Industrial Gases Market in Europe Projected to be Worth USD 79.61 Billion by 2021: Technavio

LONDON–(BUSINESS WIRE)–#Industrialgases–According to the latest market study released by Technavio,
the industrial
gases market in Europe is projected to grow to USD 79.61
billion by 2021, at a CAGR of more than 6% over the forecast period.

This research report titled ‘Industrial
Gases Market in Europe 2017-2021’ provides an in-depth analysis
of the market in terms of revenue and emerging market trends. This
market research report also includes up to date analysis and forecasts
for various market segments and all geographical regions.

Industrial gases are a group of either elemental gases or chemical
gases which play a vital role in shaping the modern manufacturing
scenario. They are required for various processes right from the
extraction of raw materials to the manufacturing of metals, chemicals,
and consumer goods. They are imperative components of many global
businesses, ensuring a steadily increasing cash flow to the market.

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Based on the end-users, the report categorizes the industrial gases
market in Europe into the following segments:

• Manufacturing sector
• Chemical processing sector
• Metallurgy sector
• Medical and healthcare sector
• Food and beverage sector
• Refining sector
• Electronics sector
• Other end-use sectors

The top three revenue-generating end-user segments in the industrial
gases market in Europe are discussed below:

Manufacturing sector

“The industrial gases market in Europe for the manufacturing
sector was is expected to reach USD 6.61 billion by 2021. The sector
encompasses applications in the metal manufacturing, glass
manufacturing, paper and pulp, and automotive industries,” says
Hitesh Bhatia, a lead analyst at Technavio for industrial
gases research.

Some of the prominent industrial gases utilized by the manufacturing
sector include oxygen, nitrogen, hydrogen, and helium. Oxygen is widely
used for applications such as plasma cutting and laser cutting use
oxygen. Nitrogen is mainly used in combination with other gases to
manufacture automotive parts such as mufflers, frames, and other
components.

Chemical processing sector

The industrial gases market in Europe for the chemical processing sector
is expected to grow swiftly at a CAGR of nearly 7% over the forecast
period. Gases such as nitrogen, oxygen, carbon dioxide, hydrogen, and
helium are largely used to manufacture chemical products and
intermediates.

Nitrogen is mainly used for its inert nature, which is useful while
carrying out while carrying out processes such as blanketing, sparging,
purging, and pressure testing. Carbon dioxide is another key gas used in
chemicals as a gas sweetening agent. It is used to manufacture soda ash,
syngas, and urea.

Metallurgy sector

“The metallurgy sector occupies a significant portion of the
industrial gases market in Europe, due to its wide array of applications
in the segment. Industrial gases are mainly used in the steel, aluminum,
and cast-iron industries,” says Hitesh.

Industrial gases are used for thermal treatments and melting and
degassing applications for both ferrous and non-ferrous production.
Nitrogen, oxygen, and argon are in high demand from the metallurgy
sector. Argon is used to stir molten metal and for the ejection of trace
carbon and nitrogen in the steel production sector.

The top vendors highlighted by Technavio’s research analysts in this
report are:

• Air Liquide
• Air Products and Chemicals
• Messer
• Praxair
• The Linde Group

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.

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