Industrial Gases Market: Introduction
Industrial gases are specific gaseous materials produced for industrial purposes, with the most prominent ones being oxygen, nitrogen, carbon dioxide, helium, and hydrogen. Various other mixtures are also manufactured and provided as gas cylinders. A number of industries require these customized gases, including steel, oil & gas, chemicals & petrochemicals, biotechnology, medicine, environmental protection, and nuclear power. The market for the same is feeding off the prosperity of each of them. According to a business intelligence study by Transparency Market Research (TMR), the global industrial gases market is likely to expand at a notable CAGR of 6.1% during the forecast period of 2021 to 2031 and reach value of US$ 126.1 Bn by 2031.
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Players Operating in Global Market
According to the analysts of the report, the number of vendors connected to the value chain of the global industrial gases is consistently increasing. This, in turn, is intensifying the competitive landscape. With the emergence of a number of regional players, the competition entails the pricing of finished products. The report identifies Air Products & Chemicals Inc., Air Liquid SA, Praxair Inc., Linde Group, Sig Gases Berhad, BASF SE, Yingde Gases Group Company Limited, Taiyo Nippon Sanso Corporation, Messer Group GmbH, and Iwatani Corporation as some of the notable names in this fragmented market scenario.
In order to gain higher shares, pricing products at reasonable ranges is not enough. The vendors in this market are also focusing on expanding geographically and managing the lack of production differentiations. Additionally, strengthening of supply chain is expected to help players expand their share in the market.
Based on product type, the TMR report segments the industrial gases market into hydrogen, acetylene, helium, argon, carbon dioxide, oxygen, nitrogen, and hydrogen. Currently, the hydrogen segment accounts for the prominent share of the market in terms of demand. Geographically, emerging economies of China, India, and South Korea are expected to help Asia Pacific dominate the global market.
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R&D Activities to Produce Lucrative Results
Apart from the sustained demand from prospering end-use industries, the market for industrial gases is poised to gain traction from few new trends, such as increase in research and development activities for new application, inorganic expansion of production capacities of companies, mergers and acquisitions, adoption of integrated distribution channels, and innovation across industrial gas packaging. The growth in rubber manufacturing, automotive, and packaging industries is also a key driver of the market. On the other hand, stringent regulations that need to be complied with and threat of CO2 emission are retraining the market from attaining greater potential.
Industrial Gases Market Players
Key players profiled in the report are Air Products & Chemicals Inc., Air Liquid SA, Praxair Inc., Linde Group, Sig Gases Berhad, BASF SE, Yingde Gases Group Company Limited, Taiyo Nippon Sanso Corporation, Messer Group GmbH, and Iwatani Corporation. Market shares are fragmented with no company being any close to a position of dominance. Major players are expanding geographically to sustain inflow of demand in a scenario wherein product pricing has become a major aspect.
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Global Industrial Gases Market: Segmentation
Industrial Gases Market, by Product Type
- Carbon Dioxide
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