What are the market trends for the Industrial Gases market?

The growth of the market is primarily attributed to the growing manufacturing industry in the developing economies of Asia Pacific. Moreover, increasing industrialization and urbanization, coupled with the increasing application of industrial gases in various industries, such as healthcare, metals and mining, and food and beverages, are expected to influence the market growth in coming years. Electronic applications of industrial gas are witnessing strong growth on account of the high demand for flat panel displays, semiconductors, and printed electronics.

Industrial gases such as nitrogen trifluoride (NF3), sulfur hexafluoride (SF6), silane (SiH4) are used in the electronics industry to manufacture and develop flat panel display products, compound semiconductors, and advanced components, such as silicon wafers and integrated circuits. These growing applications make industrial gases necessary for innovation and new product design in the electronics industry.

Gather more insights about the market drivers, restrains and growth of the Global Industrial Gases market

The use of industrial gas in the electronics (photovoltaic) industry for the manufacturing of semiconductors, solar, displays, LED solid-state lighting, wafers, and polysilicon compel the growth prospects for this market. Clean energy, predominantly solar PV, is evolving as an eminent source of clean energy generation, thus attracting investments globally. These gases substantially reduce the manufacturing costs, which is poised to increase their implementation over the forecast period.

Industrial production has been growing globally and is expected to grow further. There is an ever-growing demand in the aerospace and metal and mining industries, wherein various industrial gases are used on large scale. In addition, significant growth of the food and beverage and pharmaceutical industries in North America, Europe, and Asia Pacific is generating abundant opportunities for market growth.

Furthermore, demand for industrial-grade carbon dioxide has been on a lower side owing to the closing of industrial activities in states badly affected by COVID-19. However, demand for carbon dioxide has been on a higher side from medical and fire-fighting applications. The requirement of a large number of COVID care centers across the country, along with a few medical applications of carbon dioxide, resulted in higher demand for medical-grade carbon dioxide in recent times.

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