Global Industrial Gases Market to Reach $161.8 Billion by 2030
: Growing Need for Surgical and Respiratory Applications Fuels the Sector – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Industrial Gases Market Size, Share, and Growth Analysis by Product Type, Distribution Channel, End-user, and Region – Industry Forecast 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The Global Industrial Gases Market size was valued at USD 94.52 billion in 2021 and is poised to grow from USD 100.32 billion in 2022 to USD 161.8 billion by 2030, growing at a CAGR of 6.16% in the forecast period (2023-2030).
The global industrial gases market is expected to experience significant growth in the coming years due to increasing demand from various end-use industries, such as healthcare, food and beverage, and metallurgy. Industrial gases such as oxygen, nitrogen, and hydrogen are used for a variety of purposes such as cooling, heating, and welding. Factors such as urbanization and technological advancements are expected to drive the market growth. However, the high cost of production and transportation may hinder market growth.
Segments covered in this report
Global Industrial Gases Market is segmented based on the Product Type, Distribution Channel, End User, and region. Based on the Type, the Global Industrial Gases Market is segmented as Oxygen, Nitrogen, and Carbon Dioxide. Based on the Distribution Channel, the Global Industrial Gases Market is segmented as Cylinder and On-site.
Based on End User, the Global Industrial Gases Market is segmented as Energy, Residential and Commercial, Transport, and Industry. Based on Region Industrial Gases Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The increase in demand for various industrial gases is mainly driven by the growing need for surgical and respiratory applications. Additionally, the healthcare industry has undergone significant expansion due to the COVID-19 pandemic, resulting in a surge in product demand.
The industrial gases market is predicted to experience favorable growth in the coming years, driven by the rising importance of patient recovery and infrastructure development. Moreover, the implementation of advanced technological methods in healthcare applications, including the use of nitrogen to preserve vital tissues and blood, is expected to contribute to the global industrial gases market’s growth in the near future.
Restrain
The release of industrial gases into the atmosphere is a significant contributor to both global warming and air pollution. This has posed a challenge for manufacturers and regulatory bodies in their efforts to incorporate natural-based industrial gases and manage flammable gases, while also meeting the demand for skilled personnel.
There is a growing awareness of the need for sustainable industrial gases due to factors such as climate change, healthcare requirements, rising energy consumption, and expanding infrastructure projects.
Trend
In the medical industry, a significant amount of oxygen is often required to minimize the chances of excessive oxygen in the body tissues or lungs during surgeries and to facilitate artificial breathing. To evaluate an individual’s response to a simulated aircraft cabin environment before flight, nitrogen is employed in lung diagnosis. Furthermore, carbon dioxide can be utilized in conjunction with oxygen for respiratory stimulation during insufflation.
Companies Mentioned
- Linde plc
- Air Liquide
- Air Products and Chemicals, Inc.
- Praxair, Inc.
- Taiyo Nippon Sanso Corporation
- Messer Group GmbH
- Yingde Gases Group Co., Ltd.
- Gulf Cryo
- Universal Industrial Gases, Inc.
- Coregas Pty Ltd
- Matheson Tri-Gas, Inc.
- SOL Group
- The BOC Group Limited
- Nippon Gases
- Air Water Inc.
- TAIYO TOYO SANSO Corporation
- Asia Technical Gas Co. (Pte) Ltd
- Iceblick Ltd
- Airgas, Inc.
- Iwatani Corporation
For more information about this report visit https://www.researchandmarkets.com/r/2jp2wb
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