Industrial Gases Market to Reach US$ 201.2 Billion by 2032, Poised for 7.6% CAGR in the Forecast Period
Marketresearch.biz reports that the recent tech breakthroughs are driving the industrial gas evolution, including cryogenic and gas separation in electronics, biology, and pharma. R&D investments are now delivering a competitive advantage.
New York, Oct. 12, 2023 (GLOBE NEWSWIRE) — In 2022, the global industrial gases market achieved a valuation of USD 98.5 billion, with a forecasted CAGR of 7.6% from 2023 to 2032, aiming to achieve USD 201.2 billion by 2032.
The industrial gases market size is influenced by various growth factors, with the pharmaceutical and electronic industries emerging as key drivers of demand. They also play a crucial role in other industries, particularly the food and beverage industry, as well as numerous production processes, which is what is causing this growth.
For more insights into key growth areas, Request a Sample For Industrial Gases Market Report at: https://marketresearch.biz/report/industrial-gases-market/request-sample/
The industrial gases market is a dynamic sector with significant potential for development and growth. These gases, including nitrogen, oxygen, argon, carbon dioxide, and hydrogen, are the linchpin of various industries, from food and healthcare to electronics and energy. Innovation is driving the market, fueled by the demand for sustainable solutions like green hydrogen and the rise of specialty gases for high-tech applications.
In October 2023, the United States Environmental Protection Agency (EPA) introduced new measures targeting climate-warming industrial gases, specifically hydroflourocarbons (HFCs). This move is expected to have a significant impact on the industrial gases market.
The EPA’s regulations will likely drive the demand for eco-friendly alternatives to HFCs, leading to innovation and diversification within the industrial gases sector. Moreover, it may foster global awareness of the environmental impact of industrial gases, potentially leading to standardized regulations worldwide.
Simultaneously, Atlas Copco’s acquisition of medical gas system specialists in October 2023 indicates growing demand for specialized industrial gas services, particularly in healthcare. This expansion into specialized services could open new growth opportunities within the industrial gases market, driven by the need for diversified offerings and compliance with evolving regulations
Advanced storage solutions are enhancing safety and efficiency. The industry’s sustainability efforts, particularly in carbon capture and utilization (CCU), are also gaining momentum. In the Asia Pacific region, a robust economy and industrialization are driving the market’s growth. This overview highlights the evolving landscape of industrial gases and the promising opportunities it offers for future development.
- The industrial gases market is expanding as a result of the high demand for oxygen in a variety of sectors, including healthcare, metalworking, construction, and aerospace.
- The oil and gas sector is a key driver of industrial gas demand, particularly in critical operations like refining, separation, and pipeline management.
- Nitrogen emerges as a prominent industrial gas due to its cost-effectiveness, safety, and versatility, finding applications in various industrial processes.
- Within the industrial gases domain, the manufacturing industry takes the lead, leveraging these gases in processes such as welding, cutting, heat treatment, and electronics manufacturing.
- Packaged industrial gases, conveniently delivered in cylinders and tanks, dominate the market, offering flexibility across diverse industries.
- The Asia Pacific region holds a dominant position in the industrial gases market, benefiting from its expanding economy, rapid industrialization, and the growth of the healthcare sector.
Growth in the food and beverage (F&B) Industry
The Industrial Gases Market is expanding significantly in a number of industries. These gases are essential in the food and beverage sector for maintaining the quality of goods including meat, fish, and vegetables. Additionally, they improve the sensory experience of carbonated drinks. Numerous industrial gases are used in food packaging to maintain freshness and avoid deterioration. Consumer lifestyle changes and an increase in the use of packaged foods are the main causes of this increase.
Demand from the Oil & Gas Industry
The oil and gas industry consumes a lot of industrial gases, especially for operations like refining and separation. The demand for gases like nitrogen and argon is anticipated to increase significantly as global oil consumption is expected to rise. This sector is further supported by India’s large refining capacity.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at: https://marketresearch.biz/report/industrial-gases-market/#inquiry
High Capital Expenditure
Establishing a production and distribution plant required a significant capital investment. Infrastructure for industrial gas generation, storage, and transportation costs a lot of money to create and maintain. This barrier to entry may deter smaller businesses from entering the market. The extended timeline for returns on these expenditures can also be highly challenging for businesses, which restricts market expansion.
Development of the healthcare industry
The vital role that medical gases play in healthcare was made clear by the COVID-19 epidemic. It is projected that there will continue to be an increase in demand for medical oxygen and other specialty gases. Industrial gas suppliers have extra potential to market medical gases and related equipment because to the developing healthcare sector in developing countries.
Modernization and Quickly Developing Technology
Recent technological developments have led to the creation of new industrial gas usage. For instance, advances in cryogenic technology and gas separation are enabling the development of novel applications in industries including electronics, biology, and pharmaceuticals. Businesses that invest in R&D to leverage these technologies will be at a competitive advantage.
Make informed business decisions with our sample report, revealing key market insights Click Here To Download/Request a Sample
|Market Value (2022)||US$ 98.5 Billion|
|Market Size (2032)||US$ 201.2 Billion|
|CAGR (from 2023 to 2032)||7.6% from 2023 to 2032|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Market trends in the industrial gases industry are increasingly shaped by environmental regulations, driving innovation in cleaner production methods and sustainability practices, while industrial merchants play a crucial role in facilitating the supply and distribution of these vital gases across a variety of industries.
Moreover in the industrial gases market, key players compete for dominance in terms of revenue share, leveraging innovations in respiratory simulation to ensure safety and efficiency across a wide range of applications.
Industrial gases find major use in creating simulated aircraft cabin environments, where precise gas mixtures are essential to replicate real-world conditions for training and testing.
Asia Pacific now holds a dominant position in the industrial gases market as a result of its growing economy, rapid industrialisation, and significant infrastructural development. It is a crucial site for manufacturing machinery, chemicals, semiconductors, electronics, cars, and other items that all heavily rely on industrial gases for various processes. The steadily escalating need for industrial gases in critical fields like respiratory support, anaesthesia, and medical imaging is being further fueled by the aging population and rising health consciousness as well as by the industry’s constant expansion. These factors put Asia Pacific in the lead position as a market player.
When it comes to product types, nitrogen stands out as the most popular one. Its affordability, wide availability, and safety properties make it essential in procedures like preservation, purging, and blanketing. This is related to these factors. Nitrogen’s importance is further highlighted by the fact that it protects many products against oxidation, corrosion, and spoiling. Safety at work is guaranteed by its non-flammable and non-toxic properties. Government laws that are favourable and cutting-edge production techniques that increase yield and purity levels contribute to the market’s growth.
Manufacturing leads the way in terms of application kinds. Industrial gases are widely used in the production of chemicals, food, heat treatment, metal fabrication, welding, cutting, and electronics. Beyond operational uses, they enhance efficiency, cut costs, and optimize processes. By establishing inert surroundings, they also uphold strict standards for quality and safety. The development of cutting-edge manufacturing processes, especially 3D printing, has increased demand for industrial gases.
Industrial gases in packaged form dominate the market in terms of distribution. They are provided compressed and liquefied, making handling, storage, and transportation simple. A wide range of industries, including welding, laboratory analysis, food processing, and healthcare, are served by this format. The market is strengthened by the extensive network of retail stores, gas stations, and distribution facilities. Additionally, customized packaged industrial gases are available to satisfy the unique requirements of various sectors.
Maximize your profitability with MarketResearch.Biz – Gain a competitive edge by acquiring this premium report at: https://marketresearch.biz/purchase-report/?report_id=13222
Segments Covered in the Report
By Product Type
- Carbon Dioxide
By Application Type
By Distribution Type
- North America
- Latin America
- Middle East & Africa
Competitive Landscape Analysis
The industrial gases market is a result of rising industrialization. Key players in the industrial gases market, including Linde and Air Products, are strategically expanding their presence to cater to a diverse range of industries, such as manufacturing sectors and the industrial sector.
While other industrial players are expanding globally through new facilities, distribution networks, and regional partnerships. Energy-efficient industrial technology is being developed as a result of eco-conscious consumers and the promotion of more environmentally friendly company practices. Automation and digital technology are also being incorporated in order to enhance operational effectiveness, streamline supply chains, and increase customer satisfaction.
Uncover valuable statistics and future projections by accessing a sample report for historical and forecast market data spanning 2016 to 2032 at: https://marketresearch.biz/report/industrial-gases-market/request-sample/
Key Market Players
- Air Liquide
- Air Products Inc.
- INOX-Air Products Inc.
- Iwatani Corp.
- Linde plc
- SOL Group
- Strandmøllen A / S
- Taiyo Nippon Sanso Corp.
- In October 2023, the United States Environmental Protection Agency (EPA) introduced new measures to address climate-warming industrial gases, specifically hydroflourocarbons (HFCs), used in various applications.
- Also in October 2023, Atlas Copco, a global provider of industrial equipment and services, acquired two US-based medical gas system specialists, William G Frank Medical Gas Testing and Consulting, and Medical Gas Credentialing.
- In September 2023, Westfalen, a leading specialist in industrial gases, expanded its operations by inaugurating a new filling plant in Arzal, France, marking significant growth in the company’s presence in the country.
- In May 2023, Tunable AS unveiled groundbreaking gas fingerprint recognition technology at the Sensor + Test event in Germany, offering valuable insights into gas and odor composition for applications such as air quality monitoring and process optimization.
Browse More Related Reports
- Industrial Labels Market size is expected to be worth around USD 118.3 Bn by 2032 from USD 56.9 Bn in 2022, growing at a CAGR of 7.8% during the forecast period from 2023 to 2032.
- Generative AI in Industrial Design Market size is expected to be worth around USD 1345.9 Mn by 2032 from USD 158.9 Mn in 2022, growing at a CAGR of 24.5% during the forecast period from 2023 to 2032.
- Industrial Fasteners Market size is expected to be worth around USD 155.0 Bn by 2032 from USD 97.2 Bn in 2022, growing at a CAGR of 4.9% during the forecast period from 2023 to 2032.
- Industrial Air Compressors Market size is expected to be worth around USD 35.0 Bn by 2032 from USD 25.0 Bn in 2022, growing at a CAGR of 3.5% during the forecast period from 2023 to 2032.
- Fuel Management Systems Market size is expected to be worth around USD 1,556 Mn by 2032 from USD 850 Mn in 2022, growing at a CAGR of 6.4% during the forecast period from 2023 to 2032.
MarketResearch.Biz (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. MarketResearch.Biz provides customization to suit any specific or unique requirement and tailor-made reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn: https://www.linkedin.com/company/marketresearch-biz/
Follow Us on Facebook: https://www.facebook.com/marketresearch.biz
Follow Us on Twitter: https://twitter.com/PrudourResearch
CONTACT: Global Business Development Team – MarketResearch.biz MarketResearch.biz (Powered By Prudour Pvt. Ltd.) Email: [email protected] Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 347 796 4335 Website: https://marketresearch.biz/
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.