Increased energy demand, improving economies and climate control initiatives in both developing and developed nations are resulting in the strong growth of the global industrial gases market. Rapid infrastructure expansion in developing countries is driving the demand for large volume of steel, and this will result in the significant consumption of industrial gases. Demand for cleaner fuels has also increased, especially from the transportation sector. This is likely to drive the demand for hydrogen in the coming years. Development of large-scale gasification plants to meet the need for alternate energy sources will also accelerate the growth of the global market for industrial gases.
Manufacturers are also developing air separation units close to the customer site to supply a large volume of industrial gases. On-site production of gases has witnessed a rise, especially for the gases that are hazardous to transport, for example, acetylene. Manufacturers are also focusing on using advanced technologies that can improve efficiency and safety in the process of production of industrial gases. Medical gases demand is also growing with the rise in medical services and new healthcare projects.
Persistence Market Research expects the global market for industrial gases to remain lucrative during 2017-2025. Towards the end of 2025, the global industrial gases market is likely to exceed US$ 100 Bn in revenue.
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Oxygen to Witness Significant Growth During the Forecast Period 2017-2025
Based on the gas type, oxygen is likely to witness considerable growth during the forecast period. By 2025 end, oxygen is projected to exceed US$ 64 Bn in revenue. Meanwhile, nitrogen is also expected to see a strong growth between 2017 and 2025.
By application, industrial gases are likely to find the largest application in metal manufacturing & fabrication. Towards the end of 2025, metal manufacturing & fabrication is estimated to surpass US$ 53 Bn in terms of revenue in the global market for industrial gases.
North America to Remain Dominant in the Global Market for Industrial Gases
Region wise, North America is expected to lead in the global industrial gases market. New project announcements and increasing merger and acquisition activities are driving the industrial gases market in the region. By the end of 2025, North America is projected to exceed US$ 40 Bn in revenue. North America is likely to witness a growing demand for food grade industrial gases used in the food industry for freezing, carbonation of food products, and packaging. However, the high cost of gas processing is hampering the growth of the industrial gases market in the region. Meanwhile, Asia Pacific (APAC) is also expected to witness strong growth during the forecast period.
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Key Companies Operating in the Global Market for Industrial Gases
Air Gass and Chemicals Inc., Air Liquide S.A., The Linde Group, Ellenbarrie Industrial Gases Ltd., Praxair Inc., India Glycols Ltd., Bhuruka Gases Ltd., The Southern Gas Ltd., Tripti Gases Pvt. Limited, Matheson Tri-Gas, Inc., SICGIL India Limited, Messer Group GmbH, Abdullah Hashim Industrial Gases & Equipment Co. Ltd, Southern Industrial Gas Sdn Bhd, Bristol Gases – Concorde Corodex Group, Dubai Industrial Gases, Buzwair Industrial Gases Factory, Gulf Cryo, Yateem Oxygen, and National Industrial Gas Plants – Mohammed Hamad Al Mana Group, are the prominent players in the global market for industrial gases market.
The role of industrial gases is being constantly revised to make various manufacturing processes economical and sustainable. This is also driving manufacturers to explore the usage of industrial gases beyond tried and tested grounds.