Growth in the industries of rubber manufacturing, automotive, and packaging are driving Global Industrial Gases Market
The Asia-Pacific industrial gases market is the most propitious of all the regional markets and will continue to be the fastest growing segment of the market during the forecasted period. The largest chunk of industrial gases by value belongs to the Asia-Pacific region mainly due to the presence of a large population base and huge demand from industries of the growing economies such as India, China, South Korea and Singapore. The high market share of the industrial gases market in this region can be attributed mainly to the rapid industrialization in developing economies such as India, China and Japan which have a multitude of untapped opportunities. The major chunk of demand for industrial gases can be observed in the booming fields of healthcare, manufacturing and electronics segments. This has resulted in the corresponding increase in demand for various gaseous mixtures (exotic ones include Neoquad – a mixture of helium, nitrogen, neon, oxygen, and Argox – a mixture of argon and oxygen), pure gases used in the healthcare industry, as well as various modern applications of traditional gases such as carbon dioxide, oxygen and nitrogen.
- Sudden surge in the use of specialty gases primarily in the fields of food industry and electronics and healthcare industries has stepped up the demand for industrial gases in the growing economies. Emergency medical conditions empower countries such as India and China with a multitude of untapped opportunities
- Growing awareness regarding environment protection from degradation and subsequent demand of clean energy has augmented the rise in consumption of industrial gases in developing countries
- Rapid economic developments in south and central Asian countries and strong government initiatives undertaken to strengthen their respective economies have resulted in a rise of disposable income and awareness among consumers
- The steel, glass, oil and fiber optics market demands intensive usage of industrial gases. Growth in these sectors in countries such as China, Japan and India proportionately pushes the market for industrial gases towards an upward trend.
Industrial gases are specific gaseous materials produced for industrial purposes, with the most prominent ones being oxygen, nitrogen, carbon dioxide, helium, and hydrogen, although various other mixtures are also manufactured and provided as gas cylinders. A number of industries require these customized gases, including steel, oil and gas, chemicals and petrochemicals, biotechnology, medicine, environmental protection, and nuclear power, and the market for the same is feeding off the prosperity of each of them. According to a business intelligence study by Transparency Market Research (TMR), the demand in the global industrial gases market will expand at a notable CAGR of 6.3% during the forecast period of 2012 to 2018, with the opportunities estimated to reach a value of US$58.4 billion by 2018.
The analyst of the report has detected that the number of vendors connected to the value chain of the global industrial gases is consistently increasing, which in turn is intensifying the competitive landscape. With the emergence of a number of regional players, the competition is coming down to pricing of the finished products. The report identifies Air Products & Chemicals Inc., Air Liquid SA, Praxair Inc., Linde Group, Sig Gases Berhad, BASF SE, Yingde Gases Group Company Limited, Taiyo Nippon Sanso Corporation, Messer Group GmbH, and Iwatani Corporation as some of the notable names in this fragmented market scenario.