Global Industrial gasesMarket is Estimated to Reach $84 Billion by 2025, Says Accurize Market Research
Global Industrial gases Market report published by Accurize Market Research forecast that the global market is expected to reach $84 billion by 2025; growing at a CAGR of 6.4% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing demand for packed food & beverages to drive the market
Major factors responsiblefor the growth of global industrial gases market are increasing demand for packed food &beverages, globalization of the industry, and high demand of medical grade gases in medical industry. However, high cost of transport & storage of gases may act as a restraint in the growth. Moreover, capacity expansion and advancement of innovative technologies like molecular sieve separation would provide several growth opportunities for the market during the forecast period.
Market Segmentation
Industrial gases marketis segmented based onproducts type, production and delivery, application, and geography. By products type, market is divided into hydrogen, oxygen, carbon dioxide, nitrogen, helium, argon, and acetylene. The market is categorized by production and delivery into merchant gases (liquified, tank delivery), merchant gases (cylinder delivery), and high-volume gases (on-site generation). Further by application, market is bifurcated into petroleum refinery, chemical production, food processing, healthcare, electronics, metal processing, and other applications.
By geography the market is segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
"Petrol refinery accounted for the largest market share in the application segment", says Accurize
By application, petroleum refinery accounted for the largest market share in 2017, and is expected to continue its dominance during the forecast period 2017–2025. On the other hand, merchant gases (liquefied, tank delivery) accounted for the largest market share in 2017, in production and delivery segment.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific dominated the global industrial gases market with largest market share of 39% in 2017, and expected to continue the trend during the forecast period, owing to high energy demand, healthcare needs, and climate control initiatives in this region.
Top players in the market
Major companies operating in the market are Air Liquide S.A., Air Products & Chemicals Inc., Praxair, Inc., The Linde Group, Messer Group GmbH, BASF SE, Taiyo Nippon Sanso Corporation, Yingde Gases Group Company, Buzwair Industrial Gases Factories, and AIR WATER INC., among others.
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