Global Industrial Gas Market Predicted to Exceed USD 158.19 Billion by 2034 Amid Surging Demand in Various End Use Industries | Future Market Insights, Inc.

Rising demand in metals, mining, healthcare, and food & beverage sectors, coupled with ongoing investments in infrastructure and core industries, is driving the growth of the industrial gas market.

NEWARK, Del., July 11, 2024 /PRNewswire/ -- According to a Future Market Insights (FMI), the industrial gas market value is expected to rise from USD 74.94 Billion in 2024 to USD 158.19 Billion by 2034. This market is analyzed to surge ahead at a CAGR of 7.80% over the next decade.

The market is driven by the increasing use of industrial gas in the electronics (photovoltaic) industry to produce semiconductors, displays, solar, wafers, LED solid-state lighting, and polysilicon.

Solar photovoltaic energy, especially, is becoming a prominent source of sustainable energy generation. These gases are expected to reduce manufacturing costs, which are projected to raise demand for them in the upcoming period.

Frequent use of huge quantities of oxygen in the medical field to lower the risk of having too much oxygen in the lungs or any other body tissue during operations and for controlled ventilation is projected to fuel market growth.

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Leading players are spending huge amounts on research and development projects to develop better or new ways to produce and export industrial gases across the globe.

Key Takeaways from the Industrial Gas Market Report:

• By product type, the oxygen segment is expected to gain a market share of 74% in 2024.
• Based on application, the manufacturing segment is projected to account for 57.50% in 2024.
• The United States industrial gas market is expected to accelerate at a CAGR of 4.30% over the forecast period.
• The Spain industrial gas market is predicted to expand at a 5.80% CAGR in the next 10 years.
• The India and China market are projected to surge at CAGRs of 11.60% and 8.70%, respectively, in the upcoming years.

"Key players are obtaining or renewing contracts to continue the supply of industrial gases. Additionally, players are increasing their investments in research and development activities to drive innovation," - opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Asia Pacific Dominates the Industrial Gases Market in 2023

In 2023, the Asia Pacific region led the industrial gases market, driven by the rising demand for hydrogen across various applications such as fuel cells, transportation, and industrial processes. Industrial gases—including oxygen, nitrogen, hydrogen, carbon dioxide, acetylene, carbon monoxide, and noble gases- are vital in many industrial production processes. These gases are utilized in diverse industries, including chemical manufacturing, steel production, metal fabrication, automobile and shipbuilding, semiconductor manufacturing, breathing and medicinal gases, food and beverage, and hydrogen energy.

Global Industrial Gas Market Demand Analysis by Country

 Profiling of Top Market Players in the Industrial Gas Market:

• Air Liquide S.A.

Air Liquide S.A. is a French multinational firm that supplies industrial gases and services to multiple industries, such as chemical, medical, and electronic manufacturers. The company is a leading supplier of industrial gases with respect to revenues. The operations of this company is spread across 80 countries.

• Linde Group

The Linde Group is a competent player in the global industrial gases and engineering company. Back in 2023, the company enjoyed a revenue of USD 33 Billion. The company aims to make the world more productive by assisting customers to become more successful and protect the planet.

• Messer Group

Messer Group is a distributor of industrial gases. The company's business is concentrated in 30 European and Asian countries. The firm has an extensive range of gases including oxygen, nitrogen, helium, hydrogen, acetylene, etc.

New Developments Bringing Advancements in the Industrial Gas Market:

• In February 2022, Linde announced gained a long-term contract with BASF to provide steam and hydrogen. The Linde's capacity in the chemical park at Chalampé, France is going to be essentially doubled by the operation and construction of the latest hydrogen production facility. The new production facility of BASF hexamethylenediamine (HMD) will be supplied by this plant.
• In January 2022, Air Liquide invested approximately EUR 40 Million in an Air Separation Unit (ASU) specialized in Industrial Merchant activities. The ASU is developed, owned, and operated by Air Liquide India.
• In February 2021, Air Products Inc. opened a new cryogenic nitrogen plant in the Bayan Lepas of Malaysia, which is expected to assist the company's operations.

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Top Key Players in Industrial Gas Market:

• Yingde Gases Group Company Limited
• Air Liquide S.A
• Linde Group
• Airgas Inc.
• Messer Group
• Buzwair Industrial Gases Factories
• Air Products and Chemicals Inc.
• Taiyo Nippon Sanso Corporation
• Air Water Incorporation
• BASF SE
• Others

Industrial Gas Market Segmentation Analysis:

By Product Type:

• Oxygen
• Nitrogen
• Carbon dioxide
• Hydrogen
• Argon
• Acetylene
• Others

By Application:

• Manufacturing
• Healthcare
• Food and Beverages
• Metallurgy and Glass
• Chemicals and Energy
• Retail
• Others

By Distribution:

• On-site
• Bulk (Liquid Gas Transport)
• Cylinder (Merchant)

Different Regional Markets are as Follows:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Report Preview: https://www.futuremarketinsights.com/reports/industrial-gases-market

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI):

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights