Global Industrial Gases Market Rising at $65.0 bn in 2020
Zion Market Research has published a new report titled “Industrial Gases (Hydrogen, Nitrogen, Oxygen, Carbon Dioxide, Argon, Helium and Acetylene) Market: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”. According to the report, global industrial gas market was valued at around USD 45.0 billion in 2014 and is expected to reach USD 65.0 billion in 2020, growing at a CAGR of above 6.0% between 2015 and 2020.
Hydrogen, nitrogen, oxygen, carbon dioxide, argon, helium, acetylene are key product segments of industrial gases market. Hydrogen gas was one of the largest product segments of industrial gases market with highest share in total volume consumption in 2014. This is due to its high demand in wide range of industrial applications. Nitrogen and oxygen were the second largest product segments of industrial gases market and are expected to grow rapidly during the forecast period.
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Growing population and industrialization in emerging economies are some of the major growth driving factors for the industrial gases market. Increasing demand of these gases from food and tobacco, paper, chemicals, agriculture, mining, oil and gas, construction and healthcare industry is further fuelling the market growth. Additionally, consolidation, strategic business alliances and concentric diversifications are some of the strategies adopted by major players, which is expected to augment the market growth during the forecast period. However, high storage and transportation cost of industrial gases is expected to be a major restraint of this market.
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Asia Pacific region dominated the market and accounted for significant share of the overall market in 2014. China, India and Japan are major consumers of industrial gases in Asia Pacific. Expanding agriculture, construction, chemical industry in Asia Pacific are the significant drivers of this industry. North America was the second largest region for this market followed by Europe.
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Some of the key participants in the industrial gases market include Air Liquide, Linde Group, Praxair Inc., Cryotec Anlagenbau Gmbh, Air Products And Chemicals Inc., Airgas Inc., and MATHESON Tri-Gas Inc. among others.
This report segments the global industrial gases market as follows:
Global Industrial Gases Market: Product Segment Analysis
- Carbon Dioxide
Global Industrial Gases Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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