According to a new market report published by Credence Research, “Industrial Gases Market Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global industrial gases market is expected to at a CAGR of 5.9% from 2017 to 2025.
Browse the full Industrial Gases Market, by product type oxygen; nitrogen, helium, acetylene, argon, hydrogen, carbon dioxide and others (krypton, xenon, methane, carbon monoxide, etc.), by application; automotive & aerospace, chemicals and petrochemical, energy and oil & gas, food and beverage industry, medical and pharmaceuticals, metallurgy and metal working industry, mining, transportation and others, by geography; North America, Europe, Asia Pacific, Latin America and Middle East and Africa – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/industrial-gases-market
The global industrial gases market is expected to witness high growth during the forecast period 2017 to 2025. Strong demand from various end-use industry is anticipated to drive the demand for the industrial gases in upcoming years. The global industrial gases market is projected to grow a CAGR of 5.9% from 2017 to 2025.
By product type, industrial gases market segmentation includes oxygen; nitrogen, helium, acetylene, argon, hydrogen, carbon dioxide and others (krypton, xenon, methane, carbon monoxide, etc.); of which, in 2016, hydrogen gas segment dominated the market in terms of revenue contribution and is further expected to remain dominant during the forecast period of 2017 to 2025. Currently, growing demand for industrial gases in energy and oil & gas is fueling the demand for industrial gases.
On the basis of applications, the global industrial gases market is segmented into automotive & aerospace, chemicals and petrochemical, energy and oil & gas, food and beverage industry, medical and pharmaceuticals, metallurgy and metal working industry, mining, transportation and other applications. Among these, metallurgy and metal working industry segment dominated the market. This segment is projected to maintain its dominance over the next eight years. Furthermore, increase in the use of natural gases in automotive & aerospace will help in the growth of the global industrial gases market. Some of the other factors fuelling the industrial gases market growth include demand from food and beverage industry, medical and pharmaceuticals, chemicals and petrochemical applications.
For the purpose of this study, the global industrial gases market is categorized into regional markets viz., North America, Europe, Asia Pacific and Latin America and Middle East and Africa. In base year 2016, Europe and Asia pacific were observed as the largest market for industrial gases. In Asia Pacific, China and India serve potential markets for industrial gases in the next five to six years owing to increasing refinery output. China and India, along with commercialization measures for industrial gases in various end-use industries is likely to fuel the natural gases market growth.
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Furthermore, industrial gases market is highly consolidated due to the presence of a few established players. Air Liquide S.A., Linde Group and Praxair Inc. are the three major players in the market; collectively having market share of more than 50% in 2016. Companies present in Asia pacific and Europe are extensively focusing on research and development, increasing production capacity and expanding their business network, across regional markets. Air Products and Chemicals Inc., Air Water Incorporation, Airgas Inc., BASF SE, Buzwair Industrial Gases Factories, Messer Group, Taiyo Nippon Sanso Corporation, Yingde Gases Group Company Limited are among the few other key manufacturers in industrial gases market.
- Increasing array of applications
- Asia pacific is expected to register the highest growth rate
- High prices of industrial gases products is acting as a restrain to growth of the market
- Strong demand from emerging economies