The market is expected to generate an incremental $ opportunity of US$ 66,843.2 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00247 Format: PDF Pages: 300
Industrial Gases Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Industrial Gases Market was worth US$ 84,521.0 Mn and is expected to grow at a CAGR of 6.0% over the forecast period. The market is expected to hit US$ 1,51,364.2 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 6.4%, the market underwent significant growth.
The industrial gas market is large and dynamic. The growing industrialization and urbanization, coupled with the increasing application of industrial gases in various industries, such as healthcare, metals and mining, and food and beverages, are expected to influence the market growth in the coming years.
EXTENSIVE UTILIZATION IN THE HEALTHCARE SECTOR DRIVES THE MARKET GROWTH
The Healthcare industry has been experiencing swift growth over the years. This is due to the growing demand for various services and products provided by the healthcare industry. The healthcare industry creates a high requirement for industrial gases, which can be used in multiple applications, including cryogenic and surgical applications. The industry’s rapid growth is estimated to create high demand for industrial gases during the forecast period.
CLIMATE CHANGE & HIGHLY SKILLED MANPOWER MAY AFFECT THE MARKET GROWTH
Manufacturers and regulatory agencies have challenges in avoiding and embracing natural-based industrial gases and requiring highly skilled trained staff when handling flammable gases. Rising healthcare costs, Climate change, rising energy costs, and growing infrastructure projects have heightened awareness of the need for sustainable industrial gases.
The growing demand for sustainable industrial gases has led to the development of highly efficient, renewable, and cost-effective solutions. As such, natural-based industrial gases offer an eco-friendly alternative that helps reduce emissions and lower operating costs.
HIGH DEMAND FROM THE HEALTHCARE INDUSTRY MAY CREATE AN OPPORTUNITY
Growth in the global hospital market has moderated in recent years due to rising healthcare prices, a lack of government funding, and increasing demand from emerging markets. The need for medical gases such as Oxygen and nitrous oxide is expected to grow significantly due to their non-toxic features compared to other substances used in medical treatments. However, this is likely to change in the next decade with growing awareness about the importance of healthcare on an individual’s overall well-being.
Consumers are looking for new Oxygen products to meet the needs of COVID-19 and other healthcare applications. Due to the closure of industrial activity in areas severely impacted by COVID-19, demand for industrial-grade carbon dioxide has declined. However, the requirement for greenhouse gases has been higher than usual due to medicinal reasons. The need for a substantial number of COVID care facilities around the globe and a few therapeutic applications of carbon dioxide has led to a recent increase in demand for medical-grade carbon dioxide.
Market Segments Covered in Report
By Distribution Channel:
By Region and Country:
Why is Oxygen projected to have the highest demand?
The global oxygen segment dominated the industrial gases market, including Oxygen, argon, and nitrogen. Oxygen is an extremely reactive oxidizing agent and non-metal because it easily forms oxides with many compounds and other elements. It constitutes 21% of the earth’s atmosphere. The growth of industries such as automobiles, beverages, agriculture, chemicals, and construction equipment.
The demand for oxygen production is increasing worldwide. The increase in the need for Oxygen has raised its prices considerably. To meet the growing demand, new technologies and processes have been developed which provide more flexibility in the utilization of Oxygen with higher purity.
Why is the Healthcare segment expected to be the most utilized application segment of industrial gases?
Recently, the use of gases in the healthcare industry has been increasing gradually. Due to this, there has been a considerable growth in the demand for industrial gases in sectors dealing with gas-assist equipment suppliers. Additionally, it offers various kinds of equipment and controls that make up the complicated types of manufacturing, bypassing the basic rules used elsewhere.
Gas-assist equipment suppliers in the medical industry offer a variety of equipment and controls, yet the fundamental procedure is comparative in all variations. Changes in pressure and stream control mostly empower organized control of process variables.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Manufacturers are focusing on developing regions to meet the expanding demand from the application categories. Significant businesses also boost their manufacturing capabilities, new product introductions, R & D, and mergers and acquisitions.
Some of the key developments that have taken place in the Industrial Gases Market include:
A list of some of the key suppliers present in the market are:
Global Industrial Gases Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, Distribution Channel, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|