India Industrial Gases Market to Cross USD2 Billion by 2020
Growing demand from steel
and petrochemical end user industries to drive India industrial gases market
through 2020
According to a
recently published TechSci Research report, “India Industrial Gases Market By Type, By End User and Competition Forecast and Opportunities, 2010 - 2020”, the market for industrial gases in
India is projected to cross USD$2 billion by 2020. Growth in the market is
anticipated on account of growing demand from various end user industries such
as metallurgy and petrochemicals, coupled with implementation of various favorable
government policies to support manufacturing sector. Various upcoming steel
projects are integrating industrial gas production units to address the bulk requirements
for industrial gases, thereby aiding the industrial gases market in the
country.
On the basis of
type, the industrial gases market in India has been segmented into three
categories, namely, Oxygen, Nitrogen and Argon. Among these, Oxygen dominated
the India industrial gases market in 2014, and is anticipated to continue its dominance
through 2020, owing
to its use in a wide range of applications in the metallurgy industry, such as
welding, fabrication and other processes. Region-wise, east region is forecast
to dominate the industrial gases market in India over the next five years on
account of various upcoming metallurgical projects coupled with presence of major
steel production units in this region.
“Growing competition between the global and local players has had a huge pressure
on industrial gases prices in India. Global players hold a major share in the country’s industrial
gases market as they are mostly involved in signing long term agreement with
consumers. With
new iron and steel plants anticipated to become operational over the next five
years, the demand for industrial gases is further forecast to increase at a
robust pace during 2015-2020.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Industrial Gases Market By Type, By End User &
Competition Forecast and Opportunities, 2010 - 2020” has evaluated the future growth potential of industrial
gases market in India and provide statistics and information on market
structure, industry behavior and trends. The report includes market
projections and demand forecasting. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends along
with essential drivers, challenges and opportunities available in India
industrial gases market.