The latest research study “Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global industrial gases market size reached US$ 93.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 129.1 Billion by 2027, exhibiting a CAGR of 5.4% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industrial gases are produced in large amounts for usage in several industrial processes. They are commonly known as medical, fuel, refrigerant, or specialty gases, depending on their utilization in various sectors. Industrial gases consist of versatile carbohydrates with taste and texture similar to table sugar and with low calories. They are also used in the food and beverage (F&B) sector as a sugar replacement in products, such as ice creams, candies, fruit spreads, yogurts, chewing gums, etc. Industrial gases, including oxygen and helium, provide modern anesthetic techniques and a base for life support for artificially ventilated patients. As a result, they find extensive usage across several sectors, such as manufacturing, healthcare, metallurgy, chemical, energy, etc.
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Industry Trends and Drivers:
The escalating product demand in the chemical industry to produce flexible and rigid polyurethane coatings, foams, elastomers, sealants, adhesives, etc., is primarily driving the industrial gases market. Besides this, the elevating utilization of these gases in the oil and gas sector for controlling various refinery processes is further augmenting the market growth. Apart from this, the growing popularity of gas-based foams in the automotive industry for producing seating, ventilator headliners, headrest, armrest, etc., is also catalyzing the global market. Moreover, the rising requirement for these gases, including oxygen and hydrogen, in propellants to launch rockets that carry communications, broadcasts, and meteorological satellites is acting as another significant growth-inducing factor. Furthermore, the inflating need for protective components, exterior panels, building materials, housing electronics, etc., is expected to bolster the industrial gases market in the coming years.
List of Major Key Players:
The major players in the market are
- Air Liquide S.A.,
- Linde Group,
- Praxair, Inc.,
- Air Products and Chemicals, Inc.,
- AirGas, Inc.
Explore industrial gases market report with table of contents: https://www.imarcgroup.com/industrial-gases-market
|Industrial Gases Market Report Scope|
|Market size value in 2021||US$ 93.7 Billion|
|Market forecast in 2027||US$ 129.1 Billion|
|Growth Rate||CAGR of 5.4% from 2022 to 2027|
|Base year for estimation||2021|
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