PUBLISHER: The Business Research Company | PRODUCT CODE: 1427860
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427860
Industrial gases encompass various gaseous substances utilized in a range of industrial applications. These gases are manufactured and supplied to industries in both liquefied and gaseous states.
The primary product types of industrial gases include oxygen, nitrogen, hydrogen, carbon dioxide, acetylene, and argon. Hydrogen, for example, is a highly flammable and odorless gas extensively used in industrial processes such as petroleum refining, ammonia production, and the manufacturing of methanol and other chemicals. These industrial gases find diverse applications, including packaging, coolant, carbonation, cryogenic processes, cutting and welding, laboratory use, and air separation, among others. The distribution channels for these gases include on-site production, bulk delivery, and cylinder supply. Various end-users, such as metallurgy, healthcare, chemicals, food and beverage, oil and gas, power generation, pulp and paper, electronics, and others, utilize industrial gases in their processes.
The industrial gases market research report is one of a series of new reports from The Business Research Company that provides industrial gases market statistics, including industrial gases industry global market size, regional shares, competitors with an industrial gases market share, detailed industrial gases market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial gases industry. This industrial gases market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial gases market size has grown strongly in recent years. It will grow from $97.81 billion in 2023 to $105.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period can be attributed to factors such as the introduction of energy storage solutions, the expansion of environmental regulations, advancements in glass manufacturing, adoption in food processing, and the initiatives of pioneering industrial gas companies.
The industrial gases market size is expected to see strong growth in the next few years. It will grow to $136.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to factors such as digitalization and Industry 4.0 initiatives, an increased focus on clean transportation, advancements in environmental regulations, expansion in oil refining and petrochemicals, and growth in metal fabrication. Major trends expected in the forecast period include the adoption of industrial gases in environmental testing, expansion in LNG (liquefied natural gas) production, integration in the aerospace and aviation sectors, a focus on carbon capture and storage, and increased demand from the electronics industry.
The industrial gases market is poised for growth due to the increasing utilization of industrial gases in the oil and gas industry. The global oil and gas sector, engaged in activities ranging from exploration and extraction to refining and distribution of petroleum products, is incorporating industrial gases for various purposes. These applications include boosting production, employing gas lift techniques to enhance oil extraction, and utilizing gas purging and blanketing processes for safety in refining. Additionally, industrial gases play a vital role in inerting to prevent explosions, gas detection for ensuring a safe working environment, cryogenic applications in the storage and transportation of natural gas, and welding and cutting processes. Notably, the International Energy Agency reported a substantial jump in the profits of the global oil and gas industry to $4 trillion in 2022 from an average of $1.5 trillion. This increasing application of industrial gases in the oil and gas industry is a key driver of the industrial gases market's growth.
The expansion of international trade is anticipated to further propel the industrial gases market. As industrial gases are globally traded to support various industries and enhance the productivity and quality of goods and services, the growth of international trade becomes a significant factor. According to the United Nations Conference on Trade and Development, the total value of global trade reached $28.5 trillion in 2021, marking a substantial 25% growth from 2020 and a noteworthy 13% surge compared to pre-COVID-19 levels. Hence, the growth of international trade is a driving force behind the industrial gases market.
Major companies are concentrating on innovation to gain a competitive edge. One such innovation includes the development of static mixers for sustainable hydrogen and natural gas mixing. Tormene Group, an Italy-based provider of engineering services, launched the GreenBoost, a patented static mixer designed for efficient blending of hydrogen and natural gas, addressing the critical issue of reducing greenhouse gas emissions. This mixer ensures a uniform gas mixture while minimizing hydrogen overpressure, enabling the direct consumption of hydrogen generated by electrolyzers.
Major companies are investing in advanced devices such as industrial gas detectors to enhance workplace safety and profitability. CO2Meter, a US-based company specializing in scientific devices, introduced the CM-900 industrial gas detector designed to measure oxygen or carbon dioxide (CO2) for personnel safety in proximity to hazardous gases. The CM-900 features an environmentally adaptive industrial enclosure suitable for harsh environments, including wash-down conditions, and includes audible and visual alarms to alert of unsafe conditions.
In September 2022, Abdullah Hashim Industrial Gases & Equipment Co. Ltd. (AHG), based in Saudi Arabia, acquired Air Liquide Al Khafrah Industrial Gases (ALKIG) for an undisclosed amount. This acquisition strengthens AHG's capabilities in industrial gases, expanding regional reach and enhancing product sourcing and reliability to better serve customers. ALKIG, based in Saudi Arabia, is a manufacturer of industrial gases, encompassing liquid bulk, packaged gases, and specialty gases in the Kingdom of Saudi Arabia.
Major companies operating in the industrial gases market report are BASF SE, Linde PLC, Air Liquide S.A., Atlas Copco, The Southern Gas Ltd., Air Products and Chemicals Inc., Taiyo Nippon Sanso Corporation, Ingersoll Rand, Iwatani Corporation, National Gases Ltd., Matheson Tri-Gas Inc., Sicgil Industrial Gases, SOL S.p.A., Messer Group GmbH, Horiba Ltd., Praxair Technology Inc., Gulf Cryo LLC, Norco Inc., Greco Gas, Western International Gas & Cylinders Inc., Holston Gases Inc., Indiana Oxygen Company, Weldstar, Sutton-Garten Co., Butler Gas Products Company, Eureka Oxygen Co, American Gas Products
Asia-Pacific was the largest region in the industrial gases market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gases market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial gases market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial gases market consists of sales of compressed gases, liquified gases, refrigerant gases, specialty gases, and fuel gases. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Gases Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial gases market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial gases ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial gases market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.