Industrial Gases Market Technology, Future Trends and Opportunities 2031

The Asia Pacific industrial gases market is also driven by rapid urbanization and industrial growth in the region.

Industrial Gases Market: Introduction

Industrial gases are specific gaseous materials produced for industrial purposes, with the most prominent ones being oxygen, nitrogen, carbon dioxide, helium, and hydrogen. Various other mixtures are also manufactured and provided as gas cylinders. A number of industries require these customized gases, including steel, oil gas, chemicals petrochemicals, biotechnology, medicine, environmental protection, and nuclear power.

The market for the same is feeding off the prosperity of each of them. According to a business intelligence study by Transparency Market Research (TMR), the global industrial gases market is likely to expand at a notable CAGR of 6.1% during the forecast period of 2021 to 2031 and reach value of US$ 126.1 Bn by 2031.

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Industrial Gases Market Players

Key players profiled in the report are Air Products Chemicals Inc., Air Liquid SA, Praxair Inc., Linde Group, Sig Gases Berhad, BASF SE, Yingde Gases Group Company Limited, Taiyo Nippon Sanso Corporation, Messer Group GmbH, and Iwatani Corporation. Market shares are fragmented with no company being any close to a position of dominance. Major players are expanding geographically to sustain inflow of demand in a scenario wherein product pricing has become a major aspect.

Players Operating in Global Market

According to the analysts of the report, the number of vendors connected to the value chain of the global industrial gases is consistently increasing. This, in turn, is intensifying the competitive landscape. With the emergence of a number of regional players, the competition entails the pricing of finished products.

The report identifies Air Products Chemicals Inc., Air Liquid SA, Praxair Inc., Linde Group, Sig Gases Berhad, BASF SE, Yingde Gases Group Company Limited, Taiyo Nippon Sanso Corporation, Messer Group GmbH, and Iwatani Corporation as some of the notable names in this fragmented market scenario.

In order to gain higher shares, pricing products at reasonable ranges is not enough. The vendors in this market are also focusing on expanding geographically and managing the lack of production differentiations. Additionally, strengthening of supply chain is expected to help players expand their share in the market.

Based on product type, the TMR report segments the industrial gases market into hydrogen, acetylene, helium, argon, carbon dioxide, oxygen, nitrogen, and hydrogen. Currently, the hydrogen segment accounts for the prominent share of the market in terms of demand. Geographically, emerging economies of China, India, and South Korea are expected to help Asia Pacific dominate the global market.

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RD Activities to Produce Lucrative Results

Apart from the sustained demand from prospering end-use industries, the market for industrial gases is poised to gain traction from few new trends, such as increase in research and development activities for new application, inorganic expansion of production capacities of companies, mergers and acquisitions, adoption of integrated distribution channels, and innovation across industrial gas packaging.

The growth in rubber manufacturing, automotive, and packaging industries is also a key driver of the market. On the other hand, stringent regulations that need to be complied with and threat of CO2 emission are retraining the market from attaining greater potential.

Global Industrial Gases Market: Segmentation

Industrial Gases Market, by Product Type

  • Hydrogen
  • Nitrogen
  • Oxygen
  • Carbon Dioxide
  • Argon
  • Helium
  • Acetylene

Increasing Demand for Industrial Gases in Various End-use Industries

The growing demand for industrial gases from food beverages, electronics, and healthcare sectors is driving the global market growth. There are untapped opportunities for market players operating in the industrial gases market due to surging demand for industrial gases in emergency medical conditions.

Moreover, due to the rapid spread of manufacturing and processing industries across the globe, market players are expected to witness value-grab growth opportunities in the upcoming years. Steel, glass, oil, and fiber optics segments demand intensive usage of industrial gases. Growth and advancement in these sectors in developing countries is contributing to the rapid expansion of industrial gases market.

In addition, the growing awareness about environment protection from degradation and subsequent demand of clean energy has augmented the rise in consumption of industrial gases in several countries.

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Industrial gases can also be used in photovoltaic industries for manufacturing of semiconductors, solar displays, flat panels, etc. Rising popularity and adoption of electronic devices across the globe is driving the demand for industrial gases. Increasing applications of industrial gases in metal mining industries is also boosting market growth.

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