Industrial Gases Market By Type (Oxygen, Carbon Dioxide, Nitrogen, Hydrogen, Noble Gas, Others), By End Use Industry (Healthcare, Electronics, Aerospace, Construction, Energy and Power, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global industrial gases market was valued at $93.8 billion in 2021, and is projected to reach $162.8 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
Industrial gases such as nitrogen, inert gases such as noble gases are used in the electronics industry to manufacture and develop flat panel display products, compound semiconductors, and advanced components, such as silicon wafers and integrated circuits. These growing applications make industrial gases necessary for innovation and new product design in the electronics industry.
Increasing industrialization and urbanization, coupled with the increasing application of industrial gases in various industries, such as healthcare, metals and mining, and food and beverages, are expected to influence the market growth in coming years. Electronic applications of industrial gas are witnessing strong growth on account of the high demand for flat panel displays, semiconductors, and printed electronics.
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, thus attracting investments globally. These gases substantially reduce the manufacturing costs, which augment the demand for industrial gases.
Oxygen held the largest revenue share of 35.2% in 2021. It is known to improve the thermal efficiency of fuel. Oxygen is used to treat polluted water and hazardous wastes and for the gasification process of coal. The gas can also replace chlorine in the pulp and paper industry to reduce pollution. Oxygen also finds large applications in the medical industry.
Thus, the large-scale application of oxygen in various industries is expected to propel the demand for industrial oxygen in the coming years. Nitrogen gas held the second-largest revenue share in 2021 and is projected to expand at the highest growth rate from 2022 to 2031. Nitrogen gas is used on a large scale in the healthcare sector due to the growing medical and pharmaceutical industry in Asia-Pacific and North America.
The industrial gases market is segmented on the basis of type, end use, and region. On the basis of type, the market is segmented into oxygen, carbon dioxide, nitrogen, hydrogen, noble gas, and others. In addition, on the basis of end use, the industrial gases market is segmented into healthcare, electronics, aerospace, construction, energy & power, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include, Southern Gas Ltd., Universal Industrial Gases, Inc., Gulf Cryo, International Industrial Gases Limited, Goyal MG gases pvt. ltd., Ellenbarrie industrial Gases, Praxair Technology, Inc., Linde plc, MVS Engineering Pvt. Ltd., National Gases Ltd., Air Liquide S.A., Air Products & Chemicals, Messer Group, Taiyo Nippon Sanso, and BASF SE.
Rapidly increasing demand for energy from the renewable energy resources and on-going infrastructure development in developing countries, has led the key manufacturers expand their industrial gas production capacities to meet market demand across the globe. Additional growth strategies, such as acquisition, partnership, product launch and business expansion strategies are also adopted to attain key developments in the industrial gases market trend.
COVID-19 Analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The novel coronavirus has affected several economies and caused lockdown in many countries, which has limited the growth of the market. The shutdown of industrial manufacturers led to the decline in demand for industrial gases in most of the countries globally, which led to decline in the demand of the industrial gases market. The decrease in utilization of industrial gases in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
Post COVID-19 outbreak, the gradual recovery of the production of various industries due to vaccination policies across the globe has led to increase in the demand for industrial gases. Furthermore, the increase in the demand for oil & gas industry products has led to increase in the demand for hydrogen gas which is used in the refineries. Furthermore, the increase in the space based activities and privatization of space exploration in major developed and developing countries have led to increase in the demand for industrial gases which are used in the aerospace sector.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial gases market analysis from 2021 to 2031 to identify the prevailing industrial gases market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the industrial gases market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global industrial gases market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Oxygen
Carbon Dioxide
Nitrogen
Form
Compressed Gas
Liquid Nitrogen
Hydrogen
Noble Gas
Type
Helium
Neon
Argon
Krypton
Xenon
Radon
Others
By End Use Industry
Healthcare
Electronics
Aerospace
Construction
Energy and Power
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Rest of Europe
Asia-Pacific
Rest Of Asia Pacific
China
Japan
India
South Korea
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
BASF SE
AIR LIQUIDE S.A.
Messer Group
Linde Plc
Taiyo Nippon Sanso
Southern Gas Ltd.
Universal Industrial Gases, Inc.
gulf cryo
International Industrial Gases Limited
Goyal MG gases Pvt. Ltd.
Ellenbarrie Industrial Gases
Praxair Technology, Inc.
MVS Engineering Pvt. Ltd.
National Gases Ltd.
Air Products & Chemicals
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