Industrial Gases Market Overview:
Oxygen, hydrogen, nitrogen, carbon dioxide, and inert gases such as helium, argon, neon, xenon, and krypton are the most common gases used in various industries. Industrial gases are having wide uses in several industries such as the electronics, chemical, fabrication, energy and food & beverages. They are also having applications in oil & gas, petrochemicals, chemicals, power, mining, steelmaking, metals, environmental protection, medicine, pharmaceuticals, biotechnology, fertilizers, nuclear power, electronics and aerospace.
Industrial Gases Market Size:
The global industrial gases market is expected to increase at a CAGR of 8.2% between 2015 and 2023 and estimated to reach USD 142.62 Billion by the end of 2023.
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Industrial Gases Market Drivers and Restraints:
The demand for industrial gases with the rising government initiatives towards developing in manufacturing sector, coupled with rapid industrialization, is anticipated to boost the market with strong CAGR in the next five years. Growing demand from various end user industries such as metallurgy and petrochemicals, coupled with implementation of favorable government policies to support manufacturing sector are projected to fuel growth for industrial gases market. Moreover, regular capacity expansions by automobile, refinery and chemical companies coupled with increasing number of new applications of industrial gases lead to its growth. The helium gas segment is expected to witness the fastest growth during the forecast period. However, high cost associated with the storage and transportation of industrial gases is a major barrier to the boom of this market.
Geographical Segmentation of Industrial Gases Market:
Geographically, the Asia-Pacific is the largest market for industrial gases due to their high demand in chemical, pharmaceutical, steel industries and the rapid industrialization growth in the region. North America is going to be the second largest market in the forecast period due to the high demand for gaseous mixtures in steel and polymer industries, which are supporting the growth of the market in the region. Europe and Middle East are anticipated to witness a major growth in the forecast period due to the increasing gross domestic product and increasing consumption of industrial gases.
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Key Players of Industrial Gases Market:
Some of the key players in the global market are Air Liquide, Linde AG, Air Products, Praxair, BASF, Gulf Cryol, Airgas, Taiyo Nippon Sanso Corporation, Asia Technical Gas Co and Goyal MG Gases Pvt. Ltd.
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