(MENAFN- EIN Presswire) Industrial Gases Market Growth
Industrial Gases Market Expected to Reach $162.8 Billion by 2031-Allied Market Research
PORTLAND, OREGON, UNITED STATES, March 31, 2023 /einpresswire.com / -- Industrial gases mainly consist of carbon dioxide, hydrogen, nitrogen, oxygen, and noble gases (helium, neon, argon, krypton, xenon, and radon). The atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the temperature of the air until the respective components get liquefied and separated. New developments are taking place in healthcare with increasing emphasis on a healthier and generally better quality of life. In addition to oxygen, nitrous oxide, nitric oxides, and other industrial gases like hydrogen, helium, and xenon are all being prepared for use in pharmaceutical-based products. Treatments and drug developments using induced pluripotent stem cells (IPS) are bringing a new added value to the industry through the application of systems, using gases such as carbon dioxide and liquid nitrogen, which are indispensable for the cultivation and preservation of cells and tissues driving demand for high-grade industrial gases. The industrial gases market size was valued at $93.8 billion in 2021, and the industrial gases industry is estimated to reach $162.8 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
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The coronavirus pandemic has weakened all the businesses in the industrial gases market; manufacturers are creating potential opportunities, owing to increasing applications of industrial gases in various end-use industries across the globe. Increasing demand for oxygen, nitrogen, carbon dioxide, hydrogen, and argon in different end-use industries, such as consumer electronics, semiconductors, food & beverages, healthcare, mining, and others is generating revenue streams for manufacturers in the industrial gases market. Countries such as India and China are expected to witness rapid growth due to industrialization and urbanization.
The increase in demand for power and increasing consumption of energy in the past decade have led to the development of new technologies, such as nuclear fusion, hydrogen fuel cells, and green ammonia, which have a positive impact on the demand for industrial gases.
The rapid development towards highly stable and small-scale nuclear fission reactors is expected to drive the demand for noble gases, which are used in nuclear reactors. The huge investment of major countries across the globe and the vision to ignite nuclear fusion technology by 2050 and the application of noble gas as a fuel and as a raw material to manufacture laser ignition systems drive the growth of the market.
Furthermore, an increase in the investment of developing and developed countries in hydrogen fuel cell technologies, and engines to harvest energy are expected to have a positive impact on the market. An increase in demand for power in the future and rapid innovation and breakthroughs in the core technologies for nuclear fusion reactors will provide lucrative opportunities for the industrial gases market growth.
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The industrial gases market forecast is segmented on the basis of type, end-use, and region. On the basis of type, the market is segmented into oxygen, carbon dioxide, nitrogen, hydrogen, noble gas, and others. In addition, on the basis of end users, the industrial gases market is segmented into healthcare, electronics, aerospace, construction, energy & power, and others.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest industrial gases market share, followed by North America and Europe.
The major companies profiled in this report include Southern Gas Ltd., Universal Industrial Gases, Inc., Gulf Cryo, International Industrial Gases Limited, and Goyal MG gases pvt. ltd., Ellenbarrie industrial Gases, Praxair Technology, Inc., Linde plc, MVS Engineering Pvt. Ltd., National Gases Ltd., Air Liquide S.A., Air Products & Chemicals, Messer Group, Taiyo Nippon Sanso, and BASF. The growth strategies such as acquisition, partnership, product launch, and business expansion are adopted to attain key developments in the industrial gases market trends.
Key findings of the study
- Asia-Pacific held a dominant position in 2021 and is expected to maintain its lead during the forecast period.
- As per the industrial gases market analysis, South Korea is expected to exhibit a CAGR of 6.5% during 2022-2031.
- Japan is expected to exhibit a CAGR of 5.3% during 2022-2031.
- By type, the oxygen segment accounted for a market share of 35.2% in 2021.
- By end use, the construction segment is expected to contribute a market share of 27.7% by 2031.
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COVID-19 Analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, businesses, financial institutions, industrial establishments, and infrastructure companies. The novel coronavirus has affected several economies and caused lockdowns in many countries, which has limited the growth of the market. The shutdown of industrial manufacturers led to a decline in demand for industrial gases in most countries globally, which led to a decline in the demand for the industrial gases market. The decrease in the utilization of industrial gases in industrial facilities across the globe during the outbreak has had a negative impact on the development of the market.
Post-COVID-19 outbreak, the gradual recovery of the production of various industries due to vaccination policies across the globe has led to increasing in the demand for industrial gases. Furthermore, the increase in the demand for oil & gas industry products has led to increasing in the demand for hydrogen gas which is used in refineries. Furthermore, the increase in space-based activities and privatization of space exploration in major developed and developing countries have led to an increase in the demand for industrial gases which are used in the aerospace sector.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality“market research reports” and“Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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Industrial Gases Market to Receive Overwhelming Hike in Revenues By 2031 | AMR Study News Provided By allied analytics llp March 31, 2023, 10:34 GMT Share This Article Distribution channels: energy industry , environment
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