The global industrial gases market size is expected to reach USD 134.3 billion by 2027, registering revenue based CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth owing to increasing demand for industrial gases in manufacturing and healthcare sector. Moreover, increasing application of carbon dioxide in the Enhanced Oil Recovery (EOR) technology, food and beverages, and medical industry is anticipated to be the major driving force for the growing demand for industrial carbon dioxide.
Hydrogen can be used to power fuel cells that efficiently convert hydrogen to electricity. The utility gamut of fuel cells is immense and thus, has the potential to replace the traditional forms of power generators such as large batteries in buses, cars, submarines, forklift trucks, power plants, and combustion engines.
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The healthcare application segment is predicted to have the highest growth and is expected to attain a CAGR of 7.0% in terms of revenue, over the forecast period. This is a highly versatile segment and its utilities range from pharmaceutical products to supplies and from medical equipment and healthcare services to medical therapies. The segment also includes preservation of tissue and blood using oxygen, MRIs using helium, and respiratory therapy using oxygen to help patients breathe.
Bulk (Liquid Gas Transport) distribution mode of delivery is ideally opted as a mode of distribution when the demand for gases if higher than packaged gas distribution and lesser than onsite distribution. This is a more efficient form of distribution and is therefore preferred over other modes of distribution since it ensures continuous supply of gases.
Key suggestions from the report:
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Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:
Industrial Gases Product Outlook (Volume, Million SCF; Revenue, USD Million, 2016 – 2027)
Industrial Gases Application Outlook (Volume, Million SCF; Revenue, USD Million, 2016 – 2027)
Industrial Gases Distribution Outlook (Volume, Million SCF; Revenue, USD Million, 2016 – 2027)
Industrial Gases Regional Outlook (Volume, Million SCF; Revenue, USD Million, 2016 – 2027)
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Carbon Black Market – Rising product usage in the production of plastics is anticipated to drive the global market over the forecast period.
Automotive Engine Oil Market – Increasing production of automobiles and demand for the conventional and synthetic products are the key factors driving this industry.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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