Praxair + Linde to Dominate India Industrial Gases Market Forecast at $3.9 Bn by 2023
High
demand from end user industries coupled with capacity expansions by industry
players to aid growth of India industrial gases market through 2023
According to TechSci Research report, “India
Industrial Gases Market By Product, By Application, By Mode of
Distribution, Competition Forecast & Opportunities, 2013-2023”, the country’s industrial gases
market is projected to reach $ 3.9 billion by 2023. Industrial
gases are specifically manufactured for industrial applications such as
metallurgy, refinery, chemical & petrochemicals, etc. The ‘Make in India’ initiative, surging economic
development and industrialization coupled with booming oil & gas sector is anticipated to help the companies to strengthen their position in
India industrial gases market in the coming years. Further, increasing
steel capacity on account of new plants being established and existing capacity
expansions across India is also expected to drive demand for industrial gases
in the country over the next five years.
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India
industrial gases market is expected to grow at a CAGR of about 11% in value
terms during the forecast period. On the basis of product segmentation, India industrial
gases market is categorized into Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon
and Others. Oxygen and Nitrogen
are the major industrial gases used in India and they hold a significant share
in India industrial gases market. Among applications, India industrial
gases market is dominated by metallurgy sector on account of large demand for
industrial gases by major steel producers such
as SAIL, Tata Steel, JSW Steel, etc. On the basis of mode of
distribution, tonnage mode of distribution accounted for the largest value share
in India industrial gases market in 2017 and is likely to maintain its
dominance during forecast period as well. Industrial gas companies operating in
India are recommended to increase their focus on Eastern and Western regions of
the country in order to strengthen their market position.
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A
large demand for industrial gases emanates from east India, due to presence of
refineries, steel plants, and chemical and petrochemical companies such as Tata
Steel Ltd, Steel Authority of India Ltd, Indian Oil Corporation Ltd, etc., in
the region. Some of the major companies operating in India industrial
gases market include Praxair India Private Limited, Linde India Limited, INOX
Air Products, Air Liquide India, and Taiyo Nippon Sanso K-Air India Private
Limited, among others. In June 2017, Linde AG and
Praxair, Inc. signed a business combination agreement (BCA) to merge under a
new holding company and are likely to complete the planned merger by the second
half of 2018. In 2017, Praxair and Linde collectively accounted for the largest
share in India industrial gases market and their dominance is expected to
continue through 2023 as well.
“Growing oil & gas production and
processing activities in India are anticipated to fuel demand for industrial
gases in the country. Moreover, India is emerging as a key exporter of food
products, due to growing demand for processed & frozen food products from
Middle East, Europe and other Asian countries, and this is expected to boost
demand for dry ice and nitrogen in India during the forecast period, thereby positively
influencing the industrial gases market in the country over the next five years.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Industrial
Gases Market By Product, By Application, By Mode of Distribution,
Competition Forecast & Opportunities, 2013-2023” has evaluated the future growth
potential of India industrial gases market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decision. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in India industrial gases market.
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