Industrial gases market size to grow by USD 29,120.36 million from 2022 to 2027: Increasing requirement for oil and gas extraction and refining to boost growth

Jul 14, 2023

NEW YORK, April 20, 2023 /PRNewswire/ -- The global industrial gases market size is estimated to increase by USD 29,120.36 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of almost 5.92%. The increasing requirement for oil and gas extraction and refining is driving market growth. The oil and gas and petrochemical industries are key end-users of industrial gases and are growing at a rapid rate. The use of carbon dioxide is increasing significantly in the oil and gas industry, as it is miscible with crude oil and is cost-effective. A rise in the use of nitrogen and carbon dioxide in oil recovery projects and the need for low-sulfur diesel and gasoline will fuel market growth. The growth in demand for oil and gas has led to an increase in global refinery capacity due to the addition of new refineries and the expansion of existing refinery complexes. These factors will fuel market growth during the forecast period. Discover some insights on market size, historic period (2017 to 2021), and forecast period (2023-2027) before buying the full report - Request a sample report

Industrial gases market – Vendor analysisVendor landscape –

The global industrial gases market is concentrated, with the presence of a few vendors. Some prominent vendors that offer industrial gases in the market are Air Liquide SA, Air Products and Chemicals Inc., Air Water Inc., Airgas Inc., Asia Technical Gas Co Pte Ltd., BASF SE, Bombay Oxygen Investments Ltd., Buzwair Industrial Gases Factories, Coregas Pty Ltd., Daesung Industrial Co. Ltd., Goyal Group, Guangdong Huate Gas Co. Ltd., Gulf Cryo Holding CSC, Iwatani Corp., Linde Inc., Messer SE and Co. KGaA, Praxair Technology Inc., SOL Spa, Taiyo Nippon Sanso Corp., and Yingde Gas Group Co. Ltd. and others.

Due to high consolidation in the market, key players operating in the market are under pressure to develop new products and applications to stay ahead of the competition. Vendors should innovate and keep up with new trends. The competitive environment in the market is anticipated to intensify, with a rise in the number of product extensions, improved services, technological innovations, and M&A. Though small- and medium-scale vendors are introducing innovative capabilities, prominent players will continue to have a strong foothold. Vendors compete on factors such as innovation, quality, price, performance, delivery, reliability, and service.

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Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/active/niche/trivial

Vendor offerings -

Air Liquide SA - The company provides large volumes of industrial gases, including hydrogen, oxygen, nitrogen, and carbon monoxide, for refining, petrochemical, and metal industries.

Air Products and Chemicals Inc. - The company offers industrial gases that can be delivered by truck and stored on site either as a liquid in cryogenic tanks or as a gas in high-pressure tubes based on volume, desired pressure, purity level, flow rate, and operating pattern.

Air Water Inc. - The company offers industrial gases that include oxygen, hydrogen, argon, carbon dioxide, hydrogen, and helium and a wide variety of industrial equipment, such as gas equipment, for effectively using the characteristics of industrial gases.

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Industrial gases market - Segmentation assessmentSegment overviewTechnavio has segmented the market based on type (hydrogen, oxygen, nitrogen, carbon dioxide, and others), end-user (manufacturing, chemical processing, metal fabrication, energy, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

The hydrogen segment will account for a significant share of market growth during the forecast period. Hydrogen is one of the lightest gases in the atmosphere. It is generally used in the chemical, petroleum refining, electronics, glass, and metal processing industries. In the refinery industry, hydrogen is used for lowering the sulfur content and removing pollutants and impurities from transportation fuels. This helps refiners produce better-quality products from crude oil. These factors will drive the growth of the segment during the forecast period.

Geography overviewThe report provides actionable insights and estimates the contribution of all regions to the growth of the global industrial gases market.

APAC is estimated to account for 41% of the growth of the global market during the forecast period. The high demand for industrial gases in APAC is attributed to factors such as rapid expansion of infrastructure. Industrial gases are required to produce large volumes of steel. In addition, the increasing need for alternate sources of energy is fueling the expansion of gasification plants and gas-to-liquids, coal-to-liquids, and coal-to-chemical plants. Regulations related to fuel emissions have led to the demand for cleaner fuels, which in turn, will boost the demand for hydrogen.

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Industrial gases market – Market dynamics

Key trends - Innovations in storage design and packaging are key trends in the market. Industrial gases are highly flammable and hazardous. Therefore, utmost care is required during handling, storing, and transport. Industrial gases can also be transferred through pipelines. Many companies are launching innovative gas packaging solutions. For instance, Linde has adopted composite cylinders in its distribution channel. The company encourages the use of disposable plastic valve protection caps over unprotected cylinder valves. Therefore, innovations in cylinder packaging and pressure valves are expected to support market growth during the forecast period.

Major challenges - Criticalities in gas distribution and gas handling systems are challenging market growth. Industrial gases are critical in the manufacturing, processing, and packaging sectors. However, the distribution systems for industrial gases should meet certain standards. These gases should be transported in owner trolleys or cylinders and must be brought back to the refilling site for refilling and dispatch. Other modes of distributing gases include pipelines, ships, and trucks. Moreover, gas handling equipment should adhere to purity standards. These factors will impede market growth during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this industrial gases market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the industrial gases market between 2023 and 2027

Precise estimation of the size of the industrial gases market and its contribution to the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the industrial gases market across APAC, North America, Europe, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of industrial gases market vendors

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Industrial Gases Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.92%

Market growth 2023-2027

USD 29,120.36 million

Market structure

Concentrated

YoY growth 2022-2023 (%)

5.12

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 41%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading vendors, market positioning of vendors, competitive strategies, and industry risks

Key companies profiled

Air Liquide SA, Air Products and Chemicals Inc., Air Water Inc., Airgas Inc., Asia Technical Gas Co Pte Ltd., BASF SE, Bombay Oxygen Investments Ltd., Buzwair Industrial Gases Factories, Coregas Pty Ltd., Daesung Industrial Co. Ltd., Goyal Group, Guangdong Huate Gas Co. Ltd., Gulf Cryo Holding CSC, Iwatani Corp., Linde Inc., Messer SE and Co. KGaA, Praxair Technology Inc., SOL Spa, Taiyo Nippon Sanso Corp., and Yingde Gas Group Co. Ltd.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global industrial gases market 2017 - 2021

4.2 Type Segment Analysis 2017 - 2021

4.3 End-user Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Type

6.1 Market segments

6.2 Comparison by Type

6.3 Hydrogen - Market size and forecast 2022-2027

6.4 Oxygen - Market size and forecast 2022-2027

6.5 Nitrogen - Market size and forecast 2022-2027

6.6 Carbon dioxide - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Type

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Manufacturing - Market size and forecast 2022-2027

7.4 Chemical processing - Market size and forecast 2022-2027

7.5 Metal fabrication - Market size and forecast 2022-2027

7.6 Energy - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 India - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Air Liquide SA

12.4 Air Products and Chemicals Inc.

12.5 Air Water Inc.

12.6 Asia Technical Gas Co Pte Ltd.

12.7 BASF SE

12.8 Buzwair Industrial Gases Factories

12.9 Coregas Pty Ltd.

12.10 Daesung Industrial Co. Ltd.

12.11 Goyal Group

12.12 Guangdong Huate Gas Co. Ltd.

12.13 Iwatani Corp.

12.14 Linde Inc.

12.15 Messer SE and Co. KGaA

12.16 SOL Spa

12.17 Taiyo Nippon Sanso Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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