Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Industrial Gas Market Overview
Industrial gases are those gaseous materials which are used in some manufacturing purposes of the industry. The principal industrial gases are nitrogen, hydrogen, carbon dioxide, oxygen, argon, helium and others. It includes an enormous variety of gases and their mixtures that are generally available in cylinders. Various industries producing these types of gases are known as industrial gas industries which supply industrial gases in cylinders or large containers of gases.
Most of the industrial gases are at ambient temperature and pressure which are supplied in the form of compressed gases in cylinders. Various applications of these industrial gases are in food and beverage, pharmaceutical, medical, transportation and various other industries. The oxygen gas is also used for sewage treatment in various sewage treatment plants and clean the water. Additionally, there are various applications of industrial gases such as argon and others in metallurgical industries as welding gases.
Market Size and Forecast
The global Industrial gas market is observing pulsating growth on account of increasing metallurgical industries, thereby driving the demand of Industrial gas. Rise in demand by medical and pharmaceutical industry in the past few years and growing technological explorations for applications of industrial gases are projected to drive Industrial gas market along with rising GDP.CLICK TO DOWNLOAD FREE SAMPLE REPORT
According to Open Government Data (OGD) Platform India, the FDI inflow in Indian Metallurgical industries from 2013-14 with 567USD Million, 2014-15 with 356 USD Million, 2015-16 with 456 USD Million and increased to 1440 USD Million in 2016-17 which encourages the metallurgical industries. Thus, industrial gas market is anticipated to record a CAGR of 7.9% over the forecast period. The Industrial gas market is expected to reach a value of USD 116.2 billion at the end of the forecast period.
Growth Drivers
Rising Demand by Metallurgical Industries
The rising metallurgical processes in the industries are demanding high for the industrial gases in the market. Various industries applying the gases in metal processing such as steel, iron and other metals during its purification, arc wielding, extraction and others are expected to drive the market of the industrial gases during the forecast period. The growing metallurgical industries are driving the demand for various industrial gases such as oxygen, nitrogen and others which is expected to grow during the forecast period.
Increase in Demand by Health Sector
The development and expansion of technology in health sector is rising the demand for industrial gases in the market. The demand for industrial gases is expected to expand further for minimizing oxygen deficiency through artificial respiration, of patient’s suffering from respiratory problems and other diseases. There are various requirements of nitrogen and carbon dioxide in health sector with various applications of technology has been increasing the market of industrial gas rapidly in recent times.
Restraints
Toxicity
Toxicity present in various industrial gases are injurious to health owing to its leakage either by accident or inhalation at workplace which is anticipated to hinder the growth of market.
Market Segmentation
Our-in depth analysis of the global industrial gas market includes the following segments:
By Gas Type
By Application
By End Use Industries
By Region
On the basis of regional analysis, global Industrial gas market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to dominate the market of industrial gases during the forecast period owing to the high presence of metal and metallurgical industries in this region. The various developments in industrial products in countries of this region including India, china, Japan and others are propelling the demands in application of industrial gases for gas wielding and other purposes which is anticipated to drive the market demand for during the forecast period.
These countries in Asia Pacific region are focusing towards increasing production capacity in industries such as metals, chemicals, food and beverages and many more, expected to drive the demand for industrial gases to escalate in the coming years. Additionally, government’s initiatives to adopt alternative energy sources various countries of Asia Pacific region are also fueling the growth of gasification plants that consume a substantial amount of industrial gases. The rise in technological advancements and use of Basic Oxygen Furnace (BOF) technology by metal processing companies in China is also driving the demand for industrial gases in the market.
North America is anticipated to rise as a promising region during the forecast period on account of clean fuel application in oil and petroleum industries that are emerging presently at an increasing rate. Additionally, the rise in research and development on industrial gases in this region is expected to aid the market to grow during the forecast period.
Global Industrial gas market is further classified on the basis of region as follows:
Key Players
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