Industrial Gases Market Size Worth $147.1 Billion By 2028 | CAGR 6.0%: Grand View Research, Inc.

SAN FRANCISCO, March 10, 2021 /PRNewswire/ -- The global industrial gases market size is expected to reach USD 147.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.0% from 2021 to 2028. The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thereby attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Key suggestions from the report:

• North America is expected to witness significant growth over the forecast period. The growing healthcare and electronic industries across the region are likely to promote market growth in North America
• By product, nitrogen is expected to witness the highest growth over the forecast period. It is an inert gas that finds numerous applications in the field of heat treatment for establishing a neutral atmosphere. Nitrogen is used to eliminate air from mines contaminated with methane to avoid break out of fire
• Based on application, the manufacturing segment accounted for the largest revenue share in 2020 owing to increasing demand for industrial gases, such as nitrogen, oxygen, carbon dioxide, and hydrogen, in the manufacturing industry
• The presence of a large number of players in the market has resulted in tough competition. New and multifunctional product developments, superior quality, and efficient pricing are the only strategies companies can adapt to survive in this highly competitive global market

Read 166 page research report with ToC on "Industrial Gases Market Size, Share & Trends Analysis Report By Product (Oxygen, Nitrogen), By Application (Manufacturing, Healthcare), By Distribution (Cylinder, On-site), By Region, And Segment Forecasts, 2021 - 2028" at:https://www.grandviewresearch.com/industry-analysis/industrial-gases-market

Major end-use industry segments such as medical and pharmaceuticals, food and beverages, petroleum refining, petrochemicals, and aerospace prefer acquiring these gases directly from the manufacturing/distribution companies. Companies operating in these end-use segments usually require large quantities of gases, and therefore opt for bulk or onsite form of distribution.

The healthcare industry consumes substantial amounts of industrial gases in analytical and imaging equipment, diagnostics, home and institutional respiratory therapies, instrument and equipment sterilization, dental and general surgical anesthesia, imaging contrasts, and many other applications. Continuing research in new applications improves the growth in demand for industrial gas by the healthcare sector.

Industrial gases are used for a wide range of applications in the food and beverage industry. In the food industry, industrial gases are employed for numerous applications, including modified atmospheric packaging (MAP), chilling and freezing, and controlling the temperature of products during transportation and storage. It is majorly used to maintain the quality and increase the shelf life of food products.

Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:

• Industrial Gas Product Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
• Oxygen
• Nitrogen
• Hydrogen
• Carbon Dioxide
• Acetylene
• Argon
• Others
• Industrial Gas Application Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
• Healthcare
• Manufacturing
• Metallurgy & Glass
• Food & Beverages
• Retail
• Chemistry & Energy
• Others
• Industrial Gas Distribution Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
• On-site
• Bulk (Liquid Gas Transport)
• Cylinder (Merchant)
• Industrial Gas Regional Outlook (Volume, Million SCF; Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• South Korea
• Central & South America(CSA)
• Brazil
• Middle East & Africa
• Saudi Arabia
• UAE

List of Key Players of Industrial Gases Market

• Air Liquide
• Air Products & Chemicals
• Messer Group
• Taiyo Nippon Sanso
• The Linde Group

Find more research reports on Petrochemicals Industry, by Grand View Research:

• Petrochemicals Market – The global petrochemicals market size was predicted at USD 441.0 billion in 2019 and is anticipated to witness a CAGR of 5.0% over the forecast period.
• Silane Market – The global silane market size was valued at USD 1.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2020 to 2027.
• Fire Fighting Chemicals Market – The global fire fighting chemicals market size was worth USD 2.10 billion in 2016. Growing safety concerns and favorable safety regulations are anticipated to positively drive the market over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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