Global Industrial Gases Market 2017-2021
About Industrial Gases
Industrial gases are a group of organic and inorganic gases that are produced and used for various industrial purposes. They are in gaseous state at normal temperature and pressure. Nitrogen, hydrogen, helium, oxygen, ammonia, krypton, xenon, carbon dioxide, argon, and acetylene are the most commonly used industrial gases. Industrial gases are used in a wide range of end-user industries, such as oil and gas, petrochemicals, chemicals, power, mining, steelmaking, metals, environmental protection, medicine, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics, and aerospace.
Technavio’s analysts forecast the global industrial gases market to grow at a CAGR of 6.57% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial gases market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Gases Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial gases market: Air Liquide, Air products and chemicals, BASF, Linde Group, Praxair, and Taiyo Nippon Sanso.
Other Prominent Vendors in the market are: AIR WATER, Asia Technical Gas, Bangkok Industrial Gas, Bombay Oxygen Corporation, Buzwair Industrial, Cryotec Anlagenbau, Coregas, DAESUNG, Guangdong Huate Gas, Goyal Group, Gulf Cryo, INFRA Group, The Linde Group, Matheson Tri-Gas, MESSER Group, SOL, Universal Industrial Gases, and Yingde Gases.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increase in R&D activities for development of new applications. Major vendors have increased their R&D activities for exploring new applications where industrial gases can be used in large volumes. Despite rapid growth, there are various other segments that require industrial gases and can emerge as the largest segment in industrial gas consumption.”
According to the report, one of the major drivers for this market is Rise in demand from major end-users. Industrial gases are widely used in the manufacturing and process industries, which include energy, oil and gas, petrochemicals, chemicals, food and beverages, healthcare, and electronics industries. Industrial gases can be classified as medical gases, specialty gases, fuel gases, and refrigerant gases. These gases are used in manufacturing processes to enhance the quality of the product. These gases are mainly used in producing or processing the final output. Steady growth from these industries is driving the demand for industrial gases.
Further, the report states that one of the major factors hindering the growth of this market is High manufacturing cost. Industrial gases are abundant in nature, yet the setting up of air separation plants for the production of these gases is capital intensive. The volatility of raw material cost, rising cost of products, and packaging mode have reduced the profit margins of the vendors, thereby posing a threat to the survival of medium and small vendors.
Air Liquide, Air products and chemicals, BASF, Linde Group, Praxair, Taiyo Nippon Sanso, AIR WATER, Asia Technical Gas, Bangkok Industrial Gas, Bombay Oxygen Corporation, Buzwair Industrial, Cryotec Anlagenbau, Coregas, DAESUNG, Guangdong Huate Gas, Goyal Group, Gulf Cryo, INFRA Group, The Linde Group, Matheson Tri-Gas, MESSER Group, SOL, Universal Industrial Gases, and Yingde Gases.
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