Industrial Gases Market Report, Industry Overview, Growth Rate and Forecast 2027
The global industrial gases market size reached US$ 93.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 129.1 Billion by 2027, exhibiting a CAGR of 5.4% during 2022-2027.
Base Year: 2021
Forecast Year: 2022-2027
Industrial gases are produced in large amounts for usage in several industrial processes. They are commonly known as medical, fuel, refrigerant, or specialty gases, depending on their utilization in various sectors. Industrial gases consist of versatile carbohydrates with taste and texture similar to table sugar and with low calories. They are also used in the food and beverage (F&B) sector as a sugar replacement in products, such as ice creams, candies, fruit spreads, yogurts, chewing gums, etc. Industrial gases, including oxygen and helium, provide modern anesthetic techniques and a base for life support for artificially ventilated patients. As a result, they find extensive usage across several sectors, such as manufacturing, healthcare, metallurgy, chemical, energy, etc.
The escalating product demand in the chemical industry to produce flexible and rigid polyurethane coatings, foams, elastomers, sealants, adhesives, etc., is primarily driving the industrial gases market. Besides this, the elevating utilization of these gases in the oil and gas sector for controlling various refinery processes is further augmenting the market growth. Apart from this, the growing popularity of gas-based foams in the automotive industry for producing seating, ventilator headliners, headrest, armrest, etc., is also catalyzing the global market. Moreover, the rising requirement for these gases, including oxygen and hydrogen, in propellants to launch rockets that carry communications, broadcasts, and meteorological satellites is acting as another significant growth-inducing factor. Furthermore, the inflating need for protective components, exterior panels, building materials, housing electronics, etc., is expected to bolster the industrial gases market in the coming years.
The competitive landscape of the market has also been analyzed and the detailed profiles of the key player operating. Some of the leading companies include Air Liquide S.A., Linde Group, Praxair, Inc., Air Products and Chemicals, Inc., and AirGas, Inc.
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Insights on Industrial Gases Market :
Segmentation by Type
3. Carbon dioxide
On the basis of the type, the market has been divided into nitrogen, oxygen, carbon dioxide, argon and hydrogen. Amongst these, nitrogen holds the dominant market share.
Segmentation by Application
Based on the application, the market has been categorized into manufacturing, metallurgy, energy, chemicals, healthcare and others. Currently, manufacturing is the largest application segment.
Segmentation by Supply Mode
On the basis of the supply mode, packaged supply holds the dominant market share. Other major segments include bulk and on-site.
Segmentation by Region
2. Middle East and Africa
3. Latin America
4. North America
On the geographical front, the market has been segregated into Asia Pacific, Middle East and Africa, Europe, North America, and Latin America. Currently, Asia Pacific is the leading market.
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