Industrial Gases Market Trends & Forecast Report

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Global Industrial Gases Market
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A study recently conducted by the strategic
consulting and market research firm BlueWeave
Consulting revealed that the global industrial
gases market was worth USD 93.1 billion in 2020
and is further projected to reach USD 147.1
billion by 2027, at a CAGR of 6.5 during the
forecast period (2021-2027). The market is driven
by factors, such as growing applications in the
healthcare sector, expanding food beverages
industry, and growing applications in electronics
and semiconductors.   The growing application of
industrial gases in the healthcare sector is
expected to propel the global industrial gases
market growth during the forecast
period. Industrial gases are increasingly used in
the healthcare sector for various purposes.
Oxygen is one of the most widely used industrial
gas in the healthcare sector. It provides
respiratory assistance in the event of breathing
difficulties, and oxygen cylinders are used to
aid breathing. Medical air is an ultra-pure,
sterile, compressed source of air that is used in
respiratory therapy and humidity treatments for
extremely sensitive respiratory systems. produce
33,000 liters of medical-grade oxygen per day.
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Oxygen accounted for the largest share in the
global industrial gases market in 2020 The oxygen
segment held the largest market share in the
global industrial gases market in 2020. Oxygen is
used in various industries for various purposes.
Fuel enhancers and the medical sector are the two
most important applications of oxygen. In the
healthcare industry, medical-grade oxygen is in
high demand. Patients with respiratory conditions
are treated in hospitals with oxygen cylinders.
The need for medical-grade oxygen has recently
skyrocketed due to increasing COVID-19 cases.
Currently, India faces a severe shortage of
medical-grade oxygen as plants are unable to meet
the sudden surge in demand. Apart from medical
applications, oxygen is used to boost the
calorific value of fuel. For example, Oxy-fuel
cutting is a process used for cutting metals with
a very high melting point. Highly pure oxygen
(99.5 purity) is often used with other fuel
gases like acetylene or propane in the oxy-fuel
cutting process, and it can cut metal up to 250mm
thickness.                                       
                                                  
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