robust CAGR during 2019-2029, reaching US$150 billion by the end of the forecast period.

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Key takeaways about the industrial gases market:

The consumption of industrial gases is concentrated mainly in the nodes of the production of metal structures. Oxygen has a significant market share with a significant CAGR, due to its applications in the manufacturing and fabrication of metals.

Industrial gases sales in the Asia-Pacific region are estimated to grow at the fastest pace during the forecast period. Demand for technical gases in the Asia-Pacific region is largely determined by the growth in consumption in the metalworking industry.

Most consumers in emerging markets prefer to buy technical gases from local or domestic producers. Their focus is on purchasing industrial gases that meet safety and purity standards in accordance with local regulations. In addition, these domestic/local products are cost effective with simplified supply chain management.

Various governments are actively planning to install small and medium-sized industrial gas plants in hospitals in remote or rural areas.

In India, a 500 liters per minute (l/min) oxygen plant was commissioned at the SMGS Hospital in Jammu in 2015 to avoid the problem of lack of oxygen cylinders in emergency situations.

High purity industrial gases are preferred by end users due to manufacturing requirements and changing design standards. Manufacturers can profit by providing gases at cost-based prices without compromising the efficiency and quality of their offerings.

The increase in the use of oxygen gas in steel production is expected to boost the growth of the industrial gases market. The strong demand for hydrogen from the automotive sector for use as a direct fuel or in fuel cells is expected to provide profitable opportunities. Massive investments in infrastructure projects in the Asia-Pacific region and rapidly growing industries in various sectors of the Asia-Pacific region and North America are expected to significantly increase the demand for technical gases in these regions.

The leading players account for more than 3/5 of the industrial gases market share:

The industrial gases market is moderately consolidated globally, with top players accounting for over 60% of the total market size as of 2018. However, there is significant fragmentation in regions such as Asia-Pacific, where local suppliers are prominent in the market. . Some of the key market players included in the report are Air Liquide SA, Linde plc and Air Products and Chemicals, Inc. Emphasis on business expansion through mergers and acquisitions, as well as the creation of new plants, are key trends in the global industrial gases market. . Regional market players are focused on establishing long-term relationships with direct end users to maintain a continuous stream of income.

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How is the industrial gas market structured?

Key players in the industrial gases market:

• Air Liquide S.A.
• OOO Linde
• Air Products and Chemicals, Inc.
• Tayo Nippon Sanso Corporation
• Messer Group GmbH
• India Glycols Ltd.
• Abdullah Hashim Industrial Gases & Equipment Co. Ltd.
• Yatim Oxygen
• Buzwair Industrial Gas Plant
• Dubai industrial gases
• Crio Bay
• Ellenbarry Industrial Gases Ltd.
• Bristol Gases – Concorde Corodex Group
• Bhuruka Gazes Ltd.

Base oils for industrial gases include synthetic mineral oil (PAO (polyalphaolefins), PAG (polyalkylene glycol), esters, group III (hydrocracking)) and bio-based oil.

Learn more about the industrial gases market research:

PMR, in its new research report, offers an unbiased analysis of the global industrial gases market, presenting historical demand data (2014-2018) and forward-looking statistics for the period 2019-2029. The study discloses information about the global industrial gases market. The report covers market dynamics, market share analysis, pricing analysis and trading partners involved in the value chain of the industrial gases market. Readers can also get acquainted with the main trends and growth scenarios of the market depending on the type of gas and its application in North America, Latin America, Asia-Pacific, Europe, the Middle East and Africa.

Buy the full report to see the analyzed strategies adopted by leading vendors to maintain or increase market share.

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