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The latest research study, “Industrial Gases Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” has been added by IMARC Group. The global industrial gases market size reached US$ 93.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 129.1 Billion by 2027, exhibiting a CAGR of 5.4% during 2022-2027.
Industrial gases are produced in large amounts for usage in several industrial processes. They are commonly known as medical, fuel, refrigerant, or specialty gases, depending on their utilization in various sectors. Industrial gases consist of versatile carbohydrates with taste and texture similar to table sugar and with low calories. They are also used in the food and beverage (F&B) sector as a sugar replacement in products, such as ice creams, candies, fruit spreads, yogurts, chewing gums, etc. Industrial gases, including oxygen and helium, provide modern anesthetic techniques and a base for life support for artificially ventilated patients. As a result, they find extensive usage across several sectors, such as manufacturing, healthcare, metallurgy, chemical, energy, etc.
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The escalating product demand in the chemical industry to produce flexible and rigid polyurethane coatings, foams, elastomers, sealants, adhesives, etc., is primarily driving the industrial gases market. Besides this, the elevating utilization of these gases in the oil and gas sector for controlling various refinery processes is further augmenting the market growth. Apart from this, the growing popularity of gas-based foams in the automotive industry for producing seating, ventilator headliners, headrest, armrest, etc., is also catalyzing the global market. Moreover, the rising requirement for these gases, including oxygen and hydrogen, in propellants to launch rockets that carry communications, broadcasts, and meteorological satellites is acting as another significant growth-inducing factor. Furthermore, the inflating need for protective components, exterior panels, building materials, housing electronics, etc., is expected to bolster the industrial gases market in the coming years.
The competitive landscape of the market has also been analyzed and the detailed profiles of the key player operating. Some of the leading companies include Air Liquide S.A., Linde Group, Praxair, Inc., Air Products and Chemicals, Inc., and AirGas, Inc.
Explore industrial gases market report with table of contents: https://www.imarcgroup.com/industrial-gases-market
Insights on Industrial Gases Market :
On the basis of the type, the market has been divided into nitrogen, oxygen, carbon dioxide, argon and hydrogen. Amongst these, nitrogen holds the dominant market share.
Based on the application, the market has been categorized into manufacturing, metallurgy, energy, chemicals, healthcare and others. Currently, manufacturing is the largest application segment.
On the basis of the supply mode, packaged supply holds the dominant market share. Other major segments include bulk and on-site.
On the geographical front, the market has been segregated into Asia Pacific, Middle East and Africa, Europe, North America, and Latin America. Currently, Asia Pacific is the leading market.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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