The Global Industry Gases Market is estimated to be $47 billion in the year 2015, and further expected to reach $71.6 billion by the year 2022. The global industrial gases market is forecasted to grow with the CAGR of 6.2% during the period 2016-2022. The major factors that are augmenting the growth of the market arerising demand of the industrial gases in the healthcare specifically medical grade gases like nitrogen, nitrous oxide, helium etc. Increasing application of liquefied gas like LNG (liquid nitrogen gases), increasing usage of industrial gases in vehicles are the major factors that are boosting the growth of the global industrial gases market. However, high cost of transportation and high cost of storage of the industrial gases and increasing environmental regulations are hindering the growth of the market.
Increasing application of industrial gases in food and beverages and healthcare has widened the scope of industrial gases market. In food and beverages industry, industrial gases like carbon di oxide and nitrogen are excessively used for freezing, packaging, grinding etc in various food product including bakery, dairy, beverages, prepared meat etc. Additionally, industrial gases in food and beverages industry an also provide health and safety benefits, for example, Modified Atmosphere Packaging (MAP) a technique of preservation of food like meats, fish etc. Healthcare industry has huge potential for the industrial gases, for example, nitrous oxide is being used in anesthesia, pain relief etc, liquid nitrogen is used in cryogenic storage organs, blood , body tissues etc. these are the major factors that are augmenting the growth of the industrial gases market.
Global industrial gases market is segmented on the basis of the product, application and delivery mode. On the basis of the product global industrial gases market is segmented into hydrogen, oxygen, nitrogen, carbon di oxide, helium, argon. Oxygen and carbon di oxide are the most commonly used industrial gases, for example, Carbon di oxide is widely used in food and beverages, packaging etc. On the basis of the application the global industrial gases market segmented into petroleum, chemical, food processing, healthcare, metal processing, electronics and others. And on the basis of the delivery mode the global industrial gases market is segmented into cylinder delivery, liquefied tank delivery, and on site generation. Cylinder delivery has been used to eliminate the need of gas generation on site like LPG gas cylinders. Onsite generation is used by large gas production plants like oil refineries, steel works etc.
On the basis of the geography the global industrial gases market are divided into North America, Europe, Asia Pacific, Latin America, Middle East and rest of the world. Asia Pacific is the market leader in the global industrial gases market.In the year 2015, Asia Pacific market held the major share in the global industrial gases market.
The key market players in the global industrial gases market are Air liquid S.A., Airgas INC., Air products and chemicals INC, Praxair INC, the Linde group, American air liquide holdings INC, taiyo nippon sanso corporation, Messer group GMBH, BASF, Gce holding AB, etc.