Vietnam Industrial Gases Market to Grow with a CAGR of 4.17% through 2028
Surge in research and development activities is expected to drive the Vietnam
Industrial Gases Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Industrial Gases Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Industrial Gases Market stood at USD187.38 million
in 2022 and is anticipated to grow with a CAGR of 4.17% in the forecast period,
2023-2028. The initiatives taken by government based on industrial gases has
led to favorable market conditions for the Vietnam Industrial Gases Market.
Several factors contribute to the growth of various industrial gases market products.
The Vietnam Low
Emission Energy Program II (V-LEEP II) is a notable example of a government
initiative aimed at increasing the deployment of advanced energy systems in
Vietnam. Through this program, the government is actively encouraging the
adoption of energy-efficient and sustainable practices across various sectors.
While not specifically targeted at industrial gases, V-LEEP II reflects a
broader commitment to transitioning towards a greener and more sustainable
energy landscape.
In alignment
with its ambitious Net Zero 2050 goal, the Vietnamese government has garnered
international support to accelerate its efforts. The goal includes peaking
greenhouse gas emissions and implementing measures to reduce carbon footprint.
As part of this endeavor, industrial processes, including the use and
production of industrial gases, are expected to undergo changes to align with
the country's sustainability objectives. These efforts demonstrate Vietnam's
commitment to mitigating climate change and fostering a more sustainable
future.
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Research and
development (R&D) activities play a pivotal role in driving the growth of
the industrial gases market. These activities are instrumental in enabling
advancements in production technologies, which in turn pave the way for more
efficient and sustainable methods of producing and utilizing industrial gases.
One such area of focus for R&D efforts is the development of innovative
technologies for capturing and storing carbon dioxide, a byproduct of numerous
industrial processes. By investing in R&D, companies can explore new
possibilities and drive the industry forward, ensuring a greener and more
sustainable future.
The Vietnam
Industrial Gases Market is segmented in product, mode of distribution, regional
distribution, and company.
Based on its mode of distribution, the tonnage segment
held the largest share in the market. Tonnage distribution is often considered
a highly cost-effective solution for industries that have significant gas
requirements. By opting for bulk purchases, these industries can take advantage
of economies of scale, which in turn leads to reduce per-unit costs. This not
only helps them save on expenses but also enhances their overall operational
efficiency. The attractiveness of tonnage distribution is further amplified by
the consistent supply of gases in large quantities, ensuring uninterrupted
production and smooth workflow.
Based on region, Central segment is expected to grow
during the forecast period.
The Vietnamese government has implemented a range of
strategic initiatives to foster industrial growth, and these efforts have
yielded significant benefits for the central region. Through a series of
well-crafted policies, the government has successfully attracted investments,
enhanced infrastructure, and promoted industrialization in this area. As a
result, there has been a remarkable influx of diverse industries, leading to a
substantial increase in the demand for industrial gases. This positive trend
reflects the region's growing importance as a thriving industrial hub within
Vietnam's economic landscape.
Major companies operating in Vietnam Industrial Gases
Market are:
- Messer Vietnam industrial Gases Co.,
Ltd.
- Linde AG
- Nippon Sanso Holdings Corp
- SIG Group Co. Ltd.
- Osaka Gas Co Ltd
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“Growing application of industrial gases in various
end user industries are key drivers of the industrial gases market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of industrial gases with every
passing year are anticipated to register an impressive growth to Vietnam
Industrial Gases Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Industrial Gases Market By Product (Oxygen,
Nitrogen, Hydrogen, Carbon Dioxide, Argon, Helium), By Mode of Distribution (Tonnage,
Bulk, Packaged), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Industrial Gases Market and provides
statistics & 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 decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Industrial Gases Market.
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