Industrial gases are gaseous at room temperature and pressure. The demand for industrial gases is changing rapidly as a result of rising industrialization. Hydrogen is a fuel used in space rockets that is manufactured for industrial purposes. It facilitates in the production of common home chemicals, assists in the steel welding process, and many other things. Chemicals are oxidised in industrial oxygen gas facilities, which are also utilised for cleaner combustion, fermentation, laser cutting, and wastewater treatment.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS), the Indian gas industry is growing at an average rate of 12 per cent per annum during the last couple of years, with the industrial oxygen growing consistently at 15-17 per cent per annum.
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Growing Demand for Industrial Gases:
Over the last few decades, global markets have witnessed an unparalleled shift. Political reforms have spurred the rise of the global middle class, resulting in higher disposable income and urbanisation. This has resulted in a surge in consumerism, the belief that increased consumption of goods and services is always a desirable goal, that consumer spending is the economy's primary driver, and that encouraging consumers to spend is a major policy priority.
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Steel manufacture, electronics, petrochemicals, power, chemicals, and food & beverages are all industry in economies like Brazil, China, India, Mexico, the United States, and Germany. The demand for utility gases, which are important components needed in the manufacturing of commodities, has increased as these countries' industrial sectors have grown. As a result, the market for air separation plants is growing.
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Rise of Cryogenic Technology:
Cryogenic technology was first marketed in 1902, and it has since been widely used by enterprises in a variety of industries that require gases such as hydrogen, oxygen, and others. Process-wise, the cryogenic process category is predicted to increase at the fastest CAGR throughout the projection period. As the oldest gas separation method, it has progressed significantly over time, resulting in increased efficiency and excellent purity of yield gases.
Related Book: The Complete Book on Industrial Gases (Acetylene, Argon, Butane, Butene, Carbon Dioxide, Carbon Monoxide, Ethane, Ethene, Helium, Hydrogen Chloride, Hydrogen, Krypton, Liquefied Natural Gas (LNG), Methane, Neon, Nitrogen, Nitrogen Trifluoride Gas, Nitrous Oxide, Oxygen, Ozone, Propane, Propene, Refrigerant Gases, Sulphur Dioxide Gas, Sulphur Hexafluoride Gas, Xenon, Gas Mixtures with Machinery Equipment Details and Factory Layout)
During the next five years, the gas separation plant market is likely to be driven by rising global demand for manufactured metals and alloys, increasing reliance on pure gases for improving metal characteristics, and fast industrialization.
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Asia-Pacific Market:
In the gas plant market, Asia Pacific is predicted to be the fastest-growing regional segment. Metal production, fabrication, and consumption are expanding in nations like Japan, China, and India, which is driving market expansion in the Asia Pacific region. The Asia Pacific area has the world's biggest steel production and consumption, as well as one of the world's largest oil refining facilities. It is also the world's manufacturing hub, with a plethora of heavy machinery and equipment manufacturers.
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Global Gas Plant Valuation:
Since 2015, the global oxygen market has grown at a compound annual growth rate (CAGR) of 6.1 percent, reaching about $27,741.8 million in 2019. The hydrogen gas market is expected to grow at a CAGR of roughly 6% throughout the forecast period, with a market size of around 80 million metric tonnes in 2020. (2021-2026).
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Between 2021 and 2026, the global market for air separation plants is expected to grow at a CAGR of 4.9 percent, from USD 4.5 billion in 2021 to USD 5.9 billion in 2026. Strong demand, particularly from the iron and steel, oil and gas, chemical, healthcare, and other end-use industries, is driving the global market for air separation plants. Linde Plc (UK), Air Liquide SA (France), Air Products and Chemicals, Inc. (US), Taiyo Nippon Sanso Corporation (Japan), Messer Group GmbH (Germany), Daesung Industrial Co., Ltd. (South Korea), Air Water Inc. (Japan), Enerflex Ltd. (Canada), Yingde Gases Group Co., Ltd. (Hong Kong), INOX Air Products Pri (Japan), Messer (India).
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Conclusion:
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