The coronavirus pandemic has weakened all the businesses in
the industrial gases market; manufacturers are creating
potential opportunities, owing to increasing applications of industrial gases
in various end-use industries across the globe. Increasing demand for oxygen,
nitrogen, carbon dioxide, hydrogen, and argon in different end-use industries,
such as consumer electronics, semiconductors, food & beverages, healthcare,
mining, and others is generating revenue streams for manufacturers in the
industrial gases market. Countries such as India and China are expected to
witness rapid growth due to industrialization and urbanization.
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Industrial gases mainly consist of carbon dioxide, hydrogen,
nitrogen, oxygen, and noble gases (helium, neon, argon, krypton, xenon and
radon). The atmospheric gases like oxygen, nitrogen, and argon are captured by
reducing the temperature of the air until the respective components get
liquefied and separated. New developments are taking place in healthcare with
increasing emphasis on a healthier and generally better quality of life. In
addition to oxygen, nitrous oxide, nitric oxides, and other industrial gases
like hydrogen, helium, and xenon are all being prepared for use in
pharmaceutical-based products. Treatments and drug developments using induced
pluripotent stem cells (IPS) are bringing a new added value to the industry
through the application of systems, using gases such as carbon dioxide and
liquid nitrogen, which is indispensable for the cultivation and preservation of
cells and tissues driving demand for high-grade industrial gases.
The increase in demand for power and increasing consumption
of energy in the past decade have led to the development of new technologies,
such as nuclear fusion, hydrogen fuel cell, and green ammonia, which has a
positive impact on the demand for industrial gases.
The rapid development towards highly stable and small-scale
nuclear fission reactors is expected to drive the demand for noble gases, which
are used in nuclear reactors. The huge investment of major countries across the
globe and the vision to ignite nuclear fusion technology by 2050 and the
application of noble gas as a fuel and as a raw material to manufacture laser
ignition systems drive the growth of the market.
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Furthermore, an increase in the investment of developing and
developed countries in hydrogen fuel cell technologies, and engines to harvest
energy are expected to have a positive impact on the market. An increase in
demand for power in the future and rapid innovation and breakthroughs in the
core technologies for nuclear fusion reactors will provide lucrative
opportunities for the industrial gases market growth.
The industrial gases market forecast is segmented on the
basis of type, end-use, and region. On the basis of type, the market is
segmented into oxygen, carbon dioxide, nitrogen, hydrogen, noble gas, and
others. In addition, on the basis of end-use, the industrial gases market is
segmented into healthcare, electronics, aerospace, construction, energy &
power, and others.
Region-wise, the market is studied across North America,
Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the
largest industrial gas market share, followed by North America and Europe.
The major companies profiled in this report include Southern
Gas Ltd., Universal Industrial Gases, Inc., Gulf Cryo, International Industrial
Gases Limited, Goyal MG gases pvt. ltd., Ellenbarrie industrial Gases, Praxair
Technology, Inc., Linde plc, MVS Engineering Pvt. Ltd., National Gases Ltd.,
Air Liquide S.A., Air Products & Chemicals, Messer Group, Taiyo Nippon
Sanso, and BASF. The growth strategies such as acquisition, partnership, product
launch, and business expansion are adopted to attain key developments in the
industrial gases market trends.
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