USD 112.2 billion
Report ID: SQSG10D2002 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Industrial Gases Market was valued at USD 112.2 billion in 2021, and it is expected to reach a value of USD 241.62 billion by 2028, at a CAGR of more than 15.8% over the forecast period (2022-2028).
Industrial gases are created as gaseous products for use in a wide range of industrial production processes at ambient temperature and pressure. Pure gases, compounds, and gas mixes are among them. Oxygen, nitrogen, hydrogen, carbon dioxide, carbon monoxide, acetylene, and noble gases are some of the most widely used industrial gases. Industrial gases are provided via gas cylinders, bulk liquid, or pipelines in either gaseous or liquified form. The industrial gases market is fueled by an increase in global oil & gas refining capacity as well as increased natural gas consumption for home and industrial applications.
Growing demand for industrial gases from key end-use sectors such the oil and gas, chemicals, petrochemicals, food and beverage, and power industries. The increasing use of industrial gases in various sectors such as construction, metals, mining, and food services is driving the market's expansion. Furthermore, increasing global demand for electronic gadgets and renewables are driving market expansion. Furthermore, rising crude oil consumption and the necessity for refining may boost demand for industrial gases during the anticipated period.
Global Market Size
USD 112.2 billion
more than 15.8% CAGR
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Global Industrial Gases Market is segmented based on the Product Type, Distribution Channel, End User, and region. Based on the Type, the Global Industrial Gases Market is segmented as Oxygen, Nitrogen, and Carbon Dioxide. Based on the Distribution Channel, the Global Industrial Gases Market is segmented as Cylinder and On-site. Based on End User, the Global Industrial Gases Market is segmented as Energy, Residential and Commercial, Transport, and Industry. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product Type
In 2021, Oxygen had the highest revenue share. It is well recognized to increase the fuel's thermal efficiency. In addition to being used to gasify coal, oxygen is also employed to treat hazardous wastes and polluted water. In order to lessen pollution, the gas can also take the place of chlorine in the pulp and paper sector. The medical sector uses oxygen extensively as well. As a result, the demand for industrial oxygen is anticipated to increase in the upcoming years due to the widespread use of oxygen in numerous sectors.
Due to increased use of carbon dioxide for gas-based enhanced oil recovery in countries including the United States, Canada, Mexico, Brazil, and oil-producing nations in the Middle East, carbon dioxide is predicted to see substantial growth throughout the projection period. Additionally, the use of enhanced oil recovery to boost the effectiveness of oil production from oil wells will significantly grow as a result of fluctuating crude oil prices and an increase in the number of mature wells throughout the world.
Analysis by Distribution Channel
In 2021, the cylinder segment had the highest revenue where packed cylinders are used to deliver gases (high-pressure gas or low-pressure liquid). However, this method of delivery is only suitable for clients with a modest need for industrial gases. Gases including nitrogen, oxygen, argon, helium, and hydrogen may easily be compressed into a cylinder at pressures of up to 300 bars for cylinder distribution. Additionally, several gases are available in liquid form at ambient temperature.
Over the projected period, the on-site category is anticipated to increase at the quickest rate. The setting up of the filing station at the firm facility or another location is included in the on-site section. Large amounts of gases at a range of pressures and states are supplied using this distribution method. The industry is anticipated to expand significantly because on-site generation eliminates a number of issues related to the transportation and distribution of hydrogen. Due to new technologies becoming available at lower prices than provided distribution routes, on-site hydrogen generation in small-scale companies has grown in favor.
Analysis by End User
With consumption expanding at an average annual rate of more than 3.1%, the industrial sector is anticipated to be the key driver of rising gas demand through the year 2028. Gas usage as a fuel for industry, which is mostly driven by China, India, and growing Asian markets, and demand for natural gas as a feedstock for chemicals and fertilizers, that is mainly driven by gas producers and exporters, both contribute to growth in this way.
A mild heating season and lockdown-induced limits on business activities hurt the residential and commercial sectors in 2021. As development potential outside of a select group of nations, led by China, India, and Iran, that are continuing to build their city gas distribution networks, is still restricted, such a comeback is anticipated to remain an exceptional occurrence. Gas as a transport fuel is predicted to expand at a higher pace of more than 4.8%, largely due to the rising use of LNG for trucks and river transport in Asia. Growing gas production and processing capacity supports the rise of the energy sector's own consumption, at an average 2%.
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The Asia-Pacific region's gas production is expected to increase by more than 6.8%. The majority of the region's growth is being driven by China, where domestic gas production is expected to increase by over 21.7% by 2028 as a result of continuing official support for increasing gas output. India is anticipated to expand and generate more in comparison to 2021. More seasoned suppliers like Malaysia and Indonesia, however, experience a slight dip during the projection period. While Norwegian production is rebounding following the decline in 2020 and significant maintenance in 2021, other European domestic production is anticipated to have a nearly 25% decline. This is a result of the North Sea's depleting fields, the Netherlands's closure of Groningen, and the terminal output reduction of smaller fields there and around Europe.
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Global Industrial Gases market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global Industrial Gases Market Analysis, in terms of product type, the oxygen segment held the largest share due to effects of covid-19 pandemic. In terms of distribution channel, the cylinder segment accounted for a maximum market share as various gases are easily compressed and are easy to handle followed by on-site due to introduction of new technologies the Industrial Gases market is likely to witness upswings. In terms of end user, the industrial sector expected for the largest share in coming years.
|Market size value in 2021||USD 112.2 billion|
|Market size value in 2028||USD 241.62 billion|
|Growth Rate||more than 15.8%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Industrial Gases Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Gases Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG10D2002