Industrial Gases are the gases produced by different oil companies and chemical manufacturer’s to be used for industrial applications. Global Industrial Gases Market is estimated to generate a revenue of $85.31 million in 2017 and is projected to reach $106.23 million by 2023 at a CAGR of 4.5% during the forecast cast period. U.S countries shows moderate growth rate and APAC countries are becoming largest markets for Industrial gases. Especially china dominates by producing innovative, exporting wide varieties of Industrial Gases. Growing population and industrialization in china is major driver in Industrial gases Market. The application industries like Food, medical and Pharmaceuticals sectors has fastest growth rate during forecast period. Also nitrogen posses cooling properties and has largest share in industrial application.
Industrial Gases Market Outlook:
The industrial Gases composed of naturally, synthetically manufactured gases for use in application industries. The type of gases used are Argon, Hydrogen, Oxygen, Nitrogen, Carbon Dioxide, Helium, specialty gases, cutting and welding gases, gas mixtures and so on. The application industries include oil and Gas companies, chemical and Petrochemicals industries, Electronics, Food and beverages, Automotive, Transportation, lasers, aerospace, water treatment and so on. In MAP (modified atmosphere packaging), oxygen is replaced by nitrogen which increases the shelf life of food or drug products. Also Carbon dioxide is witnessing high growth in natural refrigerants during the forecast period. Hydrogen gas is considered as potential replacement to fossil fuel in automotive sectors. The market revenue of nitrogen is $23.8 billion in 2017 and is expected to generate $30 billion by 2023. The market revenue of Hydrogen is $9.8 billion in 2017 and is expected to reach $12.7 billion by 2023. Not only gases, the companies are producing gas handling equipment for safe use of Industrial gases at required places.
Industrial Gases Market Growth Drivers:
With the rise in industrial activities, the manufacturing units are increasing to produce different types of industrial gases to various application industries. This drives the market of Industrial gases in developing and developed countries. Fast growing Infrastructure and Construction activities in developing countries drives the market of Industrial gases like cutting and welding gases in metal working and welding applications.
Industrial Gases Market challenges:
Also emission of Industrial gases into atmosphere creates global warming and Ozone depletion. So preventing and implementing natural based industrial gases, need of skill labor while working with flammable gases became challenge to the manufacturers and regulating bodies. Owing to climatic factors, health care needs, demand of energy, growing infrastructure projects has created awareness to produce sustainable Industrial Gases.
Industrial Gases Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Industrial Gases. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Industrial Gases Market, and their specific applications in different types of vehicles.
Industrial Gases Market Report: Industry Coverage:
Types of Industrial Gases: Oxygen, Nitrogen, Hydrogen, Helium, Argon, Carbon Dioxide, acetylene, Specialty gases, Gas Mixtures, Others.
Storage of Industrial Gases: Compressed, Liquid, Solid.
Mode of supply of Industrial Gases: Packaging, Bulk.
Packaging of Industrial Gases: Cylinders, Bottles, Cartridges, canisters.
End Use applications of Industrial Gases: Chemicals and Petrochemicals, Power, Electronics, Food and beverages, Oil and Gas, Metallurgy and Metal working, Automotive, Aerospace and Aircraft, Transportation, Others.
Industrial Gases Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Industrial Gases Market Key Players:
The key players referred in this market are Air products and Chemicals, Air Liquide, Praxair, AGA AB, BASF, BOC, Messer Group, Air Gas and 10 more companies.
Industrial Gases Market Trends and Market Research:
- In 2018, Air products and Chemicals Company headquartered at Allentown, U.S. has acquired General Electrical Company Gasification business to expand their ‘syngas’ product across globe.
- Praxair Company headquartered at Danbury U.S. merged with ‘Linde’ which is leading industrial gas and engineering company to increase its global presence in industrial gases market. The combination of these companies are named as ‘New Linde’ Company which provides industrial gases to wide application industries.
- Air Liquid Company develop innovative bio methane industrial gas for vehicles. It is named as bio-NGV (natural Gas for vehicle) and gives sustainable transport. Bio-GNV is a clean and renewable energy that reduces CO2 emissions by 90% and noise by up to 50% compared to diesel.
Comments
Post a Comment