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The global industrial gases market size is projected to grow from USD 91.29 billion in 2021 to USD 148.16 billion in 2028. The expansion of the manufacturing & processing industry owing to the rapid urbanization is likely to affect growth positively. The Central Intelligence Agency mentioned that as of 2019, Vietnam, Malaysia, India, and China possess an urban population of 36.6%, 76.6%, 34.5%, and 60.3%. As per a study by Fortune Business Insights™, titled, “Industrial Gases Market Size, Share and COVID-19 impact Analysis, By Gas Type (Oxygen, Nitrogen, Carbon Dioxide, Hydrogen, Argon, and Others), By Application (Packaging, Coolant, Carbonation, Cryogenic, Cutting & Welding, Laboratory, Air Separation, and Others), By End User (Metallurgy, Healthcare, Chemical, Food and Beverages, Oil & Gas, Power, Pulp and Paper, Electronics, Water Treatment, Mining, and Others), and Regional Forecast, 2021-2028,” the market stood at USD 88.05 billion in 2020. It is set to exhibit a CAGR of 7.2% in the forecast period between 2021-2028.
Air Products Signs Agreement with PBF Energy to Buy Five Hydrogen Production Plants
In March 2020, Air Products and PBF Energy Inc. signed a new agreement to purchase five hydrogen production plants worth USD 500 million. It also includes the long-term supply of this gas to PBF refineries from those plants. As per one of the company officials, “This new deal will put us in an excellent financial position to implement our strategy of investing hefty amounts in long-term onsite deals. We will continue to ensure that our customers are receiving premium-quality products.”
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Increasing Investment in Food & Beverage and Healthcare Industries to Boost Growth
The surging investment in the healthcare and food and beverages industries across the globe is set to drive the market growth in the upcoming years. According to the Germany Trade & Invest Report, Germany is the third-largest exporter of food and beverages and Europe is at the forefront. Similarly, Forbes reported that in 2017, investments in digital healthcare reached USD 6.5 billion worldwide. However, certain strict norms implemented by regulatory bodies, such as the European Agreement on the Carriage of Dangerous Goods by Road, ADR  may hamper the demand for industrial gases.
Prominent Companies Focus on Investments & Contract Signing to Compete in Market
At present, the market is experiencing an entry of numerous regional and domestic companies, such as Goyal MG Gases Pvt. Ltd., Yateem Oxygen, SICGIL India Limited, and Bombay Oxygen Corporation Limited. Most of them are investing huge sums in pharmaceutical and manufacturing industries to cater to the high demand. A few others are trying to acquire new contracts from local and international firms to strengthen their positions
A Notable Industry Development:
Fortune Business Insights™ Presents a List of Industrial Gases Providers Operating in the Global Market:
Further Report Findings:
The Global Market is Segmented into:
Value (USD Billion)
By Gas Type; By Application; By End-User; and By Geography
By Gas Type
By End User