Industrial Gases Market to Hit USD 149.33 Billion by 2027; Stoked by Increasing Demand from Healthcare Sector Globally, says Fortune Business Insights™

Pune, India, April 26, 2021 (GLOBE NEWSWIRE) — The global industrial gases market size is expected to experience significant growth by reaching USD 149.33 billion by 2027 while exhibiting a CAGR of 6.0% between 2020 and 2027. This information is published by Fortune Business Insights in its report, titled “Industrial Gases Market, 2020-2027.” The report further mentions that the market stood at USD 95.71 billion in 2020. Factors such as the increasing investment in the processing and manufacturing industries, coupled with the growing demand from the healthcare sector, will propel the adoption of the product globally. According to the World Investment Report 2018, Asia Pacific secured an investment of over USD 476 billion from foreign direct investment in 2017.

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High Demand for Oxygen amid COVID-19 to Aid Market Growth

In November 2020, the Municipal Corporation of Greater Mumbai (MCGM) announced that it has kept around 70,000 oxygen beds ready in case there is a resurgence in the cases of the coronavirus pandemic. The second wave of the COVID-19 pandemic has hit hard in the first quarter and second quarter of 2021. This has led to the spike in demand for oxygen and the healthcare sector has been working overtime to ensure reduced mortality and further address the ailing patients worldwide. According to the data by the National Clinical Registry of India, there has been a 13% increase in the demand for supplemental oxygen. This is expected to favor the growth of the market in the forthcoming years.

Market Segmentation:

Oxygen Segment to Dominate with 29.9% Market Share; Utilization in Wide Application to Spur Demand

Based on the gas type, the market is classified into oxygen, nitrogen, carbon dioxide, hydrogen, argon, and others.

• On the basis of gas type, the oxygen segment is expected to hold the largest global industrial gases market share during the forecast period. This is owing to the increasing adoption of oxygen in wide industrial applications such as gas welding, flame cleaning, scarfing, flame hardening, oxygen scarfing. The segment held a market share of about 28.9% in 2019.

On the basis of application, the market is divided into packaging, coolant, carbonation, cryogenic, cutting & welding, laboratory, air separation, and others.  Moreover, based on the end-user, the market is segmented into metallurgy, healthcare, chemical, food & beverage, oil & gas, power, pulp and paper, electronics, water treatment, mining, and others. Lastly, on the basis of region, the market is segregated into North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America.

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What does the Report Include?

The market for report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

DRIVING FACTORS

Increasing Demand from Healthcare Industry to Promote Growth

The increasing demand for several surgical and respiratory applications is driving the demand for several industry-grade gases. The significant growth of the healthcare industry that has witnessed a significant uptick due to the COVID-19 pandemic is further leading to elevated product demand. With growing emphasis on the betterment of patients and improving healthcare infrastructure, the market is expected to witness positive growth in the forthcoming years. Moreover, the adoption of technologically advanced methods involved in healthcare applications such as the use of nitrogen to preserve vital tissue and blood is anticipated to contribute to the global industrial gases market growth during the foreseeable future.

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REGIONAL INSIGHTS

Asia-Pacific – The region stood at USD 31.05 billion in 2019 and is expected to dominate the market during the forecast period. This is attributable to the rapid-paced urbanization and industrialization in countries such as India and China that will propel the demand for industrial gases. Moreover, the increasing investment in sustainable energy development is driving the demand for oxygen and hydrogen in the region.

North America – The region is expected to hold the second position in the market owing to the wide application of industrial gases in the chemical, healthcare, and oil & gas industry between 2020 and 2027. 

COMPETITIVE LANDSCAPE

Contract Signing by Eminent Companies to Intensify Industry Competition

The market is fragmented by the presence of major companies that are striving to maintain their stronghold by signing lucrative contracts with government agencies and other companies. For instance, in June 2019, HyGear announced the signing of a long-term contract with a glass producer located in Belgium to supply hydrogen gas. Other key players present in the market are focusing on adopting proactive strategies such as partnerships and collaborations that will boost the growth of the market in the forthcoming years.

Industry Development:

• October 2019 – Air Products secured a contract from NASA to supply helium for its space projects. The validity of the contract is over 2 years and is worth USD 168 million. Moreover, there is a one-year option to extend the deal up to 2024.

List of the Companies Operating in the Global Market:

• Air Liquide
• Air Products
• Linde
• Matheson Tri-Gas
• Messer Group
• Gulf Cryo
• BASF
• Southern Company Gas
• Universal Industrial Gases
• Ellenbarrie Industrial Gases Ltd
• Bhuruka gases ltd
• Concorde-Corodex Group
• Dubai Industrial Gases
• Bristol Gases
• Mohsin Haider Darwish LLC

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Table of Content

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Latest Technological Advancement
  • Regulatory Landscape
  • Industry SWOT Analysis
  • Porters Five Forces Analysis
• Qualitative Analysis – Impact of COVID-19
  • Impact of COVID-19 on the Industrial Gases Market
  • Steps Taken by the Government to Overcome the Impact
  • Key Developments in the Industry in Response to COVID-19
  • Potential Opportunities and Challenges due to COVID-19 Outbreak
• Global Industrial Gases Market Analysis (USD Billion), Insights and Forecast, 2016-2027
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Gas Type
    • Oxygen
    • Nitrogen
    • Carbon Dioxide
    • Hydrogen
    • Argon
    • Others
  • Market Analysis, Insights and Forecast – By Application
    • Packaging
    • Coolant
    • Carbonation
    • Cryogenic
    • Air Separation
    • Cutting & Welding
    • Laboratory
    • Others
  • Market Analysis, Insights and Forecast – By End-User
    • Metallurgy
    • Healthcare
    • Chemical
    • Food & Beverage
    • Oil & Gas
    • Power
    • Pulp and Paper
    • Electronics
    • Water Treatment
    • Mining
    • Others
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
• North America Industrial Gases Market Analysis (USD Billion), Insights and Forecast, 2016-2027
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Gas Type
    • Oxygen
    • Nitrogen
    • Carbon Dioxide
    • Hydrogen
    • Argon
    • Others
  • Market Analysis, Insights and Forecast – By Application
    • Packaging
    • Coolant
    • Carbonation
    • Cryogenic
    • Air Separation
    • Cutting & Welding
    • Laboratory
    • Others
  • Market Analysis, Insights and Forecast – By End-User
    • Metallurgy
    • Healthcare
    • Chemical
    • Food & Beverage
    • Oil & Gas
    • Power
    • Pulp and Paper
    • Electronics
    • Water Treatment
    • Mining
    • Others
  • Market Analysis, Insights and Forecast – By Country
    • U.S.
    • Canada

TOC Continued..

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