Industrial Gases Industry Overview
The global industrial gases market size was valued at USD 92.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028.
The growth of the market is primarily attributed to the growing manufacturing industry in the developing economies of Asia Pacific. Moreover, increasing industrialization and urbanization, coupled with the increasing application of industrial gases in various industries, such as healthcare, metals and mining, and food and beverages, are expected to influence the market growth in coming years. Electronic applications of industrial gas are witnessing strong growth on account of the high demand for flat panel displays, semiconductors, and printed electronics.
Gather more insights about the market drivers, restraints, and growth of the Global Industrial Gases market
Industrial gases such as nitrogen trifluoride (NF3), sulfur hexafluoride (SF6), silane (SiH4) are used in the electronics industry to manufacture and develop flat panel display products, compound semiconductors, and advanced components, such as silicon wafers and integrated circuits. These growing applications make industrial gases necessary for innovation and new product design in the electronics industry.
The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thus attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.
Industrial production has been growing globally and is expected to grow further. There is an ever-growing demand in the aerospace and metal and mining industries, wherein various industrial gases are used on large scale. In addition, significant growth of the food and beverage and pharmaceutical industries in North America, Europe, and Asia Pacific is generating abundant opportunities for market growth.
Furthermore, demand for industrial-grade carbon dioxide has been on a lower side owing to the closing of industrial activities in states badly affected by COVID-19. However, demand for carbon dioxide has been on a higher side from medical and fire-fighting applications. The requirement of a large number of COVID care centers across the country, along with a few medical applications of carbon dioxide, resulted in higher demand for medical-grade carbon dioxide in recent times.
Browse through Grand View Research's Petrochemicals Industry Related Reports
Heat Transfer Fluids Market - The global heat transfer fluids market size was estimated at USD 10.3 billion in 2021 and is anticipated to exhibit a compound annual growth rate(CAGR) of 3.6% from 2022 to 2030. The adoption of concentrated solar power globally is one of the major factors driving the demand.
Noble Gas Market - The global noble gas market size was valued at USD 2.47 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. Increasing application areas for noble gases in the healthcare and industrial sectors and supportive government policies are expected to boost the market growth.
Key Companies profiled:
Some prominent players in the global Industrial Gases market include
- Air Liquide
- Air Products & Chemicals
- Messer Group
- Taiyo Nippon Sanso
- The Linde Group
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