Industrial Gases Market Will Reach USD 122.3 Bn by 2026
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Growth in demand for specialty chemicals due to the global expansion of industrialization has led to an increase in demand for industrial gases. Industrial gasses are part of a special class of chemicals that apply to a wide range of applications in several end-use industries. The growing use of gas blanketing and cryogenics in the chemical and refining industries has been a key factor to drive the global industrial gas market over the last few decades. Industrial gases are used in several industries owing to their chemical properties like inertness and reactivity and physical properties like density, boiling point, and vapor pressure. For example, hydrogen is used in the transport industry; nitrogen in food preservation and electronics production; oxygen in gasification plants, hospitals, and steel production; etc.
The increase in demand for medical-grade gasses for the health care and medical sector due to the expansion of medical facilities worldwide is anticipated to fuel the market growth in Asia-Pacific and Latin America during the forecast period. In addition, growing urbanization and industrialization in the countries of Asia-Pacific and the Middle East is expected to boost the growth of industries such as food and beverage, transport, chemical and metal manufacturing, which in turn would increase demand for industrial gases. Moreover, Capacity expansion, combined with emerging innovative technologies such as molecular sieve separation, has created enormous opportunities for the industrial gas market and is expected to drive market expansion during the forecast period.
Growth in strict government rules for the manufacturing of industrial gases and use of industrial gases and the high transport and storage costs associated with these gases are expected to hamper the growth of the market during the forecast period.
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Based on the gas type, the oxygen segment is expected to grow at the CAGR of 8.1% during the forecast period.
Based on the end-use industry, in 2018, the metal manufacturing & fabrication segment is anticipated to lead the global market with 38% market share
Asia-Pacific accounted for 32% market share in the global industrial gases market in 2018
In June 2017, The Executive Board of Linde AG has signed an agreement with Praxair Inc. which governs the terms and conditions of the merger of equals between the two companies. The merger of these companies is referred as the 'New Linde' Group, which provides industrial gasses to a wide range of applications.
In November 2015, Air Liquide has acquired Airgas, in a deal worth of US$13 billion. The acquisition has increased Air Liquide's presence in the U.S. market, which is the largest industrial gas market in the world.
[4:51 PM] Poonam Falmari
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