Global Industrial Gases Market to Cross $106 Billion by 2022
According to TechSci Research report “Global Industrial Gases Market By Application, By Type, By Region, By Mode of Distribution, Competition Forecast & Opportunities, 2012-2022”, global industrial gases market is projected to cross $ 106 billion by 2022, on account of growing demand for industrial gases from a wide range of industrial applications such as metal production & fabrication, automobile, chemical & petrochemicals, etc. Though Europe dominates demand for industrial gases across the globe, Asia-Pacific is projected to emerge as the fastest growing market for industrial gases during the forecast period, due to rising demand from countries such as China, Japan, India and South Korea. Further, increasing development of steel production plants globally has driven demand for on-site tonnage plants. Rising demand for industrial gases across the globe can also be attributed to rising demand from healthcare and pharmaceutical sector.
Rising population in developing countries such as India, Brazil, Argentina, China and others is forecast to drive demand for packaged food. Industrial gases are utilized in 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. An increasing 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 Group, Praxair Inc., Air Products and Chemicals Inc.
“Global industrial gases market is expanding due to increasing investments in iron & steel industry, automobile 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 has forced companies to consolidate position and expand in new geographic areas over the last few years. This has led to increase in 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 Application, By Type, By Region, By Mode of Distribution, Competition Forecast & Opportunities, 2012-2022” has evaluated the 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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