Washington, November 21, 2021 (GLOBE NEWSWIRE) - By 2028, the global industrial gas market is expected to reach USD 146.6 billion, with a compound annual growth rate of 6% during the forecast period. The industrialization process of major cities and the application of industrial gas in the pharmaceutical, food and beverage, oil and natural gas industries are expected to promote the development of the industrial gas market. Industrial gases such as nitrogen, oxygen, neon, helium, hydrogen, etc. are used in industrial processes, and these gases are important for the reactions in the manufacture of various products. Vantage Market Research in a report entitled "Industrial gas market by type (nitrogen, oxygen, carbon dioxide, argon, hydrogen), by application (oil and gas, chemical industry, power industry, mining industry, steelmaking), by region (North America, Europe, Asia Pacific) , Latin America and the Middle East and Africa): Global market assessment, 2021 to 2028. "The market size in 2020 is 89.6 billion U.S. dollars. When estimating the current and forecast market size and market growth trends of all regions and countries based on the following data points, the impact of COVID-19 on market demand is considered:
Impact assessment of the COVID-19 pandemic
2020 and 2021 quarterly market revenue forecasts by region
The company's key strategy to respond to COVID-19
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The industrial gas market report emphasizes:
Historical data, estimates and forecasts
The rising demand for industrial gases in the chemical industry drives market growth
Industrial gases are mainly composed of carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton and xenon. Atmospheric gases such as oxygen, nitrogen, and argon are captured by lowering the air temperature until each component is liquefied and separated. These gases are widely used in industrial processes, such as gas welding, automobile manufacturing, medical care equipment, etc. Due to the special properties of these gases, they are in great demand. For example, oxygen and nitrogen are used for gas welding, which is usually used in manufacturing. Similarly, other gases are used in different processes; therefore, the huge demand in the industrial sector is driving the growth of the market.
Increased demand for industrial gases in the medical industry
Recently, due to the outbreak of the COVID-19 pandemic, countries such as India and China are facing severe shortages of oxygen because it is used as an important part of medical ventilator. This gas has a huge demand on the market because it is a key medical device required during a pandemic. Similarly, other gases are also used in the medical sector, such as nitrous oxide, medical air, entonox, carbon dioxide and helium oxygen mixtures are commonly used in breathing equipment. For example, nitrogen is used in pre-flight lung diagnosis to calculate a person's ability to respond to a simulated aircraft cabin environment. Carbon dioxide can be used when blowing in, and oxygen can be injected to stimulate breathing simulation. The increasing adoption of these gases in the healthcare industry is driving market growth.
Increasing use of industrial gases in the Asia-Pacific region
The Asia-Pacific region is expected to grow at the highest compound annual growth rate in the next few years. This is due to high demand and growth in the industrial sector. The growing population and rapid urbanization process are key factors for the growth of the industrial gas market. According to the Asian Industrial Gas Association (AIGA), due to rapid industrialization and medical gas demand, especially in countries such as these, the industrial gas in India, China, New Zealand, Singapore, Malaysia and other countries is expected to increase. Such as China and India.
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List of major players in the industrial gas market:
Industry News:
1 In November 2021, FIBA Technologies' goal is to double its production capacity after starting to expand its US headquarters in preparation for the growth of hydrogen storage and transportation. FIBA is investing millions of dollars to expand its manufacturing facility at its headquarters in Littleton, Massachusetts, install new equipment and increase its skilled production workforce.
2. In November 2021, Severstal, Schneider Electric and Air Liquide joined hands to support a low-carbon future under the newly formulated climate memorandum. Supporting the development and implementation of low-carbon technologies and establishing climate-responsible interactions with stakeholders are also key priorities for the trio.
This market called "Industrial Gas Market" will cover geographic segmentation, regional analysis, forecasts, quantitative date-units, major market trends, and various other exclusive information as described below:
Million USD/Billion USD revenue and compound annual growth rate from 2021 to 2028
North America, Europe, Asia Pacific, Latin America, the Middle East and Africa, and the rest of the world
The United States, Canada, Mexico, the United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, Gulf Cooperation Council countries and South Africa, etc.
Market growth drivers, constraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis of market segments and regions, company market share analysis, and COVID-19 impact analysis.
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Vantage Market Research Report Guide/Walkthrough
Market attractiveness analysis, by type
Market attractiveness analysis, by application
Analysis of market attractiveness in the Asia-Pacific region
Chapter 3: Main market dynamics
Porter's Five Forces Analysis
2017-2020 company market revenue (millions of dollars)
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