Global Industrial Gases Market Report, published by Variant Market Research, forecast that the global market is expected to reach $82.4 billion by 2024 from $49.8 billion in 2016; growing at a CAGR of 6.5% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 6.8% and 6.6%, respectively, during the forecast period.
Industrial Gases Market (By Products Type: Hydrogen, Oxygen, Carbon Dioxide, Nitrogen, Helium, Argon, and Acetylene; By Production and Delivery: Merchant Gases (Liquified, Tank Delivery), Merchant Gases (Cylinder Delivery), and High-Volume Gases (On-Site Generation); By Application: Petroleum Refinery, Chemical Production, Food Processing, Healthcare, Electronics, Metal Processing, and Other Applications; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024
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Industrial gases are important supplies that are crucial in various end use industries they serve. These industrial gases are offered by various key market players in bulk and are available in all the three states of matter (liquid, solid, gas). With dependency of their various chemical properties such as reactivity, inertness, and other physical properties, industrial gases market is expected to witness huge growth potential over the forecasted period.
Increasing demand for packed food & beverages to drive the growth of the global industrial gases market
The factors supporting growth of the global industrial gases market are increasing demand for packed food & beverages, resource constrains, globalization of the industry, and rising demand of medical grade gases in healthcare and medical industry. However, high cost of transport & storage of these gases may act as a restraint for the growth of the market. Moreover, capacity expansion and advancement of innovative technologies like molecular sieve separation would provide several growth opportunities for the market in the future years.
Products type, production and delivery, application, and geography are the major segments of the global industrial gases market. By products type, market is bifurcated into hydrogen, oxygen, carbon dioxide, nitrogen, helium, argon, and acetylene. The market is categorized by production and delivery into merchant gases (liquified, tank delivery), merchant gases (cylinder delivery), and high-volume gases (on-site generation). Further by application, market is bifurcated into petroleum refinery, chemical production, food processing, healthcare, electronics, metal processing, and other applications. By geography, the global industrial gases market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Hydrogen accounted for the largest market share in the product type segment
Hydrogen accounted for the largest market share in 2016, in type segment, and is expected to continue its dominance during the forecast period 2016 – 2024, owing to regulatory demands regarding cleaner fuels from various end user sectors.
Merchant gases (liquified, tank delivery) accounted for the largest market share in the production and delivery segment
Global Industrial Gases Market, by Production and Delivery
Merchant gases (liquified, tank delivery) accounted for the largest market share in 2016, in production and delivery segment, and is expected to continue its dominance during the forecast period 2016 – 2024. Whereas, high-volume gases (on-site generation) subsegment is anticipated to grow at a fastest CAGR from 2016 to 2024.
Petroleum refinery accounted for the largest market share in the application segment
Global Industrial Gases Market, by Application 2016 Vs 2024
By application, petroleum refinery accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016–2024. While, food processing segment is anticipated to grow at a fastest CAGR from 2016 to 2024.
Asia-Pacific dominated the global market with largest market share over the forecast period
GLOBAL INDUSTRIAL GASES MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific dominated the global industrial gases market with largest market share of 39% and fastest CAGR in 2016, and expected to continue the trend during the forecasted period, owing to high energy demand, healthcare needs, and climate control initiatives in this region.
The key players operating in the market are Air Liquide S.A., Air Products & Chemicals Inc., Praxair, Inc., The Linde Group, Messer Group GmbH, BASF SE, Taiyo Nippon Sanso Corporation, Yingde Gases Group Company, Buzwair Industrial Gases Factories, and AIR WATER INC., among others.