Major companies in the industrial gas market include Air Liquide; The Linde Group; Praxair, Inc. ; Air Products and Chemicals Inc. and Mitsubishi Chemical Holdings Corp. The global industrial gas market is expected to grow from $96.
New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Gas Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018809/?utm_source=GNW
81 billion in 2020 to $101.06 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $122.43 billion in 2025 at a CAGR of 5%.
The industrial gas market consists of the sales of industrial gases by entities (organizations, sole traders or partnerships) that manufacture industrial organic and inorganic gases in compressed, liquid, and solid forms. Industrial gases are also referred to as bulk gases or commodity gases. The industrial gas market is segmented into nitrogen; oxygen; carbon dioxide; hydrogen and other industrial gas.
Asia Pacific was the largest region in the global industrial gas market, accounting for 42% of the market in 2020. North America was the second largest region accounting for 24% of the global industrial gas market. Africa was the smallest region in the global industrial gas market.
Industrial gas companies are increasingly supplying carbon dioxide emitted from industrial facilities to greenhouses. CO2 emitted from power plants and refineries is stored in local capacities and empty natural gas fields, and transported to greenhouses via pipelines. This process acts as an intelligent CO2 recycling solution and reduces the carbon footprint of greenhouses. For example, Linde collects carbon flow from the Shell oil refinery near Rotterdam, Netherlands, and supplies about 400,000 tonnes of CO2 to over 580 greenhouses across Rotterdam and Amsterdam. This saves the combustion of 115 million cubic meters of natural gas and avoids emissions of 205,000 tonnes per year of CO2.
Interest rates globally are forecasted to rise in most of the developing and developed economies, during the forecast period; this is expected to limit new investments in the market. Most countries across the world are raising interest rates to control inflation and also to limit the flow of capital out of the country. This is likely to affect new investments in terms of expansion, research and development of new products. For instance, the US interest rates are expected to rise up to 3.5% by 2021. These factors are expected to have a negative impact on the market as borrowing money becomes expensive, thereby affecting the market growth.
New developments are taking place in healthcare with increasing emphasis on a healthier and generally better quality of life. In addition to oxygen, nitrous oxide, nitric oxide other industrial gases like hydrogen, helium and xenon are all being prepared for use in pharmaceutical-based products. Treatments and drug developments using induced pluripotent stem cells (IPS) are bringing a new added value to the industry through the application of systems using gases such as carbon dioxide and liquid nitrogen, which is indispensable for the cultivation and preservation of cells and tissues driving demand for high grade industrial gases.
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