The Industrial Gases For Plastic & Rubber Market size is estimated to reach US$8.7 billion by 2027, after growing at a CAGR of 5.1% during the forecast period 2022-2027. The use of Industrial Gases in plastic has increased significantly. Industrial gases are made up of various elements such as nitrogen, carbon monoxide, carbon dioxide, molecular compounds and mixtures, which are used in various industries. The global demand for plastic is driving the industrial gases for the plastic and rubber market. According to Plastics Europe Market Research Group (PEMRG), the total world production of plastics stood at 368 million tons in the year 2019, an increase of 2.5% from the previous year’s (2018) production of 359 million tons. 

Industrial Gases For Plastic & Rubber Market: The Plastic Segment Leads the Market

On the basis of the end-use industry, the Industrial Gases For Plastic & Rubber Market can be segmented into rubber and plastic. The Industrial Gases For Plastic & Rubber Markets leading segment has been evaluated to be plastic. During the forecast period 2022-2027, the plastic segment is expected to grow with a CAGR of 5.8%. In the plastic manufacturing process, industrial gases are used to mold large plastics into complex shapes and designs. With increased plastic production around the world, demand for Industrial Gases for various end-use industries is expected to rise, boosting the growth of the Industrial Gases For Plastic & Rubber Market in the plastic industry during the forecast period. According to India Brand Equity Foundation, the Indian government intends to increase the plastic industry's economic activity from US$37.8 billion to US$126 billion in 4-5 years.

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Industrial Gases For Plastic & Rubber Market: Asia-Pacific Holds the Largest Market Share

On the basis of geography, the Industrial Gases For Plastic & Rubber Market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 41.8% share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are ahead comparatively in terms of consumer plastic products. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Asia-Pacific region produces nearly half of the world's plastics and consumes 38% of them. The Industrial Gases For Plastic & Rubber Market would also gain demand from the North American region. The USA and Canada are emerging as competitive countries in the Industrial Gases For Plastic & Rubber Market.

Industrial Gases For Plastic & Rubber Market: Competitive Landscape

Key companies holding major shares in the Industrial Gases For Plastic & Rubber Market are Applied Materials, Inc, Fujifilm Holdings Corporation, Honeywell Electronic Materials, Inc, JSR Micro, Inc, MacDermid, Inc, Merck KGaA, Microchem Corporation, Shin-Etsu Chemical Co., Ltd, DuPont and Tokyo Ohka Kogyo Co.Ltd.

R&D Investments

In June 2022, Air Products announced plans to build, own and operate a new industrial gases complex in Bihar, India, to supply hydrogen, nitrogen and steam to Indian Oil Corporation Limited (IOCL).

In April 2022, Linde announced a long-term agreement for the supply of bulk industrial gases with a major space launch company in Florida.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.