The global industrial gases market size at a CAGR of more than 7% during the forecast period
NEW YORK, June 18, 2019 /PRNewswire/ -- About this market
The growing demand for ready to eat (RTE) and packaged foods have significantly increased the need for several packaging technologies. These technologies require food-grade industrial gases such as nitrogen, oxygen, and carbon dioxide. These gases are used in the packing of carbonated drinks, dairy, and frozen products. Rapid surface chilling technology is one of such emerging technologies that use cryogenically cooled nitrogen. This technology finds its extensive application in the poultry industry to preserve meat. It is also functional in curbing the impact of Campylobacter bacteria, which is usually found on the surface of raw chicken and is one of the most common causes of food poisoning in the UK. The growing popularity for the technology will increase the demand for industrial gases and subsequently drive the growth of the global industrial gases market size at a CAGR of more than 7% during the forecast period.
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Market Overview
Industrial growth in emerging countries
Several emerging economies have increased their focus toward the development of the manufacturing industry to meet the growing demand for industrial and consumer goods and reduce their reliance on imports. The growth of industrial activities in developing countries across Asia and South America will have a positive impact on the growth of industrial gases market size.
The slowdown of the manufacturing sector in China
One of the major end-users of industrial gases, China is witnessing a slowdown in its manufacturing sector due to the decline in exports and reduced foreign investments. The rise of average labor costs in China has negatively impacted foreign investments in the manufacturing sector. These factors are hindering the growth of the market in China.
For the detailed list of factors that will drive and challenge the growth of the industrial gases market size during 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented with quite a few players occupying the market share. Companies such as Air Liquide SA and Air Products and Chemicals Inc. have intensified competition. Factors such as the growing popularity of rapid surface chilling technology and the industrial growth in emerging technologies will provide significant growth opportunities for industrial gas manufacturers. Air Liquide SA, Air Products and Chemicals Inc., BASF SE, Linde Plc, and Taiyo Nippon Sanso Corp. are some of the major companies covered in this report.
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