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(I-AutoNewsWire.com, August 25, 2021 ) Market Overview
Industrial Gases are gaseous materials which are produced for use in various industries. The significant gases which are used in the industry include oxygen, nitrogen, carbon dioxide, acetylene, hydrogen, argon, and helium.
The demand for fresh food products is rising globally. Consumers are becoming more health-conscious and preferring safe and clean food with fewer additives, which is increasing the demand for industrial gases that can be used in place of the chemical ingredients.
Therefore, the food and beverage industry is buying large quantities of food-grade industrial gas which are used to chill, freeze and package the various food products. Thus, because of the growth in Food & beverage industry, the market for the industrial gases is expanding.
The increasing demand for the high-grade industrial gases market share in Healthcare is also a significant driver for the market.
In contrast to oxygen, which is used in medical facilities to aid in the treatment of hypoxemia and hypoxia, carbon dioxide is used for insufflation and is often combined with oxygen or air as a respiratory stimulant to promote deep breathing.
Nitrous oxide, nitric oxide, and other industrial gases like hydrogen, helium, and xenon are also being prepared for clinical use in pharmaceutical products.
Thus, the broad applications of Industrial gases in the healthcare sector are boosting the market for Industrial Gases. The stringent laws and regulations associated with the manufacturing, storage, and distribution of Industrial Gases tend to decrease the profit margin for the companies. And also the cost involved in the room of Industrial Gases is very high. So, these factors can be a potential barrier to the growth of the market.
By End-User Industry
Chemicals & Refining
Automotive & Aerospace
Food & Beverages
Health & Medicine
North America contributes significantly to the Industrial Gas Market. It is because of the rapid rise in the automotive and construction sector in the U.S. which is propelling the demand for Industrial Gases.
Also, the consumption of industrial gases is increasing in refineries as there is a high demand for cleaner-burning fuels in U.S. which is driving the need for Hydrogen in the U.S.
APAC is predicted to be the fastest growing region during the forecast period owing to the demand of industrial gases in manufacturing, chemicals, healthcare and food sector in this region because of rapid urbanization and fast-growing population.
Moreover, governments in countries like China, India, and Indonesia are taking various initiatives to develop alternative energy sources. This is fuelling the growth of gasification plants which uses a substantial amount of Industrial Gases.
The Global Industrial Gases market report profiles the following companies- Air Liquide, Air Products & Chemicals, The Linde Group, Praxair, The BOC Group, BASF, Messer Group, Tai-yo Nippon Sanso and Matheson Tri-Gas, Inc.
Air Liquide, Air Products & Chemicals, and Linde Group hold the majority of the market share of the Industrial Gases. Air Liquide operated in 80 countries and had net revenue of about 23 billion in 2017.
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