Global Industrial Gas Market - Segmented by Type, Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global industrial gas market is expected to register a CAGR of around 7% during the forecast period, 2018 - 2023. Asia-Pacific accounted for the largest market in 2017, and is expected to register the fastest growth during the forecast period as well.
Increasing Demand from Healthcare Sector
The growth in advancement of the technology in the healthcare industry gives rise to the demand for production of industrial gases, which, in turn, acts as a driving point for the industrial gases market. For example, the development of gas-assist equipment suppliers in the medical industry offers an assortment of equipment and controls, yet the fundamental procedure is comparative in all variations. Changes in pressure and stream control predominantly empower organized control of process variables. In the medical industry, bulk oxygen is required in many cases to minimize the risk of excess oxygen in the lungs or body tissue during surgeries and for providing artificial ventilation. Nitrogen is utilized in pre-flight lung diagnosis to calculate a person’s ability to respond to simulated aircraft cabin environment. Carbon dioxide can be used at the time of insufflation and can be infused along with oxygen for stimulation of the respiratory simulation. This way, the application of technology in healthcare, using gases, has been increasing rapidly in recent times.
Asia-Pacific Dominated the Market
Asia-Pacific was the largest market for industrial gases. China accounted for a major chunk of the consumption in the region. However, India is expected to witness the fastest growth in the region. The development of the industrial gas industry can effectively gauge on the premise of projections of the steel and other metallurgical industries. Metallurgy and manufacture will continue to be the biggest business sectors for industrial gasses. India is the third largest producer of iron and steel in Asia-Pacific, and the production is increasing at a rapid pace y-o-y. Growing demand for iron and steel from various industries and the up-coming steel ventures, coupled with the government initiatives to boost the manufacturing sector, are expected to boost the usage of mechanical gas creation units to address the mass prerequisites for modern gasses, which, in turn, will drive the industrial gas market in the country.
Major Players: Air Liquide, Air Products and Chemicals, Inc., Praxair Technology, Inc., The Linde Group, BASF SE, EPC Group (Cryotech), Taiyo Nippon Sanso (TNS), and Messer Group GmbH, among others.
Reasons to Purchase the Report
Analyzing how the increasing demand from healthcare sector will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The typeand end-user industry that are expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimation sheet (in Excel)
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