Industrial Gases Market to Witness Growth Owing to Rising Demand from Oil and Gas Industry | Technavio

October 5, 2017

LONDON–(BUSINESS WIRE)–#Research—Technavio
market research analysts forecast the global
industrial gases market to grow at a CAGR of close to 7% during the
forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global industrial gases market for 2017-2021. The report also
lists manufacturing, metal fabrication, energy, chemical processing,
healthcare and medical, food and beverages, and electronics as the seven
major end-user segments.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global industrial gases market:

Rise in demand from major end-users
Rising demand from oil and gas industry
Increasing gas blanketing and cryogenic applications

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Rise in demand from major end-users

Industrial gases are widely used in the manufacturing and process
industries which include energy, oil and gas, petrochemicals, chemicals,
food and beverages, healthcare, and electronics industries. Industrial
gases can be classified as medical gases, specialty gases, fuel gases,
and refrigerant gases. These gases are used in manufacturing processes
to enhance the quality of the product. Steady growth from these end-user
industries is driving the demand for industrial gases.

“APAC accounts for the major demand due to rapid industrialization
from emerging countries, such as China, India, Indonesia, and other
ASEAN countries, thereby creating the demand for industrial gases.
Emerging countries are experiencing an increase in the production
capacity in industries, such as food and beverages, construction,
chemicals, metals, and healthcare,” says Mohd Shakeel Iqbal, a lead
analyst at Technavio for industrial
gases research.

Rising demand from oil and gas industry

The oil and gas industry is the major market for the global industrial
gases market. Hydrogen is widely used in sulfur separation process and
to extract low-sulfur gasoline and diesel. It is also used in catalytic
cracking operations to convert heavy compounds to lighter ones.

The demand for hydrogen gas in the oil and gas industry is generating a
major portion of the demand, which is attracting vendors to produce
hydrogen in larger volumes. The demand for clean burning fuels with zero
emissions has led to an increase in the demand for hydrogen. The
increased use of nitrogen and carbon dioxide for oil recovery projects
and high requirements of low-sulfur diesel and gasoline where these
gases are used for sulfur separation process will foster growth in the
global industrial
gases market.

Increasing gas blanketing and cryogenic applications

Gas blanketing and cryogenics are used by various applications such as
refining, chemicals, pharmaceuticals, plastics, agricultural storage,
food and beverages, and medical applications as it is safe, reliable,
and provides protection from degradation through oxidation.

“Blanketing and cryogenic applications are widely used in
petrochemicals, oil and gas, aeronautics, chemicals, refineries, and
space applications. Liquefied gases are used in many cryogenics
applications. The growing demand for these gases will create the demand
for industrial gases. Major players, such as Air Liquide, Linde Group,
and BASF, are investing in blanketing and cryogenics to enhance
operational efficiency,” says Shakeel.

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