The global Industrial Gases market size is expected to be worth around US$ 247.1 billion by 2030, according to a new report by Vision Research Reports.
The global Industrial Gases market size was valued at US$ 92.0 billion in 2020 and is anticipated to grow at a CAGR of 6.06% during forecast period 2021 to 2030.
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Growth Factors
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.
The healthcare industry consumes substantial amounts of industrial gases in analytical and imaging equipment, diagnostics, home and institutional respiratory therapies, instrument and equipment sterilization, dental and general surgical anesthesia, imaging contrasts, and many other applications. Continuing research in new applications improves the growth in demand for industrial gas by the healthcare sector.
Industrial gases are used for a wide range of applications in the food and beverage industry. In the food industry, industrial gases are employed for numerous applications, including modified atmospheric packaging (MAP), chilling and freezing, and controlling the temperature of products during transportation and storage. It is majorly used to maintain the quality and increase the shelf life of food products.
Report Highlights
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. The gas can also replace in the pulp and paper industry in order to reduce pollution. Oxygen also finds large applications in the medical industry. Thus, the large-scale application of oxygen in various industries is expected to propel the demand for industrial oxygen in the coming years.
Nitrogen gas held the second-largest revenue share in 2020 and is projected to expand at the highest growth rate from 2021 to 2028. Nitrogen gas is used on a large scale in the healthcare sector due to the growing medical and pharmaceutical industry in Asia Pacific and North America. This is expected to propel the growth of the segment in the coming years.
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. Further, fluctuation in crude oil prices and an increase in the number of matured wells around the world will result in a significant increase in the usage of enhanced oil recovery to increase the efficiency of oil production from the oil wells.
The cylinder (merchant) segment held the largest revenue share of 36.9% in 2020. The segment includes the gases being distributed in the form of packaged cylinders (high-pressure gas or low-pressure liquid). This form of distribution is however only conducive for customers with a small requirement of industrial gasses. For cylinder distribution, gases such as nitrogen, oxygen, argon, helium, and hydrogen can be conveniently compressed into a cylinder at pressures of up to 300 bars. Many gases are also supplied at room temperature in the liquid state.
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. This mode of distribution is used for supplying large quantities of gases at varying pressures and states. On-site generation abolishes several problems linked to the conveyance and distribution of hydrogen, and therefore the market is expected to grow substantially. On-site hydrogen generation in small-scale industries has gained more popularity owing to new technologies being offered at affordable costs in comparison to delivered distributed channels.
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 demand for industrial gases, such as nitrogen, oxygen, carbon dioxide, and hydrogen, in the manufacturing industry, is projected to witness substantial growth in the developing economies owing to the growing manufacturing industry in India, China, Brazil, and South Korea. The growing demand for advanced industrial gases in the electronic industry is expected to further propel the growth of this segment.
The healthcare application segment is expected to witness the fastest growth over the forecast period. In addition, the ongoing COVID-19 pandemic has further driven the demand for medical-grade industrial gases, especially oxygen. An increase in global healthcare spending is creating a strong growth potential for this market.
Industrial gases are used for a wide range of applications in the food and beverage industry. In the food industry, industrial gases are employed for numerous applications, including modified atmospheric packaging (MAP), chilling and freezing, and controlling the temperature of products during transportation and storage. It is majorly used to maintain the quality and increase the shelf life of food products. In addition, it is used as an indicator in the detection of food quality during processing and storage. Carbon dioxide is used in the beverage industry in the production of carbonated beverages. Food-grade liquid carbon dioxide is a key ingredient in carbonated drinks, which helps prevent mold growth and inhibits the growth of bacteria depending upon the concentration of carbonation.
Asia Pacific accounted for the largest revenue share of 36.1% in 2020 and is projected to expand at the highest CAGR during the forecast period. The increasing demand for industrial gases in the Asia Pacific can be attributed to the growth and expansion of the end-use industries in China, India, South Korea, and Japan. These countries are the key markets for industrial gases both globally and in Asia Pacific.
China emerged as the largest country-level market in 2020. Asia Pacific observed the maximum demand for industrial gases owing to the upsurge in demand in the aerospace industry for high-quality gas solutions. Additionally, significant growth of the food and beverage and pharmaceutical industries in the emergent economies, such as India and China, is expected to generate abundant opportunities for market growth during the forecast period.
Key Players
Market Segmentation
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