Oct 12, 2021   SOURCE: BusinessWire

Global $147 Bn Industrial Gases Market to 2028: High Dependence on Industrial Gases & Growing Demand from the Healthcare Industry - ResearchAndMarkets.com

The "Global Industrial Gases Market Size, Share & Trends Analysis Report by Product (Oxygen, Nitrogen), by Application (Manufacturing, Healthcare), by Distribution (Cylinder, On-site), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global industrial gases market size is expected to reach USD 147.1 billion by 2028 and is expected to expand at a CAGR of 6.0%.

The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market.

Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thereby attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Major end-use industry segments such as medical and pharmaceuticals, food and beverages, petroleum refining, petrochemicals, and aerospace prefer acquiring these gases directly from the manufacturing/distribution companies. Companies operating in these end-use segments usually require large quantities of gases, and therefore opt for bulk or onsite form of distribution.

The healthcare industry consumes substantial amounts of industrial gases in analytical and imaging equipment, diagnostics, home and institutional respiratory therapies, instrument and equipment sterilization, dental and general surgical anesthesia, imaging contrasts, and many other applications. Continuing research in new applications improves the growth in demand for industrial gas by the healthcare sector.

Industrial gases are used for a wide range of applications in the food and beverage industry. In the food industry, industrial gases are employed for numerous applications, including modified atmospheric packaging (MAP), chilling and freezing, and controlling the temperature of products during transportation and storage. It is majorly used to maintain the quality and increase the shelf life of food products.

Industrial Gases Market Report Highlights

  • North America is expected to witness significant growth over the forecast period. The growing healthcare and electronic industries across the region are likely to promote market growth in North America
  • By product, nitrogen is expected to witness the highest growth over the forecast period. It is an inert gas that finds numerous applications in the field of heat treatment for establishing a neutral atmosphere. Nitrogen is used to eliminate air from mines contaminated with methane to avoid break out of fire
  • Based on application, the manufacturing segment accounted for the largest revenue share in 2020 owing to increasing demand for industrial gases, such as nitrogen, oxygen, carbon dioxide, and hydrogen, in the manufacturing industry
  • The presence of a large number of players in the market has resulted in tough competition. New and multifunctional product developments, superior quality, and efficient pricing are the only strategies companies can adapt to survive in this highly competitive global market

Market Variables, Trends, and Scope

Market driver analysis

  • High dependence on industrial gases for technology advancement
  • Growing demand from the Healthcare segment

Market restraint analysis

  • Stringent regulations against harmful emissions

Companies Mentioned

  • Air Liquide
  • Linde plc
  • Air Products and Chemicals, Inc.
  • Taiyo Nippon Sanso Corporation
  • Messer Group GmbH
  • SOL Group
  • Matheson Tri-Gas, Inc.
  • INOX Air Products Ltd.
  • Iwatani Corporation

For more information about this report visit https://www.researchandmarkets.com/r/a4i5qb