In its latest market research report published recently, Transparency Market Research, a U.S.-based market intelligence firm states that the global industrial gases market is estimated to be worth USD 58.4 billion by the end of 2018. The report, titled “Industrial Gases Market – Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018,” is available for sale on the company’s website.
The report states that the worldwide industrial gases market that was valued at USD 38.0 billion in the year 2011, will show a compounded annual growth rate (CAGR) of 6.3% to expand into a USD 58.4 billion market by 2018.
The report identifies some key drivers for the global industrial gases market. These include increasing population, rapid industrialization in BRICS nations, and growth in associated industries such as transportation, chemical manufacturing, food and beverages, and metal fabrication. With the use of industrial gases in practically every industry, the market for the same has not just evolved over the years, but also seen major developments. In developing economies, the demand for mixed gases, mainly in manufacturing, healthcare and electronics segments, has increased. This has also led to ensuing demand for new application of traditional gases such as nitrogen, oxygen, and carbon dioxide.
An important factor driving the market, as highlighted in the report, is the growing consciousness among urban population regarding the environment and the need for sustainable and alternate sources of energy. Major companies such as Linde, Air Liquid, Praxair, and Air Products who operate in the industrial gases business have extended their scope to a number of geographical regions to gain a share in the expanding market. Emerging Asian economies like those of India and China will pose as future growth opportunities for the market.
According to the TMR report, hydrogen led the market in 2011 as far as market share was concerned and has also been predicted to be the fastest growing segment over the next five years at an approximate CAGR of 6% from 2012 to 2018. The demand for nitrogen and oxygen worldwide is estimated to reach USD 6.2 billion and USD 6.1 billion respectively by 2018. Asia Pacific led the industrial gases sector in 2011 in terms of demand, with rising domestic consumption in China, India, and South Korea, and is expected to grow at a CAGR of more than 7% between 2012 and 2018 making it the fastest segment across all regional markets.
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The industrial gases industry has been segmented in the report on the basis of products and geographical regions. In terms of products, industry is categorized into hydrogen, nitrogen, oxygen, carbon dioxide, helium, acetylene, and argon. On the basis of geography, it is divided into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
The TMR report also consists of a comprehensive section on company profile of key players in the industry that will enable users to gain a deeper insight into present and future strategies adopted by the companies.