Industrial Gases Market Estimated to Reach $137.9 billion by 2028 Globally, at a CAGR of 5.5%, says MarketsandMarkets™

Delray Beach, FL, Oct. 03, 2024 (GLOBE NEWSWIRE) — The Industrial Gases Market is projected to grow from USD 105.6 billion in 2023 to USD 137.9 billion by 2028 at a CAGR of 5.5%, as per the recent study by MarketsandMarkets. The growing fields of metallurgy and the healthcare industry are pivotal drivers for the expansion of the industrial gas market. In metallurgy, industrial gases such as oxygen, nitrogen, and argon play crucial roles in various processes. Oxygen is often used in steel production for combustion, while nitrogen and argon find application in processes like metal cutting and welding. As metallurgical activities increase globally, the demand for these industrial gases rises, propelling market growth. 

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=143368202

Browse in-depth TOC on “Industrial Gases Market”

158- Market Data Tables

49- Figures

212- Pages

List of Key Players in Industrial Gases Market:

  1. Air Liquide (France)
  2. Linde plc (England)
  3. Air Products & Chemicals, Inc.  (US)
  4. Messer SE & Co. KGaA (Germany)
  5. Nippon Sanso Holdings Corp. (Japan)

Drivers, Restraints, Opportunities and Challenges in Industrial Gases Market:

  1. Drivers: Growing demand for frozen food
  2. Restraints: Strict regulatory compliance
  3. Opportunity: Growing semiconductor market
  4. Challenge: Ensuring the safety of employees

Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=143368202

Key Findings of the Study:

  1. By Type, Hydrogen is expected to be third fastest growing gas after Oxygen and Nitrogen during the forecast period
  2. By End-use Industry, food and beverages industry to be the fastest growing end-use industry
  3. Europe is the third largest market after Asia Pacific and North America during the forecast period.

Similarly, the healthcare industry relies heavily on industrial gases, with oxygen being a fundamental component for medical purposes. Nitrogen is used in cryopreservation for storing biological samples, and carbon dioxide finds applications in medical imaging. As the healthcare sector continues to expand, driven by factors such as an aging population and technological advancements, the demand for industrial gases in this industry is expected to surge, providing a significant boost to the overall market growth. 

Based on the Type, Oxygen segment holds the largest market share in industrial gas market. Oxygen stands as the predominant gas in the industrial gases market, playing a pivotal role in both the chemical and electronics industries. In the chemical sector, oxygen is widely utilized in various processes such as combustion, oxidation, and chemical synthesis. It serves as a crucial component in the production of chemicals like ethylene, methanol, and ammonia. Additionally, oxygen enhances combustion efficiency in industrial furnaces, facilitating processes such as petrochemical refining.

In the electronics industry, oxygen is a key participant in the fabrication of semiconductors and integrated circuits. It is an essential component in the production of silicon wafers, acting as a reactant in the chemical vapor deposition (CVD) process and aiding in the creation of high-purity silicon dioxide layers. The controlled use of oxygen in these industries underscores its significance not only as a life-supporting element but also as a critical facilitator of intricate manufacturing processes integral to chemical and electronics production. 

Get 10% Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=143368202

Based on end-use industry, the manufacturing holds largest market share in the industrial gases market. Industrial gases such as nitrogen, oxygen, and argon are instrumental in welding, metal cutting, and heat treatment, contributing to the fabrication of various materials. Moreover, these gases play a pivotal role in enhancing combustion efficiency in furnaces and supporting chemical reactions critical to produce chemicals and materials. As manufacturing activities continue to evolve and expand globally, the demand for industrial gases remains robust, solidifying the manufacturing sector’s dominance in the industrial gases market. 

Based on region, Asia Pacific is the largest market of industrial gases. The Asia Pacific region has emerged as the largest market for industrial gases due to a confluence of factors, including rapid industrialization, thriving manufacturing sectors, and increase in demand for gases across diverse industries. With countries like China and India experiencing significant economic growth, there is an increasing need for industrial gases in sectors such as steel, chemicals, electronics, and healthcare. The region’s dynamic industrial landscape, coupled with a growing emphasis on technological advancements and environmental sustainability, has fueled the demand for industrial gases, positioning the Asia Pacific as a key hub for the production and consumption of these essential gases.

Browse Adjacent Markets: Mining, Minerals and Metals Market Research Reports

Related Reports:

  1. Steel Fiber Market
  2. CVD Lab-grown Diamonds Market
  3. Lithium Metal Market
  4. Rare Earth Metals Leaching Chemicals Market
CONTACT: About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA : 1-888-600-6441
UK +44-800-368-9399
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/