The global industrial gases market size is expected to exhibit strong growth by reaching USD 134.3 billion by 2028. As per the report titled “Industrial gases Market Size, Share & COVID-19 Impact Analysis, By Product (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Argon and Others), By Application (Healthcare. Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemicals & Energy and Others), By Distribution (On-site, Bulk (Liquid Gas Transport) and Cylinder (Merchant)) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 89.5 billion and USD 134.3 billion in 2028. The market is expected to exhibit a CAGR of 7.00% during the forecast period.
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Air Products Canada Ltd. Announced a Multi-billion Dollar Project to Construct a Net-Zero Hydrogen Energy Complex
In June 2021, a multi-billion dollar proposal to construct a net-zero hydrogen energy complex that lays out a strategy for Air Products to run Canada's green hydrogen network was unveiled by Air Products Canada Ltd., the Government of Canada, and the Province of Alberta.
Rising Investment in the Manufacturing and Processing Sectors Will Drive Market Growth
Growing governmental and private financing, particularly in emerging countries, is anticipated to increase the size of the worldwide industrial gas market as companies look to expand into new industrial sectors like metallurgy, food & beverage, and mining & metal. For instance, According to the World Investment Report 2020, which UNCTAD published in June 2020, the total amount of foreign direct investment (FDI) that entered the Asia Pacific region in 2019 was around USD 474 billion, or more than 30% of the total amount of FDI that moved throughout the world. The organization also stated that Southeast Asian nations like Singapore and Malaysia are expected to rank among the top economies in the area, attracting new investment opportunities. These nations include China, India, and other Southeast Asian countries.
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Reduced Gas Demand as a result of Nationwide Lockdowns May Limit the Market Growth
Every business was negatively impacted by the sudden spread of the COVID-19 pandemic, which resulted in a global health catastrophe. Due to the reduction in operational time brought on by the absence of staff and the lower demand from end-use sectors due to the nationwide lockdown to stop the virus' spread, less money was invested in gases in the fiscal year 2020. The development of the disease has also drastically altered the demand for crude oil, resulting in new record high oil prices. Consequently, there is less demand for different gases across all end-use industries.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the industrial gases market plan acquisitions to improve their brand recognition globally. For instance, in January 2021, the world's largest Proton Exchange Membrane electrolyzer plant will be built, owned, and run by Linde at the Leuna Chemical Complex in Germany. Through the company's current pipeline network, the new electrolyzer will supply industrial customers of Linde with low-carbon hydrogen.
Notable Industry Development
- April 2022: NITRO Crete, situated in Colorado, has been acquired by Cryogenic Industrial Solutions (CIS), according to the company. Stephen De Bever, NITRO Crete's current CEO, will continue to serve in that capacity.
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Market Players
- BASF SE
- AIR LIQUIDE S.A.
- Messer Group
- Linde Plc
- Taiyo Nippon Sanso
- Southern Gas Ltd.
- Universal Industrial Gases, Inc.
- Gulf cryo, International Industrial Gases Limited
- Goyal MG gases Pvt. Ltd.
- Ellenbarrie Industrial Gases
- Praxair Technology, Inc.
- MVS Engineering Pvt. Ltd.
- National Gases Ltd.
- Air Products & Chemicals
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