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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