Industrial Gases Market to Gain Value of US$ 126.1 Bn by 2031, States TMR Report

WILMINGTON, DE / ACCESSWIRE / September 20, 2022 / Transparency Market Research Inc. - The global industrial gases market is prognosticated to reach a value of US$ 126.1 Bn by the end of 2031, according to a research report by Transparency Market Research (TMR). Furthermore, the industrial gases market outlook states that the market is projected to expand at a CAGR of 6.1% during the forecast period, from 2021 to 2031.

Leading manufacturers are focusing on the study of emerging trends of the industrial gases market and developing products as per the current market demands. Furthermore, companies are investing heavily in R&Ds in order to advance the quality of their products and provide industrial gases as per the consumer requirements.

The industrial gases market is prognosticated to gain lucrative prospects in Asia Pacific during the forecast period, note analysts of a study by TMR. The growth of the Asia Pacific market is ascribed to many factors including the presence of many leading players, rising regional population, and the existence of several emerging economies including China, India, Singapore, and South Korea in the region. This aside, the industrial gases market in Asia Pacific is expected to gain prominent business prospects in the near future owing to rapid industrial growth and urbanization in the region.

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Industrial Gases Market: Key Findings

• Industrial gases are being increasing adopted in varied industry verticals globally including the electronics, healthcare, and food & beverages sectors. Hence, the expansion of these industries is creating sizable business opportunities in the industrial gases market. This aside, a rise in the use of these gases in the emergency medical conditions is expected to lead to largest opportunity for industrial gases market during the forecast period, note analysts of a TMR study.
• Industrial gases find wide applications in varied segments such as glass, steel, fiber optics, and oil segments, according to a TMR study. Hence, the expansion as well as technological advancements in these sectors from several emerging economies are anticipated to help in the rapid growth of the industrial gases market in the near future.
• With a surge in the understanding pertaining to the importance of environment protection from degradation along with a rise in the adoption of clean energy globally have boosted the demand for industrial gases in many nations across the globe. Such factors are propelling the global industrial gases market. Moreover, the market is being driven by rising application of industrial gases in the oil and gas industry.
• In the photovoltaic industries, industrial gases are being increasingly utilized for the production of solar displays, semiconductors, and flat panels. Hence, the expansion of the photovoltaic industries is likely to boost the growth prospects in the industrial gases market in the near future, states a TMR analysis.

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Industrial Gases Market: Growth Boosters

• Increase in the demand for electronic devices worldwide is fueling the sales growth in the industrial gases market
• Rise in the application of industrial gases in metal & mining industries is bolstering the global market
• Surge in the utilization of industrial gases in the oil and gas industry is expected to boost the market expansion in the near future

Industrial Gases Market: Key Players

Some of the key players profiled in the report are:

• Air Liquid SA
• Air Products & Chemicals Inc.
• Linde Group
• Praxair Inc.
• BASF SE
• Sig Gases Berhad
• Taiyo Nippon Sanso Corporation
• Yingde Gases Group Company Limited
• Iwatani Corporation
• Messer Group GmbH

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Industrial Gases Market Segmentation

• Product Type
  • Hydrogen
  • Nitrogen
  • Oxygen
  • Carbon Dioxide
  • Argon
  • Helium
  • Acetylene

Regions Covered

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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• Industrial Gases