Global Industrial Gas Market Surges on Healthcare Innovations and Green Initiatives

December 04, 2023 05:30 PM GMT | By EIN Presswire
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LANDON, GREATER LANDON, UK, December 4, 2023 / -- The global industrial gas market witnesses robust growth, escalating from $128.62 billion in 2022 to $146.08 billion in 2023, marking a remarkable compound annual growth rate (CAGR) of 13.6%. Projections indicate sustained expansion, forecasting the market size to reach $238.77 billion by 2027, propelled by a formidable CAGR of 13.1%.

Healthcare Innovations Driving Demand

Healthcare advancements are reshaping the industrial gas landscape, with a growing focus on fostering a healthier and higher quality of life. Beyond traditional oxygen use, industrial gases such as nitrous oxide, nitric oxide, hydrogen, helium, and xenon are gaining prominence in pharmaceutical applications. Treatments and drug developments utilizing induced pluripotent stem cells (IPS) introduce added value to the industry, relying on gases like carbon dioxide and liquid nitrogen crucial for cell and tissue cultivation and preservation. This surge in medical applications propels the demand for high-grade industrial gases.

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Key Market Players Shaping the Industry Landscape

Major players influencing the dynamics of the industrial gas market include The Linde Group, Air Liquide, SIG Gases Berhad, Air Products and Chemicals Inc., Mitsubishi Chemical Holdings Corp, Air Water Inc., Taiyo Nippon Sanso Corporation, Messer Group GmbH, Iwatani Corporation, and Arkema SA.

Sustainable Practices: Industrial Gas Companies Contributing to Greenhouse Gas Reduction

Industrial gas companies are actively contributing to greenhouse gas reduction by supplying carbon dioxide emitted from industrial facilities to greenhouses. The captured CO2 from power plants and refineries is stored locally in capacities and empty natural gas fields, then transported to greenhouses via pipelines. This intelligent CO2 recycling solution not only benefits the environment but also reduces the carbon footprint of greenhouses. Linde, for instance, collects CO2 from the Shell oil refinery near Rotterdam, Netherlands, distributing it to over 580 greenhouses in Rotterdam and Amsterdam. This initiative saves the combustion of 115 million cubic meters of natural gas and prevents emissions of 205,000 tons per year of CO2.

Regional Dominance and Market Segmentation

In 2022, the Asia-Pacific region claimed the largest share in the industrial gas market, with North America securing the second-largest position. The global industrial gas market report comprehensively covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation Details

The global industrial gas market is segmented -

• By Type: Nitrogen, Oxygen, Carbon Dioxide, Hydrogen, Other Industrial Gas

• By Mode of Supply: Bulk, Packaging, Pipeline

• By Packaging: Cylinders, Bottles, Canisters, Cartridges, Cryogenic Tanks/Vessels, Other Packagings

• By End User Industry: Chemicals, Metallurgy, Manufacturing, Food & Beverage, Healthcare, Other End-User Industries

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Industrial Gas Global Market Report 2023from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Industrial Gas Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on industrial gas market size, industrial gas market drivers and trends, industrial gas market major players, industrial gas market competitors' revenues, industrial gas market positioning, and industrial gas market growth across geographies. The industrial gas market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the industrial gas market report and tap into segments with the highest growth potential.

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