Asia Pacific Industrial Gases Market to be Dominated by Petro Chemicals End-Use Type through 2028
Increasing
demand for hydrogen in a wide range of applications, including fuel cells,
transportation, and industrial processes are expected to drive Asia Pacific
industrial gases market in the forecast period 2024-2028
According to TechSci Research
report, “Asia Pacific Industrial
Gases Market - By Country, Competition, Forecast and Opportunities, 2028”, Asia Pacific Industrial
Gases Market is anticipated to upsurge at an impressive rate in forecast period
of 2028 due to increasing demand for hydrogen in a wide range of applications,
including fuel cells, transportation, and industrial processes. The growing manufacturing
sector in Asia Pacific is a major driver of the industrial gases market in the
region. As the manufacturing sector expands, the demand for industrial gases
increases, as these gases are essential for a range of industrial processes. Another
factor contributing to the growth of the manufacturing sector is the region's
favorable business environment. Many countries in Asia Pacific have implemented
policies aimed at attracting foreign investment and promoting economic growth.
These policies have led to the establishment of new manufacturing facilities
and the expansion of existing ones, driving demand for industrial gases.
Economic instability and safety
concerns are key factors responsible for Asia Pacific Industrial Gases Market restraint.
The Asia Pacific region is home to many emerging economies, which can be
subject to economic instability and volatility. This instability can impact the
demand for industrial gases and the ability of companies to operate profitably
in the market. Apart from these, few Industrial gases are hazardous materials,
and their safe handling and transportation is a critical concern for companies
operating in the market. Any accidents or incidents involving industrial gases
could impact the goodwill and financial performance of companies in the market.
Furthermore, fluctuating prices of raw materials, increasing competition, and regulatory
compliances are other factors that hinder the Asia Pacific Industrial Gases Market
growth.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "
Asia Pacific Industrial Gases Market".
Asia Pacific Industrial Gases Market is segmented based on type,
end-user, distribution, and region.
Based on type,
the market is segmented into nitrogen, oxygen, argon, hydrogen, carbon dioxide,
and others. Oxygen segment is expected to hold the largest market share in the
forecast period. Owing to its properties, oxygen can act as a supplement or
replace the air in the aeration basin to minimize VOC emissions, reduce odor,
maximize treatment capacity, and increase flexibility. Moreover, oxygen is used
as a feed gas in manufacturing units and used in the pharmaceutical and
healthcare sector for treatment. Hence, the wide use of oxygen makes it
dominated gas type in the segment.
Based on end user, the market is categorized into metal production &
fabrication, automotive, chemical & petrochemical, healthcare &
pharmaceuticals, food & beverages, and others segment is expected to hold
the largest market share in the forecast period, 2024-2028. Due to their
nature, the industrial gases molecules are used as fundamental utilitarian
building blocks for chemical synthesis as well as their low-profile roles as
enhancers of safety, quality, and productivity and in mitigation of
environmental footprint.
Based on distribution, the market is fragmented into on-site, bulk,
cylinder, and others. Cylinder segment is expected to hold the highest market
share in its segment as cylinders are easy to carry, handle, and use. Apart
from this, they are easily available and require less maintenance which makes
it a better option than the alternate distribution type. Such factors are creating
situations where different companies and industries demand cylinders fulfill
the industrial consumption and need.
Major
companies operating in the Asia Pacific Industrial Gases market are:
·
Taiyo
Nippon Sanso Corporation
·
Southern
Industrial Gas Sdn. Bhd.
·
Iwatani
Corporation
·
BASF
SE
·
The
Linde Group
·
Goyal
MG Gases Pvt. Ltd.
·
Air
Liquide
·
Asia
Technical Gas Co (Pte) Ltd (ATG)
·
Sig
Gases Bhd
·
Air
Products and Chemicals Shanghai Co. Ltd.
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“Despite
all the challenges and barriers, the Asia Pacific industrial gases market is
expected to rise in the upcoming years, driven by the region's growing
manufacturing sector, increasing demand for healthcare services, and focus on
renewable energy sources. As companies in the industry continue to innovate and
develop new products and services to meet the evolving needs of customers, the
market is likely to remain highly competitive and dynamic which will create huge
prospects of market growth during the forecast period,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Asia Pacific Industrial Gases Market - By Country, Competition, Forecast
and Opportunities, 2028Segmented By Type (Nitrogen, Oxygen, Argon, Hydrogen,
Carbon Dioxide, and Others), By End-User Industry (Metallurgy, Welding,
Medical, Chemical & Petrochemical, Food & Beverage, and Others), By
Distribution (On-site, Bulk, Cylinder, and Other), By Region, and Competition,
has evaluated the future growth potential of Asia Pacific 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 the Asia Pacific Industrial Gases market.”
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