Global Industrial Gas Market Expected to Reach $150 Billion by 2030, Reports MarkWide Research
According to a new report published by MarkWide Research, titled, “Global Industrial Gas Market,” the worldwide market for industrial gases is poised for substantial growth, with a projected market value expected to reach $150 billion by the year 2030. This remarkable expansion is driven by the increasing demand for industrial gases in a wide range of applications, including manufacturing, healthcare, and electronics.
Market Overview:
Industrial gases are essential components used across various industries for applications such as metalworking, healthcare, electronics fabrication, and chemical production. These gases play a vital role in enhancing processes, ensuring product quality, and reducing environmental impact.
Key Market Insights:
- Manufacturing Renaissance: The primary driver of the industrial gas market is the resurgence of manufacturing activities globally, fueled by economic growth, infrastructure development, and advancements in industrial processes that rely on gases for precision and efficiency.
- Healthcare and Electronics: The market benefits from the growing use of industrial gases in healthcare, particularly for medical gases, and in the electronics industry for semiconductor manufacturing, where purity and precision are paramount.
- Environmental Sustainability: Advances in gas production and distribution technologies are aligning the industry with sustainability goals, with a focus on reducing carbon emissions and minimizing waste.
Market Forecast and Growth Prospects:
The global industrial gas market is expected to demonstrate robust growth, with a projected CAGR of over 6% during the forecast period, 2023-2030. The market, valued at approximately $90 billion in 2022, is anticipated to reach $150 billion by 2030. This growth trajectory is driven by the expanding manufacturing sector, increased healthcare demands, and the critical role industrial gases play in enabling technological advancements.
Challenges and Opportunities:
Challenges in the industrial gas market include addressing the need for efficient distribution networks, ensuring the safe handling of gases, and adapting to evolving environmental regulations. Opportunities lie in developing advanced gas formulations, expanding into emerging markets with growing industrial sectors, and promoting the benefits of gases in achieving operational excellence.
Regional Analysis:
- North America: North America, particularly the United States, is expected to lead the industrial gas market, with a strong focus on healthcare, electronics, and manufacturing industries.
- Europe: Europe represents another significant market, driven by industries such as automotive, chemicals, and environmental sustainability initiatives.
- Asia-Pacific: The Asia-Pacific region, including China, India, and Southeast Asia, is witnessing rapid growth in the industrial gas market, supported by a thriving manufacturing sector and increasing healthcare demands.
Competitive Landscape:
Prominent players in the global industrial gas market include Air Liquide S.A., The Linde Group, and Praxair, Inc., among others. These companies specialize in providing a wide range of industrial gases tailored to the specific needs of various industries.
Conclusion:
The global industrial gas market is experiencing significant growth, driven by the resurgence of manufacturing, the expanding healthcare sector, and the increasing reliance on industrial gases in technological advancements. With a commitment to innovation, sustainability, and meeting the diverse needs of industries, industrial gases are integral to enhancing processes and achieving operational excellence.