LONDON, Jan. 17, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Industrial Gases Global Market Report 2024, the industrial gases market has witnessed substantial growth in recent years, fueled by the introduction of energy storage solutions, expanding environmental regulations, developments in glass manufacturing, and the adoption of industrial gases in food processing. According to recent data, the industrial gases market size is set to soar from $97.81 billion in 2023 to $105.39 billion in 2024, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 7.7%.
Striking Growth Projected for 2028
Looking ahead, the industrial gases market is expected to experience robust growth, reaching $136.66 billion in 2028, with a CAGR of 6.7%. Key drivers in the industrial gases market in the forecast period include digitalization and industry 4.0, a heightened focus on clean transportation, advancements in environmental regulations, and significant growth in metal fabrication.
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Emerging Trends in the Forecast Period
Major trends anticipated in the forecast period encompass the adoption of industrial gases in environmental testing, expansion in LNG production, integration in aerospace and aviation, a concentrated focus on carbon capture and storage, and growing demand from the electronics industry. Notably, the healthcare industry's increasing demand for oxygen is poised to contribute significantly to market growth.
IoT-Enabled Innovations Transforming the Industry
Companies in the industrial gases market are focusing on IoT-enabled oxygen plants to optimize production based on demand and consumption patterns. Real-time monitoring of equipment and processes facilitates quicker responses to issues, reducing downtime and enhancing overall operational efficiency. Initiatives such as India's National Medical Oxygen Grid project, which launched OxyAid, underscore the industry's commitment to addressing crucial medical needs.
Market Landscape and Key Players
The global industrial gas market is fragmented, with the top ten competitors comprising 21.57% of the total market in 2022. Air Liquide S.A., Linde Plc, and Air Products and Chemicals, Inc., were among the leading competitors, each securing significant market shares. Strategic acquisitions, partnerships, and distribution agreements continue to shape the competitive landscape.
Segmentation Overview
The industrial gases market is segmented based on product types (Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon), applications (Packaging, Coolant, Carbonation, Cryogenic, Cutting And Welding, Laboratory, Air Separation, Other Applications), distribution channels (On-Site, Bulk, Cylinder), and end-users (Metallurgy, Healthcare, Chemical, Food And Beverage, Oil And Gas, Power, Pulp And Paper, Electronics, Other End Users).
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Regional Landscape
Asia-Pacific dominated the industrial gas market in 2022, accounting for 44.8% or $57,360.7 million of the total market. Following closely were North America, Western Europe, and other regions, signifying the global reach and impact of the industrial gases market.
In conclusion, the industrial gases market is on an upward trajectory, driven by key trends, innovations, and evolving demands from various sectors. Industry players can leverage these insights to strategically position themselves for growth, capitalize on emerging opportunities, and contribute to the dynamic evolution of the industrial gases sector.
Industrial Gases Global Market Report 2024 by The Business Research Company provides insights on the industrial gases market size, industrial gases market segments, industrial gases market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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