Zion Market Research has published a new report titled “Industrial Gases (Hydrogen, Nitrogen, Oxygen, Carbon Dioxide, Argon, Helium and Acetylene) Market: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”. According to the report, the global industrial gas market was valued at around USD 45.0 billion in 2014 and is expected to reach USD 65.0 billion in 2020, growing at a CAGR of above 6.0% between 2015 and 2020.
Industrial gases are mainly atmospheric gases and process gases. Nitrogen, oxygen, argon, carbon dioxide, water vapor, ozone, neon, helium, krypton, methane, hydrogen, and nitrous oxide are some of the important industrial gases. Industrial gases play an important role in many sectors of the global economy such as agriculture, mining, oil and gas, construction, glass manufacturing, transportation equipment, instruments, food and tobacco, paper and paper products. It further finds widespread application in chemicals and chemical products, petroleum products, rubber, and plastics, medical. Industrial gases are necessary for some processes including chemical, material and.
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Growing population and industrialization in emerging economies are some of the major growth driving factors for the industrial gases market. Increasing demand of these gases from food and tobacco, paper, chemicals, agriculture, mining, oil and gas, construction and healthcare industry is further fuelling the market growth. Additionally, consolidation, strategic business alliances, and concentric diversifications are some of the strategies adopted by major players, which is expected to augment the market growth during the forecast period. However, high storage and transportation cost of industrial gases is expected to be a major restraint of this market.
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Based on types, industrial gases market is segmented into hydrogen, nitrogen, oxygen, carbon dioxide, argon, helium, acetylene. Hydrogen gas segment dominated the global demand and the segment expected to grow at CAGR of 6% from 2012 to 2018. Hydrogen segment is expected to maintain its dominance over the next five years due to its wide range of applications such as agriculture, electricity generation, fossil fuel processing, ammonia production and others. Nitrogen and oxygen segments are also expected to witness fast growth over the forecast period.
Asia Pacific region dominated the market and accounted for significant share of the overall market in 2014. China, India, and Japan are major consumers of industrial gases in Asia Pacific. Expanding agriculture, construction, the chemical industry in Asia Pacific are the significant drivers of this industry. North America was the second largest region for this market followed by Europe.
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Some of the key participants in the industrial gases market include Air Liquide, Linde Group, Praxair Inc., Cryotec Anlagenbau Gmbh, Air Products And Chemicals Inc., Airgas Inc., and MATHESON Tri-Gas Inc. among others.
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