Global Industrial Gases Market to Grow at a CAGR of 6.8% over the Forecast Period of 2024-2032

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 2021, 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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Market Breakup by Type, Application, and Region:

• By type, the global industrial gases industry can be divided into hydrogen, oxygen, nitrogen, carbon dioxide, acetylene, and helium, among others.

• On the basis of applications, the industry is categorised into manufacturing, chemical processing, metal fabrication, energy, medical and healthcare, food and beverage, and electronics, among others. 

• Region-wise, the global industrial gases market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing health care sector, where the demand for industrial gases like oxygen and nitrogen is growing, is driving the growth of the industrial gases market globally.

• The global industrial gases industry is receiving a further support from the developing metallurgical industries, particularly steel.

• The rapid advancement in technology and development of enhanced equipment and solutions for the industrial and medical sectors is providing further impetus to the industry. 

• The increasing need for alternate energy sources in different industries is providing a further boost to the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global industrial gases market for the periods (2018-2023) and (2024-2032). 

• The report offers historical (2018-2023) and forecast (2024-2032) market information for the type, applications, and regional markets for the global industrial gases industry.

• The report also gives the regional historical (2018-2023) and forecast (2024-2032) price trends of industrial gases. 

• The global trade data analysis has also been provided in the report by EMR, covering the value and volume of the leading import and exporting countries.

• It also provides an assessment of the industry based on the Porter’s Five Forces model along with giving a SWOT analysis of the market.

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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.