Global Industrial Gas Market Overview
The global Industrial Gas was valued at USD 100 BN in 2019 and is expected to grow with a CAGR of 6.1% during the forecast period. By volume, the market is expected to reach 55,000 KT by 2026, with a CAGR of XX% between 2020 and 2026. The market is mainly driven by rising urbanization and rapid industrialization. The growing application of Industrial Gas in diverse industries such as metal and mining, healthcare, chemical, and food and beverages is further likely to positively influence the market in the upcoming year. Industrial gas plays a vital role in the contribution of the world economy’s progress. However, the regulation regarding environment and safety and huge gas conversion costs may impede the global industrial gas growth over the forecast period.
These gases are produced from cryogenic filtration of air with the help of the air separation unit. These gases are also categorized into fuel gases, medical gases, and specialty gases, depending on their application in different industries. Oxygen, nitrogen, hydrogen, and carbon dioxide are the most common gases used as Industrial Gas. The consumption of nitrogen gas has augmented faster than oxygen gas. Argon has also boosted the pace and can be expected to replace oxygen in terms of utilities. In addition to this, the rise in crude oil demand and the need for refining it will offer substantial growth opportunities to the market, further boosting the demand for Industrial Gas.
Worldwide, industrial production has been increasing and is predicted to maintain growth over the forecast period. Further, the rising deployment of cryogenic processes for air separation in industries and the increasing usage of gaseous mixes are the key trends driving the market demand for Industrial Gas.
The market is highly concentrated due to the presence of well-established globally, that account majority of share in 2019. The report studies a few key players of the global Industrial Gas market in detail, covering the company profile, major product, and financial information. The dominating key players included in the report are Air Gases And Chemicals Inc., Air Liquide S.A, Bhuruka Gases Ltd., Ellenbarrie Industrial Gas Ltd., India Glycols Ltd., Matheson Tri-Gases Inc., Praxair Inc., SICGIL India Limited, The Linde Group, The Southern Gases Ltd., Tripti Gases Pvt. Ltd., etc.
In this market research report, the market is segmented by gases type, application, and region.
Analysis by Gases Type
The market is categorized into oxygen, nitrogen, helium, hydrogen, carbon dioxide, acetylene, argon, and others based on gases type. Nitrogen is dominating the segment in terms of both volume and revenue in 2019, followed by oxygen, and is expected to maintain its dominancy over the forecast period. Nitrogen is utilized on a large scale in the healthcare sector, and the growing medical and pharmaceutical industry globally is expected to drive the market growth during the forecast years. Further, rising demand for liquid nitrogen as a coolant and refrigerant among various end-use industries such as rubber & plastic, automotive, electronics, pharmaceuticals, metal fabrication, food & beverages, and construction is projected to propel the market over the coming years.
Oxygen is used in medical, life support, industrial, and oxidation reaction. The steel industry uses most of the oxygen produced and the mining & metal refining sectors, followed by the chemical industry, Oil refining, and some niche application in the glass industry, Hospitals & medical oxygen, and drinking water ozonation. The oxygen segment is majorly driven by the flourishing steel industry and growing demand from the medical sector and wastewater industry for respiration and ozonation. Thus, the large-scale application of oxygen in various industries is anticipated to propel the demand for industrial oxygen in the upcoming years.
Analysis by Application
Based on the application. The market is segmented into metals & metallurgy, healthcare, energy, pharmaceutical & biotech, chemical, automotive & aerospace, electronics, pulp & paper, food & beverage, and others. The chemical segment is dominating the application in terms of revenue, accounting for more than 25% market share of the total market in 2019, and is estimated to register the second-highest CAGR over the forecast period. The demand for Industrial Gas such as oxygen, hydrogen, nitrogen, and others in the chemical industry is likely to see significant growth in the developing countries due to the growing chemical sector in China and India.
Food and beverage have also exhibited tremendous growth during the forecast period. Carbon dioxide is broadly used in the food and beverage industry for beer, carbonated soft drinks, etc. CO2 in liquid form is used as the refrigerant. This gas is also used as a deoxidizing agent for food preservation. The growth of the food and beverage industry globally is further anticipated to fuel the demand for CO2.
Analysis by Region
In terms of region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The Asia Pacific holds the top position in 2019, accounting for more than 38% market revenue share, and is estimated to maintain its dominancy over the forecast period. This can be attributed to continuous economic growth in countries like China, India, and other Asian countries. China held the largest market share in terms of revenue and volume in 2019, followed by Japan, South Korea, and India. India has been observed as the fastest growing country during the forecast period. The Asia Pacific foreseen the maximum consumption for these gases due to the rise in demand for a gas solution in the aerospace industry. Besides, the growing pharmaceutical and food and beverage sectors in developing economies such as China and India are estimated to create enormous opportunities for market growth over the forecast period.
Market Segmentation covered in the Report:
- Carbon Dioxide
- Metals & Metallurgy
- Pharma & Biotech
- Automotive & Aerospace
- Pulp & Paper
- Food & Beverage
- North America
- Asia Pacific
- Latin America
- Middle East And Africa
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