Market Research Future (MRFR) has published a detailed report stating that the global industrial gases market is anticipated to expand at a significant growth rate in the forthcoming years. Industrial gases are produced in relatively large quantities and are utilized for variety of industrial purposes. The principal industrial gases are nitrogen, oxygen, argon, hydrogen, carbon dioxide, helium and acetylene.
Global industrial gases market is recorded to grow exhibiting a higher CAGR of by 2023 on account of rising demand filed from chemical & petrochemical, metal fabrication & production, automobile, healthcare & pharmaceuticals, and food & beverage industries and more. Market Research Future has published this report covering essential accruals based on the latest trend, market valuation, estimated growth graph, growth pattern, challenges, driving factors for market growth and regional shares distribution.
The market is expanding owing to heightened demand for industrial gases filed from industries such as metal fabrication and production, automotive, chemical & petrochemical, biotechnology, steel, and others. Increased industrial activities in the emerging economies have provided favorable grounds for the growth of the market while industrial production in developed regions such as the Americas and Europe has also been positive.
Industrial gases cater majorly to the oil & gas industry, which requires industrial gases in massive quantities to control various processes. additionally, the industry is challenged with regulatory pressures to lower sulfur content of refinery products, which generates huge demand for industrial gases in the desulfurization process of crude. This presents a massive opportunity for the industrial gases market. The advent of cryogenic technologies such as air separation and hydrogen reforming technologies have contributed significantly to the growth of the market.
Industrial gases are defined to be specific gaseous materials that are produced for industrial purposes. The most prominent are listed to be as oxygen, nitrogen, carbon dioxide, helium, and hydrogen, although various other mixtures, which are also manufactured and provided as gas cylinders.
According to the reports published by MRFR, the global industrial gas market has been segmented based on gas type and application.
By the mode of gas type, the industrial gases market comprises of oxygen, helium, nitrogen, hydrogen, carbon dioxide, acetylene, argon, and others.
By the mode of application, the industrial gases market comprises of healthcare, metal and metallurgy, pharma and biotech, chemicals, automotive and aerospace, electronics, food and beverages and more.
Region-wise, the industrial gases market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
High demand for industrial gases is witnessed in North America on account of augmented demand from the automotive and rapidly accelerating construction industry. The APAC industrial gases market is likely to showcase prolific growth over the forecast period. Fast-track industrialization in the region along with increasing use of necessary oxygen furnace technology by major metal and metallurgy companies is creating significant ways for the market to expand
Post time: Aug-19-2019