CHICAGO, Feb. 13, 2024 /PRNewswire/ -- The report "Industrial Gases Market by Type (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Inert Gases), End-use Industry (Chemicals, Electronics, Food & Beverages, Healthcare, Manufacturing, Metallurgy, and Refining), and Region - Global Forecast to 2028", Industrial Gases Market is projected to grow from USD 105.6 billion in 2023 to USD 137.9 billion by 2028 at a CAGR of 5.5%.
The growing healthcare industry is serving as a major catalyst for the robust growth of the industrial gases market. Industrial gases, such as oxygen, nitrogen, and carbon dioxide, play indispensable roles in various medical applications, including respiratory therapies, medical imaging, and pharmaceutical manufacturing. As the healthcare sector continues to expand globally, driven by an aging population, technological advancements, and increased emphasis on healthcare infrastructure, the demand for industrial gases in critical medical processes is witnessing a significant surge, solidifying their pivotal role in supporting and advancing healthcare services.
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"By Type, Hydrogen is expected to be third fastest growing gas after Oxygen and Nitrogen during the forecast period."
Hydrogen stands as the third fastest-growing industrial gas, following oxygen and nitrogen, owing to its versatile applications across diverse industries. Widely recognized for its role in petroleum refining and chemical synthesis, hydrogen is gaining prominence in the emerging field of green energy. It serves as a clean fuel for fuel cells, a promising technology for electric vehicles and stationary power generation. Additionally, hydrogen is integral to industries such as electronics, where it is used in the production of semiconductors, showcasing its pivotal position in advancing both traditional and cutting-edge industrial applications.
"By End-use Industry, food and beverages industry to be the fastest growing end-use industry."
The food and beverages industry has emerged as the fastest-growing end-use sector in the industrial gases market, driven by an increasing focus on food preservation, quality enhancement, and innovative processing methods. Industrial gases, such as nitrogen and carbon dioxide, play pivotal roles in various applications within this sector. In food preservation, the controlled atmosphere provided by nitrogen helps extend the shelf life of perishable goods, preventing oxidation and microbial growth. Additionally, carbon dioxide is widely used in the carbonation of beverages, contributing to the effervescence in sodas and sparkling drinks.
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"Europe is the third largest market after Asia Pacific and North America during the forecast period."
As the semiconductor industry experiences growth and innovation under the European Chips Act, there is a corresponding opportunity for the industrial gases market in Europe. The increased emphasis on electronic components' design, manufacturing, and integration into systems, as well as the support for research and innovation in next-generation microprocessors, is likely to spur demand for industrial gases in manufacturing processes, particularly in semiconductor fabrication. This aligns with the broader goal of supporting the digital transformation of the economy and society, fostering advancements in technology, and contributing to the objectives outlined in the European Green Deal, ultimately propelling the growth of the industrial gases market in Europe.
The leading players in the industrial gases market are Air Liquide (France), Linde plc (England), Air Products & Chemicals, Inc. (US), Messer SE & Co. KGaA (Germany), and Nippon Sanso Holdings Corp. (Japan).
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