IMARC Group’s report titled “Asia Pacific Industrial Gases Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the Asia Pacific industrial gases market share. The market size reached US$ 35.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 49.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.56% during 2023-2028.
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Factors Affecting the Growth of the Asia Pacific Industrial Gases Industry:
- Rapid Industrialization:
The Asia Pacific region is witnessing a rise in manufacturing activities, particularly in countries like China, India, and Southeast Asian nations. Industries, such as automotive, electronics, and manufacturing, are experiencing substantial growth. Industrial gases are integral to various manufacturing processes, including metal fabrication, welding, and heat treatment. As these industries are expanding, the demand for industrial gases is rising. Rapid urbanization and infrastructure development projects in the Asia Pacific region require industrial gases for various applications. Industrial gases like oxygen and acetylene are essential for welding and cutting steel in construction projects.
- Environmental Regulations:
Stringent environmental regulations require industries to control and reduce emissions of pollutants into the atmosphere. Industrial gases like nitrogen oxides (NOx) and sulfur dioxide (SO2) are used in processes like selective catalytic reduction (SCR) and flue gas desulfurization (FGD) to mitigate emissions from power plants and industrial facilities. Environmental regulations mandate the treatment of wastewater to remove contaminants before discharge. Industrial gases, such as oxygen and ozone, are essential for wastewater treatment processes like biological oxidation and disinfection, ensuring compliance with water quality standards.
- Technology Advancements:
Technological innovations in gas production methods, such as cryogenic distillation and pressure swing adsorption (PSA), are increasing the efficiency and purity of industrial gases. This ensures a reliable and cost-effective supply of gases, driving their demand across various industries. Advanced technologies in gas storage and transportation, including high-pressure cylinders, cryogenic tanks, and specialized containers, enhance the safety and ease of handling industrial gases. These innovations facilitate the distribution of gases to remote or challenging locations, which is propelling the growth of the market in the region.
Asia Pacific Industrial Gases Market Report Segmentation:
By Type:
- Nitrogen
- Oxygen
- Carbon Dioxide
- Argon
- Hydrogen
- Others
Nitrogen represented the largest segment as it is widely used in various industries, including manufacturing, electronics, and chemicals.
By Application:
- Manufacturing
- Metallurgy
- Energy
- Chemicals
- Healthcare
- Others
Manufacturing accounted for the largest market share due to its reliance on industrial gases for various processes.
By Supply Mode:
- Packaged
- Bulk
- On-Site
Packaged exhibits a clear dominance in the market as the packaged supply mode offers convenience, flexibility, and cost-effectiveness, which are favored by a wide range of industries in the Asia Pacific region.
Regional Insights:
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
China enjoys the leading position in the Asia Pacific industrial gases market on account of its rapid industrialization and massive manufacturing base.
Asia Pacific Industrial Gases Market Trends:
The healthcare sector in the Asia Pacific region is witnessing increasing demand for medical gases like oxygen and nitrogen, driven by population growth, urbanization, and the need for advanced healthcare facilities.
The Asia Pacific region is actively exploring the use of hydrogen as a clean energy source. This is catalyzing the demand for hydrogen production and distribution in the region.
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