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Industrial Gases for Glass Industry Market Report 2024
Industrial Gases for Glass Industry
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According to The Business Research Company's, The industrial gases-glass industry market size has grown strongly in recent years. It will grow from $3.83 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to increased glass manufacturing processes, float glass production, inert gas atmospheres, environmental and emission control, melting furnace efficiency.
The industrial gases-glass industry market size is expected to see strong growth in the next few years. It will grow to $5.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to sustainable manufacturing practices, specialty glass production, increased glass recycling, global infrastructure development, rising demand for flat glass. Major trends in the forecast period include advanced combustion technologies, cryogenic cooling solution, gas control and monitoring systems, smart technologies in gas delivery systems, collaboration with glass manufacturers.
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Market Drivers and Trends:
The increasing applications of glass in the construction sector are expected to propel the growth of the industrial gases-glass market going forward. The construction sector refers to the industrial branch of manufacturing and trade related to building, repairing, renovating, and maintaining infrastructures. Glass is now being used in the construction sector as an insulation material, structural component, external glazing material, and cladding material. The transmission of up to 80% of natural light, sound insulation, and thermal insulation are the key benefits of utilizing glass in construction. For instance, in February 2023, according to the Office for National Statistics, a UK-based Government department, the yearly construction output of the UK for 2022 saw a rise of 5.6% compared to 2021. This came after an unprecedented growth of 12.8% in 2021. Therefore, the increasing applications of glass in the construction sector are driving the growth of the industrial gases-glass market.
Technological advancement is a key trend gaining popularity in the industrial gases-glass market. Major market players are concentrating their efforts on creating advanced technologies in the industrial gas-glass industry market. For instance, In May 2022, SCHOTT, a US-based glass manufacturer, developed climate-friendly glass production using hydrogen. They are mainly concentrating on electrification based on hydrogen combustion and green electricity. Renewable energy-derived electricity is essential to both strategies.
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Major Key Players of the Market:
Saint-Gobain, The Linde Group, Linde Gas Korea Ltd., Air Liquide SA, Air Products and Chemicals Inc., Showa Denko K.K., Osaka Sanso Co. Ltd., Air Water Inc., Tokai Gas Co. Ltd., CRYOTECH Anlagenbau GMBH, Messer Group GmbH, AMCS Corporation, Matheson Tri-Gas Inc., SOL Group (South Korea), Gulf Cryo Industrial Gases LLC, Welsco Inc., Airgas Inc., HoSt Holding B.V., HyGear Technology, IGC India Ltd., Iwatani Corporation, Kyushu Air Gas Co. Ltd., Nippon Gases Korea Co. Ltd., Praxair Services Inc., SIG Gases Berhad, Taiwan Airgas Co. Ltd., Woomjin Precision Gas Co. Ltd., Yingde Gases Group Company Limited
Industrial Gases-Glass Industry Market 2024 Key Insights:
• The industrial gases-glass industry market size is expected to see strong growth in the next few years. It will grow to $5.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Glass Applications In Construction Fuel Growth In Industrial Gases-Glass Market
• Technological Advancements Propel Growth In Industrial Gases-Glass Market
• North America was the largest region in the industrial gases-glass market in 2023
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