In a recent published report, Kenneth Research has updated the market report for U.S. Industrial Gas Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for U.S. Industrial Gas Market products.
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U.S. Industrial Gas Market was valued at USD 5.92 billion by 2017, growing with 2.2% CAGR during the forecast period, 2018-2025
Increasing activity in oil and gas production will drive demand for industrial gases in the production of a variety of durable and nondurable goods. Advances in hydrogen sales will reflect continued growth in the manufacture of chemical products. Suppliers will also experience greater demand for argon, as expanding metal production will stoke gains. Demand largely depends on industrial activity and resource extraction (namely, crude oil and natural gas) but also healthcare activity. Additionally, the Clean Air Act (CAA) significantly impacts demand for industrial gases. The CAA has sought to reduce greenhouse gas and pollutant emissions and contains provisions requiring petroleum refiners to reduce the amount of sulfur in refined products. This, in turn, effectively increases the amount of hydrogen required to produce cleaner-burning fuels.
Industrial gases can be categorized as either atmospheric gases or process gases, which differ in production method and source. Atmospheric gases, such as nitrogen, argon, and oxygen, are produced through separation from atmospheric air. Manufacturers employ two types of air separation processes in the industrial gas sector: cryogenic and non-cryogenic.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
On the other side, the production of industrial gases is a capital-intensive business due to the need to construct and maintain expensive air separation units and extensive pipeline infrastructures, hampering the industry growth to some extent.
In terms of types, the market is segmented as;
Hydrogen & Argon
Nitrogen demand is forecast to rise 1.8% annually to USD 1.9 billion in 2025. Increased oil and natural gas drilling activity will drive greater employment of enhanced oil recovery (EOR) techniques and other oil and gas field applications that require nitrogen. Demand for fluorocarbons is expected to increase significantly owing to the shifting consumption patterns toward higher-cost hydrofluoroolefins (HFOs), and other blended products.
Key Vendors Takeaway
Air Products and Chemicals
The Chemours Company
Taiyo Nippon Sanso
Companies namely The Linde Group (Linde), Air Liquide and Praxair accounted for the highest revenue share of the U.S. industrial gas market. Merger and acquisition activity is frequent among industrial gas suppliers as the companies expand their product offerings and geographic reach. For instance, in October 2018, Praxair and Linde completed merger that makes the single biggest player in the global industrial gases market. The combined companies are set to enjoy strong positions in this market for all key end-markets and geographies, and also aimed to create a more diverse and balanced global portfolio for industrial gases.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
Hydrogen & Argon
About Kenneth Research
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