Industrial Gases Market Size Worth $147.1 Billion By 2028 | CAGR 6.0%


Posted May 17, 2022 by Market123

The global industrial gases market size is expected to reach USD 147.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028.
 
Industrial Gases Industry Overview

The global industrial gases market size was valued at USD 92.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028.
The growth of the market is primarily attributed to the growing manufacturing industry in the developing economies of Asia Pacific. Moreover, increasing 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 coming years. Electronic applications of industrial gas are witnessing strong growth on account of the high demand for flat panel displays, semiconductors, and printed electronics.

Industrial gases such as nitrogen trifluoride (NF3), sulfur hexafluoride (SF6), silane (SiH4) are used in the electronics industry to manufacture and develop flat panel display products, compound semiconductors, and advanced components, such as silicon wafers and integrated circuits. These growing applications make industrial gases necessary for innovation and new product design in the electronics industry.
Gather more insights about the market drivers, restrains and growth of the Global Industrial Gases market
The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thus attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Industrial production has been growing globally and is expected to grow further. There is an ever-growing demand in the aerospace and metal and mining industries, wherein various industrial gases are used on large scale. In addition, significant growth of the food and beverage and pharmaceutical industries in North America, Europe, and Asia Pacific is generating abundant opportunities for market growth.
Furthermore, demand for industrial-grade carbon dioxide has been on a lower side owing to the closing of industrial activities in states badly affected by COVID-19. However, demand for carbon dioxide has been on a higher side from medical and fire-fighting applications. The requirement of a large number of COVID care centers across the country, along with a few medical applications of carbon dioxide, resulted in higher demand for medical-grade carbon dioxide in recent times.

Browse through Grand View Research's Petrochemicals Industry Research Reports.
• Liquid Nitrogen Market - The global liquid nitrogen market size was estimated at 7.87 million tons in 2016 and is expected to grow at a CAGR of 4.4% over the forecast period. Globally, increasing demand for LN2 in industrial gas and electronic products market is projected to be a key factor driving the market growth.
• Specialty Gas Market - The global specialty gas market size was valued at USD 9.64 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. Increasing applicability rates majorly in manufacturing, electronics, and healthcare applications are anticipated to drive the growth.
• Fire Fighting Chemicals Market- The global fire fighting chemicals market size was worth USD 2.10 billion in 2016. Growing safety concerns and favorable safety regulations are anticipated to positively drive the market over the forecast period. Governmental bodies across the globe have laid down stringent safety regulations which are to be followed by residential & commercial buildings. These regulations have been stated in order to ensure the protection of life & property in case of an occurrence of fire.
Industrial Gases Market Segmentation

Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:
• Industrial Gas Product Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
o Oxygen
o Nitrogen
o Hydrogen
o Carbon Dioxide
o Acetylene
o Argon
o Others
• Industrial Gas Application Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
o Healthcare
o Manufacturing
o Metallurgy & Glass
o Food & Beverages
o Retail
o Chemistry & Energy
o Others
• Industrial Gas Distribution Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
o On-site
o Bulk (Liquid Gas Transport)
o Cylinder (Merchant)
• Industrial Gas Regional Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
o North America
o Europe
o Asia Pacific
o Central & South America (CSA)
o Middle East & Africa

Market Share Insights
• June 2021: Air Products Canada Ltd., the Government of Canada, and the Province of Alberta announced a multi-billion dollar project to build a net-zero hydrogen energy complex that maps out a plan for Air Products to operate Canada’s green hydrogen network.
• January 2021: Air Liquide announced a 40% stake acquisition in the French company H2V Normandy, which aims to build a large-scale electrolyzer complex to produce green hydrogen in France.
Key Companies profiled:

Some prominent players in the global industrial gases market include
• Air Liquide
• Air Products & Chemicals
• Messer Group
• Taiyo Nippon Sanso
• The Linde Group
Order a free sample PDF of the Industrial Gases Market Intelligence Study, published by Grand View Research.

About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Issued By Grand View Research
Country India
Categories Manufacturing , Marketing
Last Updated May 17, 2022