Global Industrial Gases Market Set To Reach $137.9 Billion By 2028, Fueled By Advancements In Electronics And Healthcare Industries

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Gases Market by Type (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Inert Gases), End-use Industry (Chemicals, Electronics, Food & Beverages, Healthcare, Manufacturing, Metallurgy, and Refining), and Region - Forecast to 2028" report has been added to ResearchAndMarkets's offering.

The latest market research report unveils that the global industrial gases market is anticipated to expand from USD 105.6 billion in 2023 to USD 137.9 billion by 2028 , flourishing at a compound annual growth rate (CAGR) of 5.5%. This significant growth highlights the increasing application and dependency on industrial gases across a myriad of sectors, including electronics, healthcare, and food & beverages. Nitrogen and oxygen gases, known for their extensive use in various industry applications, are expected to maintain the largest market shares.

Nitrogen's role in enhancing manufacturing processes, coupled with its necessity in food preservation and semiconductor fabrication, has underscored its robust position in the market. Alongside, the healthcare sector's reliance on medical gases, particularly oxygen for respiratory treatments and surgical applications, has propelled demand.

The manufacturing industry , particularly the automotive sector, emerges as a major consumer of industrial gases. With increasing emphasis on high precision manufacturing and a swift transition towards sustainable energy sources like fuel cells, the automotive industry's contribution to the market is substantial.

North America's Thriving Industries to Bolster Demand for Industrial Gases

North America secures its stance as the second-largest market for industrial gases. The synergy of technological advancements and diversified industry requirements - ranging from chemicals to electronics and health services - has spurred market growth. The United States holds the largest market share within North America, attributing to its broad spectrum of industrial activities.

  • Key market growth influencers include the burgeoning electronics industry's need for high-purity gases, rising consumption of frozen foods, and the uptick in chronic disease prevalence necessitating medical gases.
  • Market challenges such as adherence to stringent regulatory standards and fluctuating raw material prices are poised to affect market dynamics.
  • Emerging economies are pinpointed as hotbeds for market expansion, primarily due to escalating industrial activities and infrastructure development.

The report presents detailed analysis and insights into the competitive landscape, highlighting how industry giants remain pivotal to innovation and market growth. The study also provides an in-depth look at various drivers, restraints, opportunities, and challenges shaping the industrial gases market.

Efforts to maintain a sustainable and safe production environment, particularly amidst transformations induced by technological advancements and sustainability trends, are deemed vital for industry stakeholders.

In sum, the industrial gases market stands at the cusp of significant transformation and growth. With its comprehensive coverage and strategic insights, the study serves as a key resource for anyone looking to understand the nuances of this dynamic market.

Key Attributes

Report Attribute Details
No. of Pages 207
Forecast Period 2023 - 2028
Estimated Market Value (USD) in 2023 $105.6 Billion
Forecasted Market Value (USD) by 2028 $137.9 Billion
Compound Annual Growth Rate 5.5%
Regions Covered Global

Companies Mentioned

  • Air Liquide
  • Linde PLC
  • Air Products and Chemicals, Inc.
  • Messer SE & Co. KGaA
  • Nippon Sanso Holdings Corporation
  • Asia Technical Gas Co Pte Ltd.
  • Bhuruka Gases Limited
  • Ellenbarrie Industrial Gases
  • Gruppo Siad
  • Iwatani Corporation
  • Air Water Inc.
  • Sol Group
  • Sapio Group
  • Southern Gas Limited
  • Alchemie Gases & Chemicals Pvt. Ltd.
  • Gulf Cryo
  • Goyal Mg Gases Pvt
  • Buzwair Industrial Gases Factories
  • Yingde Gases
  • Concorde-Corodex Group
  • Holston Gases
  • American Welding & Gas
  • Axcel Gases
  • Pt Samator Indo Gas Tbk
  • Inox-Air Products Inc.
  • Steelman Gases Pvt. Ltd.

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