Industrial Gases Industry Analysis
Industrial gases are also referred to as bulk gases or commodity gases; they are produced in large quantities by companies for use in a variety of industrial manufacturing processes. The industrial gas industry comprises establishments primarily engaged in manufacturing industrial organic and inorganic gases in compressed, liquid, and solid forms.
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Industrial Gas Market Size
The global industrial gas market grew to approximately $70 billion in 2017 at a compound annual growth rate (CAGR) of over 2%. This growth can be attributed to factors such as emerging markets growth, technology development, and increasing applications of industrial gas in healthcare. By 2021 this market is expected to grow at a CAGR of 4.5%.
L’Air Liquide S.A was the largest competitor with around 25% of the industrial gas market share, followed by The Linde Group with around 22%, Praxair Inc. with 15%, Air Products and Chemicals Inc. with 9%, and Taiyo Nippon Sanso Corp. with 5% (exact figures are mentioned in report).
L’Air Liquide’s Gas & Services division, involved in industrial gas production, generated revenues of around $17 billion for the financial year 2017. The Gas & Services division provides industrial and specialty gases, application, technologies, welding, healthcare specialty ingredients, safety equipment, and related services to industrial, healthcare and electronic companies.
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Companies included In the report are L’Air Liquide S.A, The Linde Group, Praxair Inc., Air Products and Chemicals Inc. and Taiyo Nippon Sanso Corp.
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