Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global industrial gases market size is anticipated to showcase notable growth in the forecast years on account of the increasing demand from the oil and gas industry worldwide. Industrial gases are used across various applications such as food & beverage, oil and gas, petrochemicals, healthcare, chemicals, and others. As per a recent report by Fortune Business Insights, titled, “Industrial Gases Market Size, Share and Industry Analysis, By Gas Type (Oxygen, Nitrogen, Carbon Dioxide, Hydrogen, Argon, and Others), By Application (Packaging, Coolant, Carbonation, Cryogenic, Cutting & Welding, Laboratory, Air Separation, and Others), By End User (Metallurgy, Healthcare, Chemical, Food & Beverage, Oil & Gas, Power, Pulp and Paper, Electronics, Water Treatment, Mining, and Others), and Regional Forecast, 2020-2027,” the market value stood at USD 95.71 billion in 2019 and is expected to rise at a CAGR of 6.0%. It would reach USD 149.33 billion by the end of 2027.
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What are the objectives of the report?
The report is based on a 360-degree analytical view of the market, key parameters, namely, market restraints, drivers, challenges, opportunities, and future outlook. It also highlights the market segmentation in detail and lists out the names of the leading segment with the base and forecasted figures. Furthermore, it discusses the significant industry developments, interesting insights, and current trends prevalent in the industrial gases market. For more information on the report, log on to the company website.
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Drivers & Restraints-
Increasing Demand from the Healthcare Sector to Add Impetus to Market
An increase in the prices of crude oil and a rise in the need for refining have propelled the demand, especially from the oil and gas industry. Additionally, they are also used for various purposes, such as coiled tubing, pipe cooling and inerting, drilling, leak testing, maintenance, spool base in pipe building, and others. Such factors are promoting the industrial gases market growth. Furthermore, the expansion of the healthcare and food & beverage industries is aiding to the growth of the market.
On the contrary, the current outbreak of the COVID-19 pandemic and its impact on various industries are likely to hamper the market in the coming years. This, coupled with the stringent regulations imposed on the storage, manufacturing, and distribution of industrial gases may pose a hindrance to the growth of the market in the coming years.
Nevertheless, a rise in industrialization and urbanization, as well as the growing consumer demand from the processing and manufacturing industries are likely to create lucrative growth opportunities for the market in the long run.
Oxygen Segment to Continue Dominance on Account of Its Rising Demand from Pharmaceutical Industries
Based on segmentation by gas type, the oxygen segment earned 28.9% industrial gases market share in 2019. This is attributable to the extensive usage of oxygen and its high demand from various sectors such as pulp and paper, chemical, pharmaceutical, and petroleum. However, the carbon dioxide segment will also showcase notable growth on account of its significant applications as a raw material in products such as meat, fruits and vegetables, poultry, and others.
Asia Pacific to Dominate Backed by Rapid Industrialization & Urbanization
On the basis of regional segmentation, the market is dominated by Asia Pacific, which collected a revenue of USD 31.05 billion in 2019. Factors attributed to the growth of this region include rapid urbanization and industrialization, coupled with a rise in the investment on sustainable energy development by various nations such as India, China, Indonesia, Japan, and others. On the other side, North America ranks second. It is likely to earn significant revenue in the coming years owing to the rising application in chemical, healthcare, and oil & gas industries.
Linde Earning Maximum Share Attributable to a Rise in Industrial Investment
The global market is dominated by Linde on account of its high investments in the pharmaceutical and healthcare industries. Besides this, the company is also investing massively on improving the economic scenario. It is also delivering its products to the rising number of manufacturing and metal processing industries, along with food & beverage, chemical, and oil & gas industries. The other players are engaging in mergers and acquisitions, joint ventures, contracts and agreements, different collaborative strategies, and others to gain a competitive edge in the market.
Major Developments of the Market Include:
June 2019 – Exxon Mobil Asia Pacific Pvt. Ltd. and Linde engaged in multi-billion agreements to expand their geographical reach in Singapore. This project includes the construction, development, and operation of four additional gasifiers, an air separation plant with a capacity of 1200 metric ton per day (TPD), and sulfur recovery plants along with the processing units for downstream gas belonging to Linde.
List Of Key Companies Profiled in Industrial Gases Market Are
- Mohsin Haider Darwish LLC
- Bhuruka gases ltd
- Bristol Gases
- Dubai Industrial Gases
- Air Products
- Southern Company Gas
- Concorde-Corodex Group
- Ellenbarrie Industrial Gases Ltd.
- Air Liquide
- Universal Industrial Gases
- Messer Group
- Gulf Cryo
- Matheson Tri-Gas
- Other players
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Detailed Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Industrial Gases Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Industrial Gases Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Gas Type
- Carbon Dioxide
- Market Analysis, Insights and Forecast – By Application
- Air Separation
- Cutting & Welding
- Market Analysis, Insights and Forecast – By End-User
- Food & Beverage
- Oil & Gas
- Pulp and Paper
- Water Treatment
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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