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The global industrial gases market is being driven by the rising demand for industrial gases for applications in metallurgy, manufacture, and health care and medical industry. The Asia Pacific represents the largest market for industrial gases. Within the Asia Pacific, while China dominated the industry in terms of consumption, India is projected to witness the fastest growth in the Asia Pacific region. The growing use of iron and steel owing to increasing megacity projects in these regions is supporting the industry growth. Thus, the growth of the metal fabrication industry is expected to aid the growth of the global industrial gases market over the forecast period.
The growing demand for ethylene glycol, which is used as a raw material in a variety of products like polyester fibres, polyethylene terephthalate resins for liquid and food containers, and other industrial applications, is expected to aid the industry growth over the forecast period. In February 2020, Linde (NYSE: LIN), a leading industrial gases and engineering company, announced the opening of a new air separation unit (ASU) in Freeport, Texas, in order to safely and reliably supply oxygen and nitrogen to MEGlobal for use in its ethylene glycol manufacturing process. Linde, with this ASU, also aims to supply its extensive industrial gas pipeline system and add new argon capacity. Additionally, the company has started a new carbon dioxide (CO2) plant at the same location to recycle the crude CO2 supplied from an MEGlobal process, which will be purified and liquefied into commercial grades, thus, serving its customers and expanding its capacity in the U.S. Gulf Coast. Such developments are expected to aid the growth of the industrial gases market globally in the forecast period.
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The major players in the global industrial gases market are Air Liquide, Air Products and Chemicals, Inc., BASF SE, Linde Plc, and Taiyo Nippon Sanso Corporation [Mitsubishi Chemical Holdings], among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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