SAN FRANCISCO, May 21, 2020 /PRNewswire/ -- The global industrial gases market size is expected to reach USD 134.3 billion by 2027, registering revenue based CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth owing to increasing demand for industrial gases in manufacturing and healthcare sector. Moreover, increasing application of carbon dioxide in the Enhanced Oil Recovery (EOR) technology, food and beverages, and medical industry is anticipated to be the major driving force for the growing demand for industrial carbon dioxide.
Key suggestions from the report:
China is the largest market across the globe while India is projected to be the fastest growing market at revenue based CAGR of 7.6% during the forecast period, owing to significant growth of food and beverage, pharmaceutical, and manufacturing sector in Asia Pacific
Nitrogen is projected to expand at the highest CAGR during the forecast period owing to its applications in medical and pharmaceutical industry, in extraction of air from mines , and in blast furnaces and other furnace applications
The healthcare segment emerged as the fastest growing application segment and accounted for approximately 18% of the total revenue share in 2019 owing to its high demand for industrial gases such as nitrogen and oxygen in the medical and pharmaceuticals industry
The on-site distribution segment in Japan is the fastest growing segment and is projected to attain revenue based CAGR of 6.9%
Bulk mode of delivery is ideally opted as the mode of distribution when the demand for gases is higher than packaged gas distribution and lesser than onsite distribution
Major companies actively operating in the industry include Air Products & Chemicals Inc.; The Linde Group; Air Liquide; Air Products; and Messer Group.
Hydrogen can be used to power fuel cells that efficiently convert hydrogen to electricity. The utility gamut of fuel cells is immense and thus, has the potential to replace the traditional forms of power generators such as large batteries in buses, cars, submarines, forklift trucks, power plants, and combustion engines.
The healthcare application segment is predicted to have the highest growth and is expected to attain a CAGR of 7.0% in terms of revenue, over the forecast period. This is a highly versatile segment and its utilities range from pharmaceutical products to supplies and from medical equipment and healthcare services to medical therapies. The segment also includes preservation of tissue and blood using oxygen, MRIs using helium, and respiratory therapy using oxygen to help patients breathe.
Bulk (Liquid Gas Transport) distribution mode of delivery is ideally opted as a mode of distribution when the demand for gases if higher than packaged gas distribution and lesser than onsite distribution. This is a more efficient form of distribution and is therefore preferred over other modes of distribution since it ensures continuous supply of gases.
Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:
Industrial Gases Product Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2027)
Industrial Gases Application Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2027)
Metallurgy & Glasses
Food & Beverage
Chemicals & Energy
Industrial Gases Distribution Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2027)
Bulk (Liquid Gas Transport)
Industrial Gases Regional Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2027)
Wax Market – Increasing demand for wax and its derivatives owing to their superior properties, such as good water repellency, non-toxicity, and outstanding chemical resistance, is expected to steer the market growth over the forecast period.
Carbon Black Market – Rising product usage in the production of plastics is anticipated to drive the global market over the forecast period.
Automotive Engine Oil Market – Increasing production of automobiles and demand for the conventional and synthetic products are the key factors driving this industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.