The Industrial Gases Market is expected to reach USD 23.65 Billion by 2028, growing at a CAGR of 2.96% between 2021 and 2028. The market is mainly driven by growing manufacturing industries, increasing industrialization, and urbanization. Also, the increasing application of industrial gases in several industries such as food and beverages, pharmaceuticals, metals and mining, healthcare, are anticipated to drive the industrial gases market in near future over the forecast period. Moreover, demand for flat panel displays, semiconductors, and printed electronics is increasing which in turn increases the demand for industrial gas; thus, electronic applications of industrial gas are witnessing market growth over the forecast period.
- Oxygen sub-segment in product segment for industrial gases market is expected to dominate the segment and hold the largest share for 30.1% in segment. The growth is attributed to an increase in the use of oxygen to treat polluted water and hazardous wastes and for the gasification process of coal, increased use of oxygen in the medical industry, and others. Nitrogen is expected to be second dominating in the segment owing to the increase in the use of nitrogen in the healthcare sector.
- Cylinder (merchant) sub-segment in application segment for industrial gases market is expected to dominate the segment and hold the largest share for 38.63% in segment. The segment growth is mainly driven by the increasing use of cylinder distribution, gases such as nitrogen, oxygen, argon, helium, and hydrogen.
- The Asia Pacific is anticipated to hold the largest share of more than 35.65%, for the Industrial Gases Market. Also, the Asia Pacific is expected to grow at a CAGR of 9.65% over the forecast period owing to the demand for industrial gases in the Asia Pacific.
Some of the key players in the Industrial Gases Market are Air Liquide, Air Products Inc., AMCS Corporation, Asia Industrial Gases Pte. Ltd, BASF SE, Bhuruka Gases Limited, Buzwair Group, Chart Industries, Ellenbarrie Industrial Gases, EPC Group (Cryotech), Gulf Cryo, Matheson Tri-Gas Inc., Messer Group GmbH, SOL Spa, Taiyo Nippon Sanso Corporation, Linde PLC, among others.
The market growth is attributed to growing manufacturing industries, increasing industrialization and urbanization, increasing application of industrial gases in several industries such as food and beverages, pharmaceuticals, metals and mining, healthcare, and increasing adoption of electronic applications of industrial gas. There is an ever-growing demand for industrial gases in the aerospace and metal and mining industries driving the growth of the market. Furthermore, an increase in the use of nitrogen in the healthcare sector is expected to fuel the market growth as the healthcare sector is growing tremendously owing to the increasing population.
Asia Pacific region is anticipated to dominate the market with a share of more than 35.65% and is also expected to grow at the fastest CAGR of 9.65% over the forecast period. The demand for industrial gases in the Asia Pacific is increasing swiftly. Thus to meet the untapped demand; the number of end-users industries is also increasing swiftly the developing countries such as India, China, Japan, and South Korea which is further propelling the growth of the market.