Industrial Gases Market Increasing Demands and Sales 2019 – 2029
Posted by Divakar on January 7th, 2020
Widely used in metal and ore processing, welding, food processing, healthcare, petrochemical, and various other industries, industrial gases continue to observe an impressive rate of consumption at a global level. Increasing steel production and expanding chemical industry are further creating significant demand for industrial gases. According to a recent market study of Persistence Market Research (PMR), the industrial gases market will witness a robust CAGR during 2019 – 2029, reaching the value of US$ 150 Bn by the end of forecast period.
Key Takeaways – Global Industrial Gases Market Study
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End users are shifting their preference towards high-purity industrial gases owing to production requirements and changing design standards. Manufacturers can gain profits from providing gases with value-based pricing without compromising on efficiency and quality of their offerings.
Increasing usage of oxygen gas in steel manufacturing is expected to propel growth of the industrial gases market. High demand for hydrogen from automotive sector for use as direct fuel or in fuel cells is anticipated to provide lucrative opportunities. Massive investments in infrastructural projects in Asia Pacific and rapidly growing industry across various sectors in Asia Pacific and North America are expected to boost the demand for industrial gases in these regions on a large scale.
Leading Players Account for over 3/5th Share in Industrial Gases Market
The industrial gases market is moderately consolidated on a global level, with leading players accounting for more than 60% of the overall market size as of 2018. However, significant fragmentation is witnessed in regions such as Asia Pacific, where local suppliers hold prominent market positions. Some of the key market players in the market included in the report are
Focus on business expansion through mergers & acquisitions and new plant establishments are key trends in the global industrial gases market. Regional market players are focused on entering long term relationships with direct end-users to sustain continuous revenue flow.
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Find More About Industrial Gases Market Study
PMR, in its new research report, offers an unbiased analysis of the global industrial gases market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study reveals insights on the global industrial gases market. The report covers market dynamics, market share analysis, pricing analysis, and channel partners involved in the industrial gases market value chain. Readers can also find key trends and market growth scenarios based on gas type and application across North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
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About the AuthorDivakar
Joined: January 23rd, 2017
Articles Posted: 1,148
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