Oct 5, 2017   SOURCE: BusinessWire

Industrial Gases Market to Witness Growth Owing to Rising Demand from Oil and Gas Industry | Technavio

Technavio market research analysts forecast the global industrial gases market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.

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Technavio has published a new report on the global industrial gases market from 2017-2021. (Graphic: ...

Technavio has published a new report on the global industrial gases market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the global industrial gases market for 2017-2021. The report also lists manufacturing, metal fabrication, energy, chemical processing, healthcare and medical, food and beverages, and electronics as the seven major end-user segments.

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global industrial gases market:

  • Rise in demand from major end-users
  • Rising demand from oil and gas industry
  • Increasing gas blanketing and cryogenic applications

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Rise in demand from major end-users

Industrial gases are widely used in the manufacturing and process industries which include energy, oil and gas, petrochemicals, chemicals, food and beverages, healthcare, and electronics industries. Industrial gases can be classified as medical gases, specialty gases, fuel gases, and refrigerant gases. These gases are used in manufacturing processes to enhance the quality of the product. Steady growth from these end-user industries is driving the demand for industrial gases.

“APAC accounts for the major demand due to rapid industrialization from emerging countries, such as China, India, Indonesia, and other ASEAN countries, thereby creating the demand for industrial gases. Emerging countries are experiencing an increase in the production capacity in industries, such as food and beverages, construction, chemicals, metals, and healthcare,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for industrial gases research.

Rising demand from oil and gas industry

The oil and gas industry is the major market for the global industrial gases market. Hydrogen is widely used in sulfur separation process and to extract low-sulfur gasoline and diesel. It is also used in catalytic cracking operations to convert heavy compounds to lighter ones.

The demand for hydrogen gas in the oil and gas industry is generating a major portion of the demand, which is attracting vendors to produce hydrogen in larger volumes. The demand for clean burning fuels with zero emissions has led to an increase in the demand for hydrogen. The increased use of nitrogen and carbon dioxide for oil recovery projects and high requirements of low-sulfur diesel and gasoline where these gases are used for sulfur separation process will foster growth in the global industrial gases market.

Increasing gas blanketing and cryogenic applications

Gas blanketing and cryogenics are used by various applications such as refining, chemicals, pharmaceuticals, plastics, agricultural storage, food and beverages, and medical applications as it is safe, reliable, and provides protection from degradation through oxidation.

“Blanketing and cryogenic applications are widely used in petrochemicals, oil and gas, aeronautics, chemicals, refineries, and space applications. Liquefied gases are used in many cryogenics applications. The growing demand for these gases will create the demand for industrial gases. Major players, such as Air Liquide, Linde Group, and BASF, are investing in blanketing and cryogenics to enhance operational efficiency,” says Shakeel.

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