Industrial Gases Market Expected to Reach USD 173.43 Billion by 2030
The global industrial gases market is set to experience significant growth in the coming years, according to a new report by ResearchAndMarkets.com. The report, titled “Industrial Gases Market Size, Share & Trends Analysis Report,” predicts that the market will reach a value of USD 173.43 Billion by 2030.
Industrial gases play a crucial role in driving economic growth across different regions, with their demand expected to exceed GDP growth rates. Nitrogen usage has been increasing globally, surpassing that of oxygen, while argon is emerging as a strong contender to overtake oxygen in terms of utility. However, countries like India still heavily rely on oxygen. The forecast period is projected to see growth driven by argon and nitrogen, with hydrogen also gaining importance as an energy source, particularly with the declining availability of fossil fuels.
The application of industrial gases such as oxygen for environmental protection and energy conservation, as well as nitrogen’s role in the food and packaging industry, present immediate market opportunities. Additionally, industrial gases, including hydrogen, are expected to witness increased demand in desulphurization processes and various fuel types like LNG, shale gas, CNG, and LCNG.
The healthcare industry’s growth is also boosting the application of industrial gases in medical devices like MRI and NMRI, contributing to the overall industry expansion. With both local and international players fiercely competing for market share, the industry is witnessing intense competition, driving innovation and the development of efficient sales channels.
Asia Pacific dominated the industrial gases market in 2022, driven by the electronics and healthcare sectors. Nitrogen is expected to experience substantial growth in the region due to its role in electronics manufacturing. The future growth of the industry will be fueled by the reliance of the healthcare and electronics sectors on industrial gases for technological advancements.
The report also provides key attributes and company profiles, including Air Liquide, Linde plc, Air Products Inc., and TAIYO NIPPON SANSO CORPORATION, among others.
The global industrial gases market is poised for significant growth in the coming years, with a diverse range of applications and increasing demand from various sectors. As the world becomes more reliant on industrial gases for technological advancements and environmental sustainability, the market is expected to continue expanding.