Industrial Gases Industry | Forecast 2030
The economic value generated by the industrial gas market was estimated at approximately USD 99.9 billion in 2022. This economic output is an amalgamation of industrial gas products including nitrogen, hydrogen, carbon dioxide, oxygen, argon, and acetylene.
Global industrial gases market’s growth is driven by increasing consumption of industrial gases in a wide range of end-use industries such as steel, cement, water treatment, automotive, food & beverages, plastics and rubbers, medical, and others. Increasing industrialization in the growing economies of the world is expected to the driving force behind the growing consumption of industrial gases.
Access the Global Industrial Gases Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Several initiatives have taken place for the development of the market in 2021 and 2022, which is anticipated to further escalate the growth in the forthcoming years. For instance, in October 2022, American oil & gas giant Air Liquide has announced to build three industrial gas production plants to serve large semiconductor manufacturers across the globe. For this, Air Liquide entered into a joint venture with Far Eastern Group and is estimated to invest over USD 530 million in this development strategy, according to Francois Abrial, member of Air Liquide executive committee of Asia Pacific. This is a triggering factor for the growth of industrial gases market.
Nitrogen Gas Market Growth & Trends
The global nitrogen gas market size is expected to reach USD 69.7 billion by 2030, expanding at a CAGR of 7.1% from 2023 to 2030, according to a new study by Grand View Research, Inc. Nitrogen gas has high demand in the manufacturing sector for applications such as laser cutting, metal fabrication, and food packaging. It provides an inert atmosphere that prevents oxidation and maintains the quality of the manufactured products.
The manufacturing industry relies heavily on the market for a diverse range of applications. One of its primary uses is laser cutting, a popular method for precision cutting of metals and other materials. It is commonly used as an assist in laser cutting processes. It helps to cool the cut and remove debris, resulting in cleaner and more precise cuts. Additionally, nitrogen gas provides an inert atmosphere that prevents oxidation during the cutting process, reducing the risk of discoloration or corrosion on the cut surfaces.
Order your copy of Free Sample of “Industrial Gases Industry Data Book – Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon and Acetylene Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Acetylene Gas Market Growth & Trends
The global acetylene gas market is expected to reach USD 5.4 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2023 to 2030. The growth of the welding market, which is driving the demand for acetylene gas as a fuel gas for welding.
The welding market has been experiencing significant growth in recent years, which has contributed to the increased demand for products as a fuel gas for welding. Welding is a process that involves joining two or more pieces of metal by heating the surfaces to their melting points, causing them to fuse together. Acetylene gas, when mixed with oxygen, produces a flame that can reach temperatures high enough to melt most metals, making it an ideal fuel gas for welding.
The growth of the welding market can be attributed to several factors, including the increasing demand for metal fabrication in various industries such as construction, automotive, and aerospace. Welding is also used in the repair and maintenance of metal structures and equipment, which is becoming increasingly important as companies seek to extend the lifespan of their assets.
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Argon Gas Market Growth & Trends
The global argon gas market is expected to reach USD 17.21 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2023 to 2030. Argon is often substituted by helium in various sectors; however, rising helium prices are projected to boost product demand in several applications. Expanding automobile sector is also anticipated to increase product demand as steel is one of the main components of this sector.
The solar energy market requires huge volumes of argon for manufacturing processes. Burgeoning energy markets are also expected to drive the product demand, owing to applications in the solar and insulated windows market. Argon and krypton gases are used for insulating windows to cover the space between glass panes to prevent cold air from coming inside the rooms. This factor is further projected to drive the market over the forecast period.
Growing lighting demand owing to the increasing number of malls, and shopping complexes are expected to drive product demand over the forecast period. Argon is a versatile gas and is used for various welding applications such as welding special alloys and the production of light bulbs and lasers. It can also provide oxygen and a nitrogen-free environment for various heating processes which is expected to drive the market over the forecast period.
Competitive Insights
The global industrial gas market is highly competitive due to presence of a large number of well small scale and large-scale manufacturers and suppliers of industrial gases. The small-scale companies majorly focus on stable pricing, regular supply, and product quality to serve the best to its clients. Whereas the large-scale companies regularly invest time and money on research and development activities for innovation and new product development related to industrial gases. Large-scale companies also focus on building a strong supply chain for the seamless distribution of industrial gases to their customers.
Global as well as regional players are striving to strengthen their sales channels to maintain a stable supply of industrial gas products to its consumers. The growing usage of industrial gases from a wide range of industries is also creating a competitive environment for industrial gas producers. Large players cater to the maximum share of the industrial gas market, while small players are also focusing on innovation and better product and service quality to capture a greater market share.
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