Which application segment driving the demand of Industrial Gases Market?

Posted on 2022-06-22 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, June 22, 2022 — /EPR Network/ —

Industrial Gases Industry Overview

The global industrial gases market size is expected to reach USD 147.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028. 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, thereby attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Major end-use industry segments such as medical and pharmaceuticals, food and beverages, petroleum refining, petrochemicals, and aerospace prefer acquiring these gases directly from the manufacturing/distribution companies. Companies operating in these end-use segments usually require large quantities of gases, and therefore opt for bulk or onsite form of distribution.

Industrial Gases Market Segmentation

Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:

Based on the Product Insights, the market is segmented into Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Argon and Others.

Oxygen held the largest revenue share of 28.1% in 2020. 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.
Carbon dioxide is expected to witness significant growth in the forecast period owing to an increase in the usage of carbon dioxide for gas-based enhanced oil recovery in the countries, such as the U.S., Canada, Mexico, Brazil, and the Middle East oil-producing nations.

Based on the Application Insights, the market is segmented into Healthcare, Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemistry & Energy and Others.

The manufacturing application segment accounted for the largest revenue share of 26.2% in 2020 and is projected to witness significant growth during the forecast period.
The healthcare application segment is expected to witness the fastest growth over the forecast period.

Based on the Distribution Insights, the market is segmented into On-site, Bulk (Liquid Gas Transport) and Cylinder (Merchant).

The cylinder (merchant) segment held the largest revenue share of 36.9% in 2020.
The on-site segment is expected to witness the fastest growth over the forecast period. The on-site segment includes the filing station being set up either at the company plant or on another site.

Industrial Gases Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile

The competitive nature of the global market is attributed to the presence of numerous well-established entities who control the majority of the shares in various sectors of the industrial gases value chain and have multiple channels for manufacturing and distribution of their finished products globally.

Some prominent players in the global Industrial Gases market include

Air Liquide
Air Products & Chemicals
Messer Group
Taiyo Nippon Sanso
The Linde Group

Order a free sample PDF of the Industrial Gases Market Intelligence Study, published by Grand View Research.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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