In a recent published report, Kenneth Research has updated the market report for Industrial Gases Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Industrial Gases Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Industrial Gases Market is estimated to reach $82.4 billion by 2024; growing at a CAGR of 6.5% from 2016 to 2024. Industrial gases have numerous applications in various industrial sectors such as petroleum refinery, chemical production, food processing, healthcare, electronics, metal processing. Hydrogen, oxygen, carbon dioxide, nitrogen, helium, argon, and acetylene are widely used industrial gases for various applications in end use industries. Rapidly growing global population, changing food habits & growing fast food chains, growing demand for industrial output are the factors which will contribute to the tremendous growth of this market over the forecasted period.
Major factors driving the global industrial gases market are growing demand for packed food & beverages, resource constrains, globalization of the industry, and high adoption about medical grade gases for medical and health care industry. However, the strict environmental rules related to the manufacture and use of industrial gases coupled with high cost of transport & storage of these gases may hamper the market growth. Furthermore, capacity expansion and development of advanced technologies would unfold with numerous growth opportunities in the forecasted year.
Major segments of the global industrial gases market are products type, production and delivery, application, and geography. Products type segment comprises hydrogen, oxygen, carbon dioxide, nitrogen, helium, argon, and acetylene. Moreover, by production and delivery, market is categorized as merchant gases (liquified, tank delivery), merchant gases (cylinder delivery), and high-volume gases (on-site generation). Petroleum refinery, chemical production, food processing, healthcare, electronics, metal processing, and other applications are the sub segments of application segment.
Geographically, the global industrial gases market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, Spain, Italy, and Rest of Europe. Asia-Pacific is segmented into China, Japan, India, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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The major market players operating in industrial gases market include The Linde Group, Air Products & Chemicals Inc., Air Liquide S.A., Praxair, Inc., Messer Group GmbH, Taiyo Nippon Sanso Corporation, Yingde Gases Group Company, AIR WATER INC., Buzwair Industrial Gases Factories, and BASF SE, among others.
The key takeaways from the report
The report will provide detailed analysis of Global Industrial Gases Market with respect to major segments such as products type, production and delivery, and application
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Industrial Gases Market has been included in the report
Profile of the key players in the Industrial Gases Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Industrial Gases Market
Products Type Segments
Hydrogen
Oxygen
Carbon Dioxide
Nitrogen
Helium
Argon
Acetylene
Production and Delivery Segments
Merchant Gases (Liquified, Tank Delivery)
Merchant Gases (Cylinder Delivery)
High-Volume Gases (On-Site Generation)
Application Segments
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Petroleum Refinery
Chemical Production
Food Processing
Healthcare
Electronics
Metal Processing
Other Applications
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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