MarketResearchReports.Biz has announced addition of new report “Global Industrial Gases Market: Size, Trends & Forecasts (2016-2020)” to its database.
The report entitled Global Industrial Gases Market: Size, Trends & Forecasts (2016-2020), provides a detailed analysis of the industrial gases market with analysis of market size and growth and market segmentation on the basis of product and market share by region.
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Asia Pacific is the largest market for industrial gases with the highest share followed by EMEA and Americas. Rising application of industrial gases in booming fields of healthcare, manufacturing and electronic segments in the Asia Pacific region is expected to drive the demand of industrial gases in the region.
The report assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global industrial gases market has also been forecasted for the period 2016-2020, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
A brief company profiling of major market players namely Air Liquide, Linde, Air Products and Praxair has provided in the report on the basis of aspects like business overview, financial overview and business strategies adopted by respective companies.
Industrial gases are comprised of elements, molecular compounds or mixtures. The most common industrial gases are oxygen, hydrogen, nitrogen, carbon dioxide and noble gases such as argon, neon, xenon and krypton. Some industrial gases such as nitrogen, oxygen, argon, LNG and liquefied petroleum gas are liquefied at high pressure for ease of storage and transport. Industrial gases are used in a wide number of industries such as oil and gas, pharmaceuticals, petrochemicals, steelmaking, and food & beverages etc.
The global industrial gases market has increased during the year 2014-15, and projections are made that the market would rise in the next five years i.e. 2016-2020 at a rapid pace. Major factors contributing in the growth of the market are rising demand from major industries such as oil and gas, increasing application of industrial gases, growing demand of liquefied gas, and growing urbanization etc.
Rapid industrialization in emerging economies such as India and China, rising use of industrial gases in solar PV industry, and emerging innovative technologies are expected to fuel the market demand in the forecasted period. In spite of high growth, market is still facing certain challenges that are hampering the growth of the market. Challenges encountered by the market are lack of quality and cost of power, high distribution cost, and stringent government and environmental regulations etc.
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