Booming automotive sector coupled with increasing demand from end-user industries such as chemical & petrochemical and metal & fabrication to drive global industrial gases market through 2024
According to TechSci Research report “Global Industrial Gases Market By End-User, By Type, By Mode of Distribution, By Region, Competition, Forecast & Opportunities, 2024”, global industrial gases market is projected to cross $ 122 billion by 2024, on account of growing demand for industrial gases from a wide range of industrial applications such as metal production & fabrication, automotive, and chemical & petrochemicals. Moreover, increasing development of steel production plants, globally, is driving demand for on-site tonnage plants. Rising demand for industrial gases across the globe can also be attributed to increasing demand from healthcare and pharmaceutical sector. Though Europe dominates demand for industrial gases across the globe, Asia-Pacific is expected to emerge as the fastest growing market for industrial gases during the forecast period, backed by rising demand from countries such as China, Japan, India and South Korea.
Browse 156 market data Figures spread through 230 Pages and an in-depth TOC on "Global Industrial Gases Market"
Rising population in developing countries such as India, Brazil, Argentina and China are likely to boost demand for packaged food. Industrial gases are utilized in the packaged food industry for preservation of food for longer durations. Further, new automotive manufacturing facilities are being developed across the globe to address increasing automobile demand. Moreover, a number of global automobile manufacturers are entering into collaborative agreements with local players in relatively untapped geographies, which is also boosting demand for industrial gases, especially carbon dioxide and argon, as these gases are widely used in automotive industry for MIG welding purposes. Few major companies operating in global industrial gases market include Air Liquide SA, Linde & Praxair Inc. and Air Products and Chemicals Inc.
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“Global industrial gases market is expanding due to increasing investments in iron & steel industry, automotive and chemical & petrochemical sectors. These applications constitute around two-thirds of the global industrial gases consumption. Global economic scenario, declining profit margins and increasing market competition have forced companies to consolidate position and expand in new geographic areas over the last few years. This is boosting the number of M&A activities among the players operating in global industrial gases market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Industrial Gases Market By End-User, By Type, By Mode of Distribution, By Region, Competition, Forecast & Opportunities, 2024” has evaluated global industrial gases market and provided statistics and information on market structure, industry behavior and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and helps decision makers to take sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with strategic recommendations for global industrial gases market.
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