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Industrial Gases Market Growth, Share & Forecast 2024-2033
Industrial Gases Market Growth
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According to The Business Research Company's, The industrial gases market size has grown strongly in recent years. It will grow from $97.81 billion in 2023 to $105.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to introduction of energy storage solutions, expansion of environmental regulations, development in glass manufacturing, adoption in food processing, pioneering industrial gas companies..
The industrial gases market size is expected to see strong growth in the next few years. It will grow to $136.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to digitalization and industry 4.0, increased focus on clean transportation, advancements in environmental regulations, expansion in oil refining and petrochemicals, growth in metal fabrication.. Major trends in the forecast period include adoption in environmental testing, expansion in lng production, integration in aerospace and aviation, focus on carbon capture and storage, demand from electronics industry..
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Market Drivers and Trends:
The increasing application of industrial gases in the oil and gas industry is expected to propel the growth of the industrial gases market going forward. The oil and gas industry is the global sector involved in the exploration, extraction, refining, transportation, and distribution of petroleum products. It encompasses activities related to crude oil, natural gas, and various hydrocarbon derivatives. Industrial gases are increasingly utilized in the oil and gas industry for different purposes, such as boosting production, gas lift techniques to enhance oil extraction, and gas purging and blanketing processes for safety in refining. Additionally, industrial gases are used for inerting to prevent explosions, gas detection to ensure a safe working environment, cryogenic applications in the storage and transportation of natural gas, and welding and cutting processes. For instance, in February 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the global oil and gas industry's profits in 2022 jumped to $4 trillion from an average of $1.5 trillion. Therefore, the increasing application of industrial gases in the oil and gas industry is driving the growth of the industrial gases market.
Major companies in the industrial gases market are focused on developing innovative solutions, such as static mixers, to provide sustainable hydrogen and natural gas mixing and gain a competitive edge in the market. A static mixer is a device used in fluid processing that enhances the mixing of two or more components without the need for any moving parts or external energy sources. For instance, in June 2023, Tormene Group, an Italy-based provider of engineering services, launched the GreenBoost, a patented Static Mixer facilitating efficient blending of hydrogen and natural gas. This addresses the crucial issue of reducing greenhouse gas emissions. The mixer, designed for a uniform gas mixture, minimizes hydrogen overpressure and allows the direct consumption of hydrogen generated by electrolyzers.
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Major Key Players of the Market:
BASF SE, Linde plc, Air Liquide S.A., Atlas Copco, The Southern Gas Ltd., Air Products and Chemicals Inc., Taiyo Nippon Sanso Corporation, Ingersoll Rand, Iwatani Corporation, National Gases Ltd., Matheson Tri-Gas Inc., Sicgil Industrial Gases, SOL S.p.A., Messer Group GmbH, Horiba Ltd., Praxair Technology Inc., Gulf Cryo LLC, Norco Inc., Greco Gas, Western International Gas & Cylinders Inc., Holston Gases Inc., Indiana Oxygen Company, Weldstar, Sutton-Garten Co., Butler Gas Products Company, Eureka Oxygen Co, American Gas Products
Industrial Gases Market 2024 Key Insights:
• The industrial gases market size is expected to see strong growth in the next few years. It will grow to $136.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Industrial Gases Play Vital Role In The Expanding Oil And Gas Industry
• Innovative Solution For Sustainable Hydrogen And Natural Gas Mixing
• Asia-Pacific was the largest region in the industrial gases market in 2023
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