Industrial Gases Market on Track to Reach $65.0 billion by 2021

Industrial Gases Market on Track to Reach $65.0 billion by 2021

Industrial gases are used in several industrial production processes in order to improve safety, environmental compliance, productivity, or product quality. Industrial gases include atmospheric gases and process gases. Nitrogen, oxygen, argon, carbon dioxide, water vapor, ozone, neon, helium, krypton, methane, hydrogen, and nitrous oxide are some commonly use industrial gases in different industries. It includes gases recovered from the atmosphere such as nitrogen, oxygen, argon, xenon, and krypton. Further, it involves gases recovered as a byproduct of other processes such as carbon monoxide, carbon dioxide, helium, and hydrogen. Industrial gases are used in various industries such as agriculture, mining, oil and gas, construction, glass manufacturing, transportation equipment, instruments, food and tobacco. They also find application in paper and paper products, chemicals and chemical products, petroleum products, rubber & plastics, medical etc. Industrial gases are mostly produced in bulk and delivered to customers by pipeline.

According to the report, the global industrial gas market was valued at around USD 45.0 billion in 2014 and is expected to reach USD 65.0 billion in 2020, growing at a CAGR of above 6.0% between 2015 and 2020. Zion Market Research has published a new report titled “Industrial Gases (Hydrogen, Nitrogen, Oxygen, Carbon Dioxide, Argon, Helium and Acetylene) Market: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”.

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Hydrogen, nitrogen, oxygen, carbon dioxide, argon, helium, acetylene are key product segments of industrial gases market. Hydrogen gas was one of the largest product segments of industrial gases market with the highest share in total volume consumption in 2014. This is due to its high demand in the wide range of industrial applications. Nitrogen and oxygen were the second largest product segments of industrial gases market and are expected to grow rapidly during the forecast period.

The industrial gases market is mainly driven by the growing population and industrialization in emerging economies. Due to increasing demand of industrial gases from food and tobacco, paper, chemicals, agriculture, mining, oil and gas, construction and healthcare industry this market is expected to exhibit significant growth in the forecast period.

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Moreover, consolidation, strategic business alliances, and concentric diversifications are some strategies that would augment the market growth during the forecast period. However, high transportation and storage cost of industrial gases is expected to hamper the growth of this market.

Industrial gases market was dominated by Asia Pacific region with significant share in 2014. This region is followed by North America and Europe. Asia Pacific is expected to witness the significant rise in industrial gases market growth due to the large demand from emerging countries such as China and India.  However, owing to the high cost involved in converting gases into required form is expected to hold the growth of this industry.

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Some of the key participants in the industrial gases market include Air Liquide, Linde Group, Praxair Inc., Cryotec Anlagenbau Gmbh, Air Products And Chemicals Inc., Airgas Inc., and MATHESON Tri-Gas Inc. among others.