Industrial Gases are the gases produced by different oil companies and chemical manufacturer’s to be used for industrial applications. Global Industrial Gases Market is estimated to generate a revenue of $85.31 million in 2017 and is projected to reach $106.23 million by 2023 at a CAGR of 4.5% during the forecast cast period. U.S countries shows moderate growth rate and APAC countries are becoming largest markets for Industrial gases. Especially china dominates by producing innovative, exporting wide varieties of Industrial Gases. Growing population and industrialization in china is major driver in Industrial gases Market. The application industries like Food, medical and Pharmaceuticals sectors has fastest growth rate during forecast period. Also nitrogen posses cooling properties and has largest share in industrial application.
Industrial Gases Market Outlook:
The industrial Gases composed of naturally, synthetically manufactured gases for use in application industries. The type of gases used are Argon, Hydrogen, Oxygen, Nitrogen, Carbon Dioxide, Helium, specialty gases, cutting and welding gases, gas mixtures and so on. The application industries include oil and Gas companies, chemical and Petrochemicals industries, Electronics, Food and beverages, Automotive, Transportation, lasers, aerospace, water treatment and so on. In MAP (modified atmosphere packaging), oxygen is replaced by nitrogen which increases the shelf life of food or drug products. Also Carbon dioxide is witnessing high growth in natural refrigerants during the forecast period. Hydrogen gas is considered as potential replacement to fossil fuel in automotive sectors. The market revenue of nitrogen is $23.8 billion in 2017 and is expected to generate $30 billion by 2023. The market revenue of Hydrogen is $9.8 billion in 2017 and is expected to reach $12.7 billion by 2023. Not only gases, the companies are producing gas handling equipment for safe use of Industrial gases at required places.
Industrial Gases Market Growth Drivers:
With the rise in industrial activities, the manufacturing units are increasing to produce different types of industrial gases to various application industries. This drives the market of Industrial gases in developing and developed countries. Fast growing Infrastructure and Construction activities in developing countries drives the market of Industrial gases like cutting and welding gases in metal working and welding applications.
Industrial Gases Market challenges:
Also emission of Industrial gases into atmosphere creates global warming and Ozone depletion. So preventing and implementing natural based industrial gases, need of skill labor while working with flammable gases became challenge to the manufacturers and regulating bodies. Owing to climatic factors, health care needs, demand of energy, growing infrastructure projects has created awareness to produce sustainable Industrial Gases.
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