Asia Pacific Industrial Gases Market By Type (Nitrogen, Oxygen, Argon, Hydrogen, Carbon Dioxide, Others), By End-User Industry (Metallurgy, Welding, Medical, Chemical & Petrochemical, Food & Beverage, Others), By Distribution (On-site, Bulk, Cylinder, Other), By Country, Forecast and Opportunities, 2028
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAsia Pacific Industrial Gases Market By Type (Nitrogen, Oxygen, Argon, Hydrogen, Carbon Dioxide, Others), By End-User Industry (Metallurgy, Welding, Medical, Chemical & Petrochemical, Food & Beverage, Others), By Distribution (On-site, Bulk, Cylinder, Other), By Country, Forecast and Opportunities, 2028
Approximately 58.3% of global construction sector are accounted by China, India, US, and Indonesia, where China alone holds the 26.1% of global growth.
The Asia Pacific Industrial Gases Market is a rapidly growing market that includes the production and distribution of gases such as oxygen, nitrogen, hydrogen, carbon dioxide, and others. The region is home to some of the world's largest industrial gas companies and has seen significant growth in recent years due to several key drivers such as demand for healthcare services and favorable government policies.
Asia Pacific Industrial Gases Market is the region where manufacturing sector is expanding at high pace. Many countries in the region, such as China, India, Japan, and South Korea, have seen significant growth in their manufacturing industries over the past decade, driven by increasing demand for goods and services both domestically and internationally. Industrial gases are essential in the manufacturing process of many products, including electronics, chemicals, and metals, making the growth of the manufacturing sector a key driver of the industrial gases market in the region.
The Asia Pacific Industrial Gases Market is being driven by the region's increasing focus on renewable energy sources. With countries in the region increasingly looking to reduce their carbon footprint, there is a growing demand for industrial gases such as hydrogen, which can be used as a clean energy source. Hydrogen can be used to power fuel cells, which are being increasingly used in the automotive industry as a clean alternative to traditional gasoline-powered engines. As companies in the industry continue to invest in research and development and expand their operations in the region, the market is likely to remain highly competitive and dynamic. Therefore, Asia Pacific Industrial Gases Market is expected to continue to grow in the upcoming years.
Growing Focus on the Renewable Energy Sources in the Region is Driving the Industrial Gases Demand
The Asian Development Bank (ADB) signed to provide USD 107 million financing to project with BIM Wind Power Joint Stock Company (BIM Wind) to backing the operation of an 88-megawatt (MW) wind farm in Ninh Thuan province, Viet Nam. Hence, the project will need significant amount of industrial gases to convert wind into energy and propel eth demand of industrial gases.
As the demand for renewable energy sources continues to grow in the Asia Pacific region, there is likely to be an increasing demand for industrial gases, particularly hydrogen, to support the development of these technologies. In addition, the production, storage, and transportation of hydrogen require a range of industrial gases, including nitrogen and helium, which are used for cooling and pressurization. Countries such as Japan and South Korea are particularly focused on developing hydrogen as a key energy source, with both countries investing heavily in the development of hydrogen infrastructure and technologies.
In addition, other countries in the region, such as China and Australia, are increasing their focus on hydrogen production and utilization, providing opportunities for companies operating in the industrial gases market. Therefore, the focus on renewable energy sources in the Asia Pacific region is expected to drive the growth of the hydrogen segment of the industrial gases market, providing opportunities for companies to expand their operations and develop new products and services to meet the needs of the renewable energy sector and increase the Asia Pacific Industrial Gases Market growth.
Rising Demand From Construction and Manufacturing Sectors are Factor driving the Industrial Gases Market Growth
Infrastructure development is a key driver of growth in the Asia Pacific Industrial Gases Market, particularly in the construction and manufacturing sectors. The demand for industrial gases such as oxygen, nitrogen, and argon are closely tied to the growth of these sectors, as these gases are used for a range of applications, including welding, cutting, and metal fabrication. The Asia Pacific region has seen a significant increase in infrastructure development, particularly in countries such as China, India, and Southeast Asia. The development of new highways, railways, airports, and other infrastructure projects requires a range of industrial gases for activities such as welding, cutting, and metal fabrication.
The development of infrastructure projects such as the Belt and Road Initiative in China and the India-Japan partnership in Southeast Asia are expected to drive demand for industrial gases in the region
Recent Development
Mergers & acquisitions, partnerships, and collaborations have been a significant trend in the Asia Pacific Industrial Gases Market in recent years, as companies seek to expand their market share and improve their competitiveness in the region. The consolidation of the market through mergers and acquisitions has led to increased efficiency and reduced costs for companies, and increased access to new technologies and markets.
- In
2018, the acquisition of Linde AG and Praxair, Inc. created the world's
largest industrial gas company. The merger brought together two of the
largest companies in the industry, with a combined market value of over
$90 billion. The merged company, Linde plc, operates in more than 100
countries and serves a wide range of industries, including healthcare,
manufacturing, and energy.
- In
2018, Taiyo Nippon Sanso Corporation acquire the Praxair's European gases
business in USD 5.9 billion, which helps Taiyo Nippon Sanso Corporation to
expand the company's operations in Europe who have large customer base and
annual sale of approx. USD 2 billion on last year.
- In
2020, Air Liquide and Toyota Tsusho Corporation announced a partnership to
develop hydrogen infrastructure in Japan, which aims to support the
development of fuel cell vehicles and reduce carbon emissions.
- Air
Liquide's investment in a new air separation unit (ASU) in Indonesia. The
ASU, which is expected to start operations in 2021, will produce oxygen,
nitrogen, and argon for various industries, including electronics, steel,
and chemicals.
Market Segmentation
Asia Pacific Industrial Gases Market
Company Profiles
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 , and Air Products and Chemicals Shanghai Co. Ltd. are some of the key players of Asia Pacific industrial gases Market.
|
Attribute |
Details |
|
Base
Year |
2022 |
|
Historic
Data |
2018 – 2021 |
|
Estimated
Year |
2023 |
|
Forecast
Period |
2024 – 2028 |
|
Quantitative
Units |
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
|
Report
coverage |
Revenue forecast, company share, competitive landscape, growth
factors, and trends |
|
Segments
covered |
Type End-User Distribution |
|
Country
scope |
China, India, Japan, South Korea, Australia, Malaysia, Singapore,
Vietnam, Indonesia, Taiwan. |
|
Key
companies profiled |
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
,and Air Products and Chemicals
Shanghai Co. Ltd. |
|
Customization
scope |
10% free report customization with purchase. Addition or alteration
to country, regional & segment scope. |
|
Pricing
and purchase options |
Avail customized purchase options to meet your exact research
needs. Explore purchase options |
|
Delivery
Format |
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request) |
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