Global industrial gases Market Will Accelerate at a CAGR of over 6.1% through 2022-2031

The global industrial gases market was worth USD 92.1 Billion in 2020. It is projected to grow at a 6.1% compound annual growth rate (CAGR) from 2021 to 2028. The Asia Pacific region’s growing manufacturing industry is responsible for the market’s growth.

Growing Demand

Globally, industrial production has been increasing and is expected to grow further. There is a constant demand for various industrial gases used on large scales in the mining, aerospace, and metal industries. Asia has also seen significant demand for food, beverages, and pharmaceuticals.

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In addition, industrial-grade carbon dioxide has seen a decrease in demand due to the shutdown of businesses in states affected by COVID-19. Medical and firefighting uses have led to higher demand. Recent increases in demand for medical-grade carbon dioxide have been due to the increased number of COVID-care centers throughout the country.

Driving Factors

Boosting Market Growth by Increasing Investment in Manufacturing and Processing Industries

There is a projected increase in global industrial gas market size due to increasing public and privately funded funding. The UN Conference on Trade and Development published the World Investment Report 2020. In it, they stated that the Asia Pacific region saw a total of USD 474 Billion in foreign direct investments (FDI), which accounts for 30% of all global FDI flows in 2019. The UNCTAD also reported that China, India, Singapore, and other Southeast Asian countries, such as Malaysia and Singapore, will be among the top-performing economies in their region, creating new investment opportunities.

Significant growth in Food and Beverages and Healthcare Industry will drive the Industrial Gases market growth

The projected growth in investments in the food and beverage & healthcare industry would boost gas demand. Germany Trade & Invest reports that Europe is Europe’s largest food producer. Germany has the fourth-largest food & beverage industry. The country is also third in food and beverage exports, with exports to processed foods and agricultural commodities generating sales of USD 84.3 billion in 2018. This trend is expected and will continue over the forecasted periods, leading to increased demand for many gases used within the food & drinks industry.

Because of increased investment in medical technology, the global healthcare sector is growing faster. Forbes reported that in 2017 digital health investments grew to USD6.5 billion, an increase of 109% from the previous year.

Restraining factors

Strict regulations and laws are required to restrain growth for production, storage, and distribution.

Market growth is likely to be restricted by stringent laws and regulations governing the manufacture, storage, and transport of gases. EU Regulation 231/2012 outlines the requirements for the storage and delivery of industrial gases. The European Agreement on the Carriage of Dangerous Goods by Road, ADR 13 Regulation for safety measures, bonded the transportation of these gases.

Market Key Trends

Medical Applications in High Demand: Healthcare Sector

* There is a growing demand for industrial gases due to the rapid advancement of technology in the healthcare field.

* Gas-assist suppliers to the medical industry offer a variety of controls and equipment, but the principle procedure is comparable in all variations. Changes in pressure or stream control can facilitate organized control of process variables.

* In many cases, bulk oxygen is needed in medicine to avoid excess oxygen entering the lungs or tissue during surgery and to provide artificial ventilation. To determine the ability of a person to react to an environment in a simulator aircraft cabin, nitrogen is used in pre-flight lung assessment. You can insufflate carbon dioxide and inject it with oxygen to stimulate your respiratory simulation.

* This is how the technology used in healthcare (using gases) has proliferated in recent decades.

* The United States has a high proportion of its GDP spent on healthcare. According to the National Health Expenditure Accounts(NHEA), healthcare spending in the United States grew 9.7 percent between 2000 and 2020. It reached USD 4.1 Trillion or USD 12,530 for each person. 19.7% of the nation’s Gross Domestic Product (GDP) was spent on healthcare.

* India’s Ministry of Health and Family Welfare received an INR 86.200.65 Crore (Budget estimate, BE) allocation for 2022-23. This is only 0.23 percent lower than the revised INR 86,000.65crore estimate in the Union Budget, 2021-22. The current budget allocation is 6.82% higher than INR 80.693.92 crore in 2020-21.

* The global industrial gas market is expected to grow due to all these factors during the forecast period.

Recent Development

Linde announced, in February 2022, a long-term agreement to supply hydrogen and steam with BASF. Linde will build and manage a new hydrogen production facility in Chalampe, France. This will double Linde’s existing capacity at the Chalampe chemical plant. This plant will supply BASF’s new hexamethylenediamine manufacturing facility (HMD). The plant is expected to go online in the first six months of 2024.

Air Liquide is investing around INR 35 Crores (EUR 39 million) in an ASU (Air Separation Unit) that will support Industrial Merchant activities at Kosi, Uttar Pradesh, India, beginning January 2022. This unit will have a 350-ton production capacity and 300 tons of oxygen. Air Liquide India plans to construct, own and operate this ASU by the end of 2023.

Air Products Inc. has opened a new cryogenic-nitrogen plant in Bayan Lepas, Malaysia. This will allow it to grow its business.

Key Companies

• Linde Group
• Air Liquide
• Praxair
• Air Products and Chemicals
• Taiyo Nippon Sanso
• Air Water
• Airgas
• Messer
• Yingde Gases

 

Key Market Segments:

Type

• Atmospheric Gas
• Process Gas

Application

• Manufacturing
• Chemical & Energy
• Metals
• Healthcare
• Electronics
• Food & Beverage

Frequently Asked Questions

• What is the Industrial Gases Market Size?
• What is the CAGR for Industrial Gases Market?
• What are the key factors driving the growth of the Industrial Gases Market?
• Which region is more attractive for vendors in the Industrial Gases Market?
• Who are the key players in the Industrial Gases Market?

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