Industrial Gas Market Charecterstics
The industrial gases manufacturing market consists of the sales of industrial gases by entities (organizations, sole traders or partnerships) that produce industrial organic and inorganic gases in compressed, liquid, and solid forms.
Industrial Gas Market Competitive Landscape
The global industrial gas market is highly concentrated with the major players being L`Air Liquide S.A, The Linde Group, Praxair Inc., and Air Products and Chemicals Inc.
Industrial Gas Market Size
The global industrial gas market is expected to reach higher than $85 billion by 2022, growing by less than 5% CAGR in the forecast period. The growth in the industrial gas industry is mainly due to the emerging markets growth, technology development and applications of industrial gas in healthcare industry.
However, the global industrial gas market is expected to face restraints due to several factors which include safety regulations and increasing interest rates.
Industrial Gas Market Segmentation
The global industrial gases market is segmented by type of gas and by geography.
By Type Of Gas- The global industrial gases market is further is segmented into nitrogen, oxygen, hydrogen, carbon di oxide and others.
Among these segments, nitrogen accounted for the largest segment in the global industrial gas market in 2017.
By Geography- The industrial gas market is segmented into North America, South America, Western Europe, Eastern Europe, Asia Pacific, Middle East and Africa. Among these regions, the North American industrial gas market held the largest industrial gas market share in 2017.
Industrial Gas Market Trends
Several trends witnessed in the industrial gas market include industrial gases applications in food and beverage, adoption of advanced technology such as IoT by industrial gas manufacturers and consolidation in the industrial gas market.
Potential Opportunities In The Industrial Gas Market
With increasing economic growth, implementation of advanced technology and applications of industrial gasses in various industries such as food and beverage and healthcare, the overall potential and scope for the global industrial gas market is expected to increase significantly in the forecast period.