Growing industrial activities are increasing the count of the manufacturing plants and leading to the rise in mandate for well-organized machinery to run the manufacturing activities, and thus, imparting impetuous on the industrial gases market. IndustryARC’s recent publication estimates that the global industrial gases market value will reach $111.05 billion by 2023. The globalization of the industry and resource constraints are the key growth drivers of industrial gases, which is set to grow at a Compound Annual Growth Rate (CAGR) of 4.5% throughout the forecast period 2018-2023.
The global industrial gases market report comprises of market overview, competitive landscape, market forces, strategic analysis and regional analysis of industrial gases on a global basis. The report is titled “Industrial Gases Market: By Type (Oxygen, Nitrogen, Hydrogen, Argon, Others); By Storage (Compressed, Liquid, Solid); By Mode of Supply (Bulk, Packaging, Pipe line); By Packaging (Cylinders, Cartridges, Cryogenic Tanks, Bottles, Others); By End Use Applications (Chemicals and Petrochemicals, Electronics, Automotive, Metal Working, Medical, Food and Beverages, Others); By Geography – Forecast (2018-2023).”
Industrial Gases Market: Leading Segments
IndustryARC analyst has identified the Americas region as the largest industrial gases market in 2017, accounting for a share of 36.5% of the overall revenue generation. This is owing to the widespread use of industrial gas in a diverse range of industrial clusters and high level of manufacturing activates. Capacity expansions of U.S. industrial gas companies coupled with the increased customer outsourcing of gas production. A number of foremost companies have raised their industrial gas production in the U.S. market to cater to growing chemicals and automotive sectors in this region.
Nitrogen, carbon dioxide, hydrogen, oxygen, and argon are the major industrial gases used in chemicals and petrochemicals, medical and pharmaceutical, power, electronics, food and beverage industry, oil and gas, metallurgy and metal working industry, automotive, aerospace, and aircraft and transportation industries. Oxygen gas is depicted as the fastest growing among other industrial gases with a CAGR of 5.1% during the aforesaid forecast period. It is mainly used as a plasma cutting gas in the automotive and transportation equipment. Additionally, it acts as an assist gas for laser cutting.
Industrial Gases Market: Disruptive Trends
- Modified Atmosphere Packaging(MAP)
Wide usage of industrial gases in food processing mostly involved in MAP, to replace the air by nitrogen to enhance the shelf life of food. It is a preservation technology, which is used for food such as vegetable, fruit, meat, and fish. Nitrogen and carbon dioxide are chiefly used industrial gases, to chill, freeze, grind, and pack a variety of products which include bakery & dairy products, fish & seafoods, beverages, and fruits & vegetables. Industrial gases provide cost saving, health, and safety benefits through food processing application.
- Elevating as Refrigerators & Freezers
Carbon dioxide industrial gas is vastly used as an alternative to HCFC and CFC refrigerants. Co2 refrigerants are broadly adopted in Europe and South East APAC. Co2 is anticipated to witness the maximum growth in the natural refrigerants market by 2020 due to its great adoption by retail chains and superstore for refrigeration and air conditioning applications.
Industrial Gases Market: Competitive Landscape
Some of the key industrial gases market players are noted as Linde AG (Praxair Inc.), Air Liquide S.A., Air Products and Chemicals S.A., Taiyo Nippon Sanso Corporation, Air Water Inc., and Iwatani Corporation.
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