Dublin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The "India Industrial Gases Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
India Industrial Gases Market was valued at USD 3.06 Billion in 2024 and is expected to reach USD 4.04 Billion by 2030 with a CAGR of 4.92%
Industrial gases, including oxygen, carbon dioxide, argon, nitrogen, and hydrogen, play a critical role in various industrial processes and applications. These gases are vital across multiple sectors such as manufacturing (including automotive, steel, and cement), healthcare, chemical processing, and energy production. They are typically delivered in large volumes and come in various forms, such as compressed gases, liquids, and solids. 
Companies are increasingly investing in research and development to create new gas mixtures, enhance efficiency, and develop sustainable solutions. The rising influx of foreign direct investment (FDI) and domestic investments in manufacturing and infrastructure is driving the demand for industrial gases. Government initiatives like the Make in India program are supporting industrial growth across sectors that depend on these gases.
There is a growing emphasis on green and sustainable technologies, including carbon capture and storage (CCS) and green hydrogen fuel. This focus is fueling innovation in gas production and application. Companies are also seeking ways to recycle gases and manage waste effectively to reduce environmental impact. Advances such as pressure swing adsorption (PSA), and cryogenic distillation are enhancing the efficiency and cost-effectiveness of gas production.
Customization of gas mixtures for specific industrial processes, such as specialized welding gases or high-purity gases for electronics, is increasingly in demand. Additionally, heightened awareness and regulatory requirements concerning safety and environmental impact are influencing market practices. Robust infrastructure for transportation and distribution is essential for market growth. Fluctuations in raw material prices can affect profitability. The integration of digital technologies in gas monitoring, control systems, and remote management is improving operational efficiency and safety, with smart sensors and IoT playing a key role.
The Indian industrial gases market is set for expansion, driven by industrial growth, technological advancements, and changing consumer needs. Strategic investments in infrastructure and technology will be crucial for companies to leverage emerging opportunities in this growing market.
Shift Towards Circular Economy
Companies are advancing technologies to recycle industrial gases, such as carbon dioxide, which can be captured, purified, and repurposed in various processes. This approach minimizes waste and optimizes resource utilization. For instance, in 2024, Oil India, with government backing, launched a carbon capture and storage project. This initiative focuses on capturing CO2 emissions from Oil India's natural gas field in Rajasthan and securely storing them in nearby dry wells, supporting the company's objective of achieving net-zero emissions by 2040.
The implementation of closed-loop systems for gas handling is another strategy to reduce emissions and waste by recapturing and reusing gases within the production cycle. Emphasizing sustainable practices to minimize by-products and waste associated with gas production and processing is becoming increasingly important for reducing environmental impact and improving efficiency.
Investment in green technologies and innovations supporting circular economy principles is on the rise. This includes the development of low-impact gases and technologies that enhance environmental sustainability. For example, in 2023, the clean-tech company GR2L in Surrey, England, secured a USD4.9 million order to provide its argon recycling technology, ArgonO, to Mundra Solar for a 2 GW solar facility in India. This technology can recycle up to 95% of argon used in silicon wafer fabrication for solar panels.
Companies are investing in technologies and practices aimed at controlling and reducing emissions from industrial processes. This includes advanced filtration and scrubbing systems for effective emission management. Researchers at the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR) are investigating the use of CO2 in syngas (synthetic gas) technology, which contributes to a more sustainable and circular economy. In 2024, Tata Steel partnered with JNCASR to develop CO2 conversion technology at a laboratory scale, with Professor Sebastian C. Peter leading the project and Tata Steel funding the research.
The shift towards a circular economy fosters practices that reduce the carbon footprint of industrial gas operations, aligning with both global and national sustainability goals. Adopting this trend is essential for enhancing resource efficiency, minimizing environmental impact, and maintaining a competitive edge in the evolving industrial gases market.
Regional Insights
Based on Region, West India emerged as the dominant region in the Indian market for Industrial Gases in 2024. States like Gujarat and Maharashtra in Western India are major industrial centers, hosting a significant number of industries including petrochemicals, steel, automotive, and pharmaceuticals, all of which have substantial needs for industrial gases. In 2023, INOX Air Products announced plans to construct its sixth Air Separation Unit (ASU) at the Hazira plant of AM/NS India in Gujarat. This new ASU will have a daily production capacity of 1,000 tons of oxygen and nitrogen. Once completed, it will elevate the total capacity of the industrial gas complex to 11,100 tons per day.
Western India boasts a well-developed infrastructure for the production, storage, and distribution of industrial gases. Major ports such as Mumbai and Kandla play a crucial role in facilitating the import and export of these gases. The region's advanced logistics network supports the efficient and timely distribution of industrial gases across various industries. Many leading industrial gas companies have invested heavily in Western India, establishing large production facilities and extensive distribution networks to cater to the high demand.
In June 2024, Essar Group announced plans to invest USD 3.58 billion over the next four years to set up a green hydrogen plant in Jamnagar, Gujarat. Additionally, in 2024, NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, formalized a Memorandum of Understanding with the Government of Maharashtra. This agreement outlines collaborative efforts to develop Green Hydrogen and its derivatives, with a target capacity of up to 1 million tons per annum.
The Western region's diverse industrial base, which includes sectors such as chemicals, textiles, and food processing, continuously drives demand for various types of industrial gases. The combination of significant industrial activities, advanced infrastructure, and substantial investments underscores the Western region's dominance in the Indian industrial gases market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $3.06 Billion |
| Forecasted Market Value (USD) by 2030 | $4.04 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | India |
Report Scope:
Key Market Players
- Linde plc
- Praxair Technology, Inc.
- Taiyo Nippon Sanso India Pvt Ltd.
- INOX Air Products Private Limited
- Bhuruka Gases Limited
- Bombay Oxygen Investments Ltd.
- Ellenbarrie industrial Gases Ltd.
- Air Liquide India
- Goyal MG gases pvt.ltd
- SICGIL India Limited
India Industrial Gases Market, By Product Type:
- Oxygen
- Nitrogen
- Hydrogen
- Carbon Dioxide
- Argon
- Helium
India Industrial Gases Market, By Mode of Distribution:
- Bulk & Cylinder
- Tonnage/Gaseous
- Packaged
India Industrial Gases Market, By Region:
- West India
- North India
- South India
- East India
For more information about this report visit https://www.researchandmarkets.com/r/rn10xa
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