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Industrial Gases Market- New Technological Development Projecting M****ive Growth till 2033

During the forecast period, industrial gases adoption is expected to grow at a CAGR of 16.1%. The industrial gases market is expected to grow from US$ 116.47 billion in 2023 to US$ 518.2 billion by 2033. The market’s growth is mostly the result of the rise of the manufacturing sector in growing economies.

Furthermore, it is projected that the usage of industrial gases would expand in a number of industries, including healthcare, metal and mining, and the production of beverages and food, along with rising industrialization and urbanization.

Additionally, a number of global non-profit organizations, including the European Industrial Gases Association, offer manufacturers professional guidance on the creation, transportation, storage, and use of industrial gases.

The central and state governments have implemented a number of steps to enhance industrial penetration in their various regions, including tax relief, flexible rules, access to resources, and affordable land. Through 2023-2033, the demand for industrial gases is anticipated to be driven by ongoing investments in significant infrastructure projects and rampant investments in core industrial sectors.

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Competitive Landscape

Consumer density advantages and rivalry are diminished as a result of the vastly high transportation costs. Some of the factors on which industry participants compete are price, brand image, quality, technology, and distribution network.

Local businesses supply multinational corporations in addition to their domestic sales to achieve economies of scale. Due to the large number of market participants, there is intense competition. Businesses may only succeed in this fiercely competitive global market by developing novel, multifunctional products, improving quality, and offering competitive prices.

Some of the Key Players Operating in Industrial Gases Market Include:

Yingde Gases Group Company Limited
Air Liquide S.A
Linde Group
Airgas Inc.
Messer Group
Buzwair Industrial Gases Factories
Air Products and Chemicals Inc.
Taiyo Nippon Sanso Corporation
Air Water Incorporation
BASF SE

Key Segments Covered in the Industrial Gases Market Report

By Product Type:

Oxygen
Nitrogen
Carbon dioxide
Hydrogen
Argon
Acetylene
Others

By Application:

Manufacturing
Healthcare
Food & Beverages
Metallurgy & Gl****
Chemicals & Energy
Retail
Others

By Distribution:

On-site
Bulk (Liquid Gas Transport)
Cylinder (Merchant)

Latest Developments in the Industrial Gases Market

Linde announced in February 2022 that it has secured a long-term contract with BASF for the provision of hydrogen and steam. The capacity of Linde in the chemical park at Chalampé, France, will be essentially doubled by the construction and operation of a new hydrogen production facility. The new BASF hexamethylenediamine (HMD) production facility will be supplied by this plant. In the first half of 2024, the plant is anticipated to come online.

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Industrial Lubricants Market Size, Latest Trends, Regional Insights Dynamics By 2032

The global industrial lubricants market is expected to be worth US$ 21,832 million in 2022, with a CAGR of 4.4% to reach US$ 33,582 million by 2032. The rising use of IoT-based applications is related to the growth. The industrial lubricants market grew at a 3.1% CAGR between 2016 and 2021.

The global industrial lubricants market is primarily driven by increasing adoption of complex machinery and tools in various industries. Industrials in the manufacturing sector are constantly in a hunt to boost their output efficiency by enhancing productivity and minimizing downtime, sustaining the revenue pool of market players.

Rising stringency in regulatory framework is influencing market players to shift towards bio-based industrial lubricants that, apart from environmental benefits, offer better lubrication and viscosity.

Manufacturers are turning to sustainability measures such as reuse and recycling of industrial lubricants. Moreover, lubricant manufacturers are offering onsite and offsite recycling equipment and services to their end users.

Prominent players in the market includes

ExxonMobil Corp.
Fuchs Group
The Lubrizol Corp.
Royal Dutch Shell
Phillips 66
Lucas Oil Products Inc.
Amsoil, Inc.
Bel-Ray Co. Inc
Total S.A, Kluber Lubrication
Valvoline International, Inc.
Chevron Corp.
Clariant, Quaker Chemical Corp.
Zeller+Gmelin GmbH & Co KG
Houghton International, Inc.
Castrol, Blaser Swisslube, Inc.
Calumet Specialty Product Partners L.P.
Petronas Lubricant International

Global Industrial Lubricants Market – Competitive Landscape

The global industrial lubricant market is fragmented in nature. Companies are highly investing upon R&D activities to shape competitive landscape.

ExxonMobil Corp has launched FuelCell carbon capture technology that has capacity to lower emission from exhaust streams, power plants, refineries and chemical plants.
Fuchs Group has launched RENOCLEAN AIR series to control dust production in the mining sector.

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Global Industrial Lubricants Market – Segmentation

The global industrial lubricants market is segmented on the basis of following

By Base Oil

Mineral Oil
Synthetic Oil
Bio-based Oil

By Product type

Hydraulic fluid
Metalworking fluid
Gear Oil
Compressor Oil
Grease
Turbine Oil
Others
Transformer Oil
Refrigeration Oil
Textile Machinery Lubricants

By End-use Industry

Construction
Metal & Mining
Cement Production
Power Generation
Automotive (Vehicle Manufacturing)
Chemical
Oil & Gas

Global Industrial Lubricants Market – Regional Analysis

Asia Pacific (APAC) continues to hold leading share in industrial lubricants market, owing to well-established construction and automobile industries in China, Japan, and India. Further, surging manufacturing output and increasing industrialization in these are offering conducive breeding grounds for market players.

North America is also reflecting value-creation opportunities to industrial lubricant manufacturers, owing to expanding oil and gas industry in this region.

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