Global Industrial Gases Market Growth Overview For 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, July 4, 2024 /EINPresswire.com/ -- The global industrial gases market is projected to grow from $97.81 billion in 2023 to $105.39 billion in 2024, at a CAGR of 7.7%. This strong growth trajectory is anticipated to continue, with the market expected to reach $136.66 billion by 2028, driven by factors such as digitalization, increased focus on clean transportation, advancements in environmental regulations, and expansion in oil refining and petrochemicals.

Increasing Application in Oil and Gas Industry Drives Market Growth
The increasing application of industrial gases in the oil and gas industry is expected to propel the growth of the industrial gases market going forward. Industrial gases are utilized in the oil and gas industry for purposes such as boosting production, enhancing oil extraction with gas lift techniques, and ensuring safety through gas purging and blanketing processes. Additionally, they are used for inerting to prevent explosions, gas detection for safe working environments, cryogenic applications in natural gas storage and transportation, and welding and cutting processes. For instance, the global oil and gas industry's profits in 2022 surged to $4 trillion from an average of $1.5 trillion, according to the International Energy Agency. Therefore, the increasing application of industrial gases in the oil and gas industry is driving the growth of the industrial gases market.

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Key Players and Market Trends
Major companies operating in the industrial gases market include BASF SE, Linde PLC, Air Liquide S.A., Atlas Copco, The Southern Gas Ltd., Air Products and Chemicals Inc., Taiyo Nippon Sanso Corporation, Ingersoll Rand, Iwatani Corporation, National Gases Ltd., Matheson Tri-Gas Inc., Sicgil Industrial Gases, SOL S.p.A., Messer Group GmbH, Horiba Ltd., Praxair Technology Inc., Gulf Cryo LLC, Norco Inc., Greco Gas, Western International Gas & Cylinders Inc., Holston Gases Inc., Indiana Oxygen Company, Weldstar, Sutton-Garten Co., Butler Gas Products Company, Eureka Oxygen Co, American Gas Products.
Trends: Focus on Workplace Safety and Environmental Testing

Major companies in the industrial gases market are focused on developing advanced devices, such as industrial gas detectors, to enhance workplace safety and maximize their market profits. For instance, in December 2023, CO2Meter launched the CM-900 industrial gas detector designed to measure oxygen or carbon dioxide (CO2) to ensure the safety of personnel working near hazardous gases. The CM-900 features an environmentally adaptive industrial enclosure suitable for harsh and wash-down environments, with audible and visual alarms to notify of unsafe conditions.

Segments:
• Product: Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon
• Application: Packaging, Coolant, Carbonation, Cryogenic, Cutting And Welding, Laboratory, Air Separation, Other Applications
• Distribution: On-Site, Bulk, Cylinder
• End User: Metallurgy, Healthcare, Chemical, Food And Beverage, Oil And Gas, Power, Pulp And Paper, Electronics, Other End Users

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the industrial gases market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gases market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Industrial Gases Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Industrial Gases Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on industrial gases market size, industrial gases market drivers and trends, industrial gases market major players, competitors' revenues, market positioning, and market growth across geographies. The industrial gases market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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