Published Date : 11 Aug 2023
The global industrial gases market size was evaluated at USD 100.32 billion in 2022 and is expected to attain around USD 161.8 billion by 2030, growing at a CAGR of 6.16% from 2022 to 2030.
Gases utilised for industrial applications are referred to as industrial gases. The main gases utilised in industries include oxygen, nitrogen, carbon dioxide, hydrogen, argon, acetylene, and helium. Both liquified and gaseous versions of such gases are transported to multiple industries by gas tankers. The production of such industrial gases involves the cryogenic filtering of air using air separation devices. Depending on their uses in different sectors, these gases are also known as refrigerant gases, fuel gases, medicinal gases, and speciality gases. Sectors including oil and gas, chemical, petrochemicals, food and beverage, and the power industry are driving up demand for industrial gases.
The expanding use of industrial gases in a variety of industries, including construction, metallurgy, mining, and food services, is propelling the market's expansion as a result of rising urbanisation and industrialization. Additionally, rising global requirements for electronic gadgets and renewable energy sources are promoting market expansion. The necessity for refinement as well as rising crude oil consumption globally might increase the demand for gases throughout the anticipated period.
Consumers are increasingly searching for alternatives to conventional preservation techniques, which is fostering crucial growth prospects for industrial gases made of food-grade materials.
The market demand for industrial gases has been spurred by the rising global demand for crude oil and the rising need for refining. For upstream and downstream uses, the oil and gas sector is increasingly turning to industrial gases. The market for industrial gases is also growing quickly because of the urbanization-related manufacturing and processing sectors in developing nations.
The demand for industrial gases has increased incoil developing countries as a result of a sudden increase in the usage of speciality gases, particularly in the food, electronics, and healthcare industries. Emergency medical situations open up a wealth of unexplored prospects for nations like China and India.
The desire for clean energy as a result of growing environmental protection awareness has increased the usage of industrial gases in emerging nations.
Rapid economic growth in south and central Asian nations, along with aggressive government attempts to support each nation's economy, has increased consumers' disposable money and awareness. Industrial gas usage is increasing in the steel, glass, oil, and fibre optics industries. The economy is being boosted by expansion in these industries in nations like China, Japan, and India.
Industrial Gases Market Report Scope:
|Market Revenue in 2023||USD 106.5 Billion|
|Projected Forecast Revenue in 2030||USD 161.8 Billion|
|Growth Rate from 2022 to 2030||CAGR of 6.16%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Increased Investments to Support Growth in the electronics and metallurgy sectors. In the future years, increasing investments in electronics, metallurgy, food & beverage, mining & metal, and other sectors, particularly in emerging nations globally, are expected to drive the expansion of the industrial gases market.
For instance, the World Investment Report 2018 estimates that Asia Pacific received over USD 476 billion in foreign direct investment in 2017. China and Singapore received the most of the attention. Industrial gas production, storage, and transportation are all governed by a number of strict regulatory regulations. It could prevent growth. The global market is expanding as a result of the rising demand for industrial gases from the food and beverage, electronics, and healthcare industries. Due to the growing need for industrial gases in emergency medical situations, there are unexplored prospects for industry participants in the industrial gases market.
Moreover, market participants are anticipated to have value-grab growth possibilities in the approaching years due to the swift proliferation of manufacturing and processing sectors around the world. Industrial gases must be used extensively in the steel, glass, oil, and fibre optics industries. The fast rise of the industrial gases market is being facilitated by growth and development in these industries in developing nations.
The increased demand for clean energy as a result of greater environmental consciousness has also contributed to an increase in the usage of industrial gases in several nations. Industrial gases may also be employed in the production of semiconductors, solar screens, flat panels, and other photovoltaic components. Global demand for industrial gases is being driven by the increasing acceptance and use of electronic gadgets. The market is expanding since industrial gases are being used more often in the mining and metal sectors.
Due to the entire closure of production facilities and widespread lockdown measures brought on by the COVID-19 epidemic, there are no labourers available and little end-user demand for industrial gases. Additionally, due to the epidemic, crude oil demand has decreased significantly, leading to much lower prices. By selecting the appropriate course of action, our research reports will assist you in resolving this issue.
The market demand for industrial gases has been spurred by the rising global requirement for crude oil and the rising need for refining. For downstream and upstream uses, the oil and gas sector is increasingly turning to industrial gases. Drilling, well hoisting, leak testing, coiled tubing, inspection and maintenance, gas analysis, shipbuilding, firefighting, etc. are a few of the key uses.
The need for industrial gases like oxygen, hydrogen, nitrogen, carbon dioxide, etc. would rise as the oil and gas sector expanded and grew. This element fuels the demand for industrial gases globally even more.
The market for industrial gases is also growing quickly because of the urbanization-related manufacturing sectors in developing nations.
Strict rules and regulations controlling the production, storage, and transportation of gases are anticipated to impede market growth during the projection period. EU Regulation 231/2012 defined the hydrocarbon content for the storage and transport of industrial gases. The transportation of these gases was governed by the European Agreement upon that Carriage of Dangerous Goods by Road, or ADR 13 regulation. Industrial gas prices increased in Q4 2021 and Q1 2021 as a result of protracted environmental inspections, which led to the closure of manufacturing facilities.
Additionally, transportation costs from China increased significantly as markets stabilised following COVID-19. Some businesses have voluntarily cut back on production to avoid paying penalties for not meeting pollution standards. As a result, during the course of the projection period, the market's expansion is projected to be significantly hampered by the growing worldwide price of industrial gases. As a result, during the course of the projection period, the market's expansion is projected to be significantly hampered by the growing worldwide price of industrial gases.
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