A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global industrial gases market was worth USD 93.1 billion in 2020 and is further projected to reach USD 147.1 billion by 2027, at a CAGR of 6.5% during the forecast period (2021-2027). The market is driven by factors, such as growing applications in the healthcare sector, expanding food & beverages industry, and growing applications in electronics and semiconductors.
The growing application of industrial gases in the healthcare sector is expected to propel the global industrial gases market growth during the forecast period.
Industrial gases are increasingly used in the healthcare sector for various purposes. Oxygen is one of the most widely used industrial gas in the healthcare sector. It provides respiratory assistance in the event of breathing difficulties, and oxygen cylinders are used to aid breathing. Medical air is an ultra-pure, sterile, compressed source of air that is used in respiratory therapy and humidity treatments for extremely sensitive respiratory systems. Amid the ongoing oxygen crisis in India caused by the COVID-19-induced pandemic, IFFCO( Indian farmers fertilizer Cooperative) announced that its Kalol Oxygen plant would produce 33,000 liters of medical-grade oxygen per day.
Carbon dioxide is also used extensively in the medical sector. It is used to diagnose chronic respiratory conditions such as asthma, bronchitis, COPD, and others. It is also used in the treatment of cancer in combination with radiation therapy. Industrial gases are also used in the healthcare sector to provide oxygen and anesthetic mixtures for renal dialysis, chronic respiratory obstruction, and cardio-pulmonary bypass surgery. The growing use of industrial gases in the healthcare sector is expected to propel the global industrial gases market forward during the forecast period.
Sample Copy of the Report :https://www.blueweaveconsulting.com/global-industrial-gases-market-report/report-sample
Increasing application of industrial gases in F&B industry driving market growth
Industrial gases have been an essential component of the food & beverages (F&B) industry for a long time. Nitrogen, carbon dioxide, and oxygen are examples of industrial gases used in the food & beverages industry. Industrial gases are also used as an additive within the food to enhance the taste and texture of the food. It is also to modify the atmosphere to help with food processing or preservation. It may also be used as a non-solvent sterilizing agent or as a propellant to dispense food or beverages from the vessel. In the food and beverage industry, carbon dioxide is the primary additive in carbonated drinks. Liquid nitrogen and carbon dioxide are used to freeze food products. Carbon monoxide is also used to preserve the color of beef, pork, and meat products. In some cases, sulfur dioxide is used as a winemaking preservative. This diverse set of industrial gases applications in the ever-expanding food and beverage industry is expected to fuel the global industrial gases market during the forecast period.
Risks associated with handling industrial gases are stifling market expansion.
Because of the many hazards associated with industrial gases, handling them necessitates extreme caution and precaution. One of the most common hazards associated with industrial gases is their toxicity. Carbon monoxide and sulfur-containing gases are some of the examples of toxic industrial gases. Another significant danger is the flammability of these gases. Industrial gases like hydrogen, acetylene often create an explosive mixture when mixed with air, which can have several implications. Asphyxiation, often known as “the silent killer”, is another health hazard related to the handling of industrial gases. Displacement of oxygen by industrial gases like pure nitrogen can cause an industry to collapse instantly due to Asphyxiation. It is possible that an individual will die if they continue to inhale nitrogen. Apart from these hazards, industrial gases are also associated with corrosive risks, material handling risks, and chemical risks, all of which are expected to stymie the global industrial gases market's growth over the forecast period.
Oxygen accounted for the largest share in the global industrial gases market in 2020
The oxygen segment held the largest market share in the global industrial gases market in 2020. Oxygen is used in various industries for various purposes. Fuel enhancers and the medical sector are the two most important applications of oxygen. In the healthcare industry, medical-grade oxygen is in high demand. Patients with respiratory conditions are treated in hospitals with oxygen cylinders. The need for medical-grade oxygen has recently skyrocketed due to increasing COVID-19 cases. Currently, India faces a severe shortage of medical-grade oxygen as plants are unable to meet the sudden surge in demand. Apart from medical applications, oxygen is used to boost the calorific value of fuel. For example, Oxy-fuel cutting is a process used for cutting metals with a very high melting point. Highly pure oxygen (99.5% purity) is often used with other fuel gases like acetylene or propane in the oxy-fuel cutting process, and it can cut metal up to 250mm thickness. These applications have supported the oxygen segment in gaining a significant market share in the global industrial gases market.
Global Industrial Gases Market: Regional insights
The global industrial gases market is divided into the Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa regions. Asia-Pacific (APAC) dominated the global industrial gases market in 2020 and accounted for the largest market share. The growth of end-user industries in growing economies like India, China, South Korea, and other Asian countries supported the development of the industrial gases market in the Asia-Pacific region. China is the world's largest producer of nitrogen, according to the Food and Agriculture Organization, with 44.97 million tonnes consumed annually. With 16.48 million tonnes of annual consumption, India is in the second position. Nitrogen is widely used as a food preservative and is also used in fertilizer production. . In addition to the aforementioned factors, the growth of the pharmaceuticals and medical sectors in the Asia-Pacific region has led to the region's wide market share in the global industrial gases market.
COVID-19 Impact on Global Industrial Gases Market
COVID-19 has had a negative effect on the vast majority of sectors. While some have started to recover, others are still trying to figure a way out. The demand for food and agriculture products skyrocketed with the initiation of the lockdown. With the second wave of COVID-19 sweeping across countries, the demand for medical-grade oxygen has gone up. The demand for medical-grade oxygen in India has increased eightfold, with current demand exceeding 8,000 metric tonnes per day. COVID-19 has wreaked havoc on supply chains as well, making it difficult to obtain medical-grade oxygen from other nations.
About Us:
Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off.