The global industrial gases market size is expected to reach USD 173.43 billion by 2030, registering a CAGR of 7.42% during the forecast period, according to a new report by Grand View Research, Inc. Industrial gas is a significant segment of the economic progress of any region. The region-wise market for these gases is expected to grow at a rate that is double the GDP rate. With the erudition of the world economy, the utilization of nitrogen has increased faster than that of oxygen. Argon, however, has picked up the market pace and can be expected to supersede oxygen in terms of utilities. Despite this, some countries, such as India, are still operating in the oxygen era.
With sophistication in the industrial sector, growth during the forecast period is expected to emerge from argon and nitrogen. With the diminution of fossil fuel resources, hydrogen might gain importance as a source of energy. The implementation of oxygen for environmental protection and energy conservation and the use of nitrogen gas in the food and packaging industry remains an instantaneous opportunity in the market. Using hydrogen for the desulphurization process of sour crude is anticipated to fuel demand for industrial gases. Simultaneously, LNG, shale gas CNG and LCNG could hold prospects for growth in the industry. Thus, the industry is expected to grow substantially through the use of conventional and unconventional applications.
Another major factor fostering industry growth is the rising healthcare industry. Utilization of improved medical technologies and increasing government expenditure on the healthcare industry is accelerating the applicability rate of industrial gases in various medical devices, such as Magnetic Resonance Imaging (MRI), Nuclear Magnetic Resource Imaging (NMRI), and ophthalmology. There are reputable local and international players in the global market. Some of these players have a lengthy history on the market. Due to the intense competition, the majority of players are concentrating on how to set themselves apart from the competition. For product manufacturers, creating extremely effective sales channels is yet another crucial element.
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Industrial Gases Market Report Highlights
- Asia Pacific led the industry in 2022 owing to the growing electronics and healthcare industries in the region
- The nitrogen product segment is estimated to register the highest growth rate from 2023 to 2030
- This is owing to the increasing demand for nitrogen in the manufacturing of electronic products and devices
- Over the next few years, the industry growth is anticipated to be driven by the high dependency of the healthcare and electronics sectors on industrial gases for technology advancements
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We have segmented the global industrial gases market based on product, application, distribution, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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