Industrial GasCompanies (2024 - 2029)

Industrial Gas Market Companies Summary

The industrial gas market experienced a negative impact due to the COVID-19 pandemic, particularly affecting sectors that use carbon dioxide such as the production of carbonated soft drinks and soda water. On the other hand, the medical industry's increased demand for oxygen for resuscitation and inhalation therapy during the pandemic stimulated the market's growth. Over the short term, the growing need for alternate energy sources and increasing demand from the healthcare sector are expected to drive the industrial gas market's growth. Furthermore, environmental regulations and safety issues are projected to contribute to the market's growth. Industrial growth in Asia-Pacific and Africa is expected to create market opportunities in the coming years. Industrial gases such as oxygen, nitrogen, carbon dioxide, hydrogen, methane, and propane are essential molecules used as reaction agents in the chemical production chain. They provide solutions for inerting, reactor cooling, and pH control. In the chemical industry, these gases are used in various applications such as in refineries where oxygen is used to enrich the air feed to catalytic cracking regenerators and in sulfur recovery units. Large quantities of carbon dioxide are used as a raw material in the chemical process industry, especially for methanol and urea production. Hydrogen is mostly used in oil refining and chemical manufacturing, while methane is used as a raw material in the chemical industry to make methanol, synthetic ammonia, acetylene, and methylene chloride, among others. The chemical industry across the world is projected to witness growth, owing to the increasing consumption, increasing export demand, and enabling government initiatives.