Industrial gases refer to the group of gases, which are produced for usage in several industries. Some of the major industrial gases include hydrogen, oxygen, helium, nitrogen, carbon dioxide, argon, acetylene, and others. The industrial gases are exploited for their physical and chemical properties, such as coldness, inertness, and reactivity. The industrial gases are used to maintain and protect product quality, and produce specialty products. These gases are produced, stored, and transported in both liquid and gas form. Oxygen is utilized to enhance the reaction rates in the chemical and biochemical reactions. In the food and beverage industry, and biotechnology industry, oxygen enhances the biological activity of microorganisms. Carbon dioxide is used as raw material for several chemical processes, such as neutralizing alkaline materials. Hydrogen and methane are used for chemical production and combustion processes. Moreover, nitrogen, helium, carbon dioxide, and argon are used as inert gases in several applications, such as maintenance of controlled room environment, welding, manufacturing of non-flammable devices, and sparging process. Some of the major application areas of these industrial gases are metal fabrication, steel production, biopharmaceutical and chemical manufacturing, plastic and rubber manufacturing, and brewing processes.
The increased demand for high quality gas solutions in aerospace industry; and significant growth of pharmaceutical, food and beverage industries in the emerging economies, such as China, India, and Brazil are creating ample opportunities for the growth of the global industrial gases market, during the forecast period. In addition, the increasing adoption of cryogenic processes for industrial air separation and increasing usage of gaseous mixtures, such as syngas (a mixture of carbon monoxide and hydrogen) are the key trends witnessed in the global industrial gases market. However, the huge capital required for the production and purification of industrial gases, and high cost associated with storage and transportation of the industrial gases are restraining the growth of the global industrial gases market to some extent.
The global industrial gases market was valued at $47,200.0 million in 2015, and it is expected to grow at a CAGR of 6.2% during 2016 - 2022. The factors driving the growth of the global market include rapid industrialization and increasing population.
Among the various applications, the petroleum refinery segment held the largest share in the global industrial gases market in 2015. Among the various product types, the hydrogen segment held the largest share in the global industrial gases market in 2015.
Asia-Pacific accounted for the largest share (38.9%) in the global industrial gases market in 2015, and it is also anticipated to witness the highest growth (CAGR 6.6%) during 2016 - 2022. The major reasons behind the growth of the industrial gases market in the region include increasing refinery output particularly in countries, such as China and India. China is the largest market for industrial gases in the region; however, India is expected to witness highest growth in the near future.
Some of the major players operating in the global industrial gases market include Praxair Inc., Air Products and Chemicals Inc., Linde AG, Air Products and Chemicals Inc., Air Liquide, Airgas Inc., and Taiyo Nippon Sanso Corporation.
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