The global industrial gas market was valued nearly at $98 billion in 2018. Asia Pacific is the largest market for industrial gas, accounting for almost 39% of the global market. The USA is the largest country in terms of value in the industrial gas market.
The industrial gas market consists of the sales of industrial gases by entities (organizations, sole traders or partnerships) that manufacture industrial organic and inorganic gases in compressed, liquid, and solid forms. Industrial gases are also referred to as bulk gases or commodity gases.
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Industrial Gas Market Size
The global industrial gas market size is expected to grow at a growth rate of about 6% by 2022. Growth in the historic period resulted from emerging markets growth, and technology development. Going forward, economic growth, and applications of industrial gas in healthcare will drive growth. Factors that negatively affected growth in the historic period were safety, and changing regulations. Factors that could hinder the growth of this market in the future are rise in interest rates, and reduction in free trade.
The global industrial gas market is highly concentrated. Players in the market include Air Liquide, The Linde Group, Paraxair Inc., Air Products and Chemicals Inc, Mitsubishi Chemical Holdings Corp and Sinopec.
Air Liquide S.A. was the largest company in the industrial gas market in 2018 with around 23% market share. Air Liquide was founded in 1902 and is headquartered in Paris, France. L’Air Liquide is a supplier of gases, technologies and services. L’Air Liquide’s growth strategy aims at acquiring companies in similar industries. In 2014, the company acquired Scientific and Technical Gases Ltd., a calibration gas, high purity gases, and equipment manufacturer in the UK.
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The industrial gas market is segmented by type of gas, by end user industry and by geography.
By Type Of Gas – The industrial gas market is segmented by type of gas into
- a) Nitrogen
- b) Oxygen
- c) Hydrogen
- d) Carbon dioxide
- e) Others
Hydrogen had the highest growth rate of nearly 5.4% during the historic period. The fastest growth in the historic period can be attributed to demand by oil and gas companies to remove sulphur during the oil refining process and to process crude oil into refined fuels.
By End Use Industry – The industrial gas market is segmented by end use industry into
- a) Manufacturing
- b) Metallurgy
- c) Chemicals
- d) Healthcare
- e) Food & Beverages
- f) Others
The manufacturing market accounted for the largest share of the industrial gas market in 2018 at 26.7%.
By Geography – The industrial gas market is segmented into
- o North America
- USA
- o Western Europe
- UK
- Germany
- France
- Spain
- Italy
- o Asia Pacific
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