03 October, 2019
RALEIGH, North Carolina, October 3, 2019 - The global market size for industrial gas is currently growing at a CAGR of 5-7 percent, and is expected to reach a value of $102 billion by 2022, according to Beroe Inc., a procurement intelligence firm. The market is currently witnessing an acceleration in growth, due to positive growth in China, USA and Asian countries, along with a rise in profit margins due to low operating cost arising out of cheaper energy prices.
North America, North Pacific Rim (China, Japan, etc.), and Western Europe are the biggest markets for industrial gas, contributing more than 75 percent of the global market. The U.S. has the highest projected growth rate of 4-6 percent CAGR till 2022. High market maturity regions include the U.S., Canada, and Australia, with the medium market maturity regions consisting of Brazil and South Africa.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
Healthcare and electronics, are major growth drivers for the industrial gas market, whereas the demands from the oil and gas, steel sector tend to be flat. Revival in economic activity and stabilizing oil and natural gas prices are driving the industrial gas market growth. However, the manufacturing sector is witnessing flat growth resulting in lower sales volume for larger players in Americas and Europe.
Different end-user industries of industrial gases have varied requirements in terms of volume, frequency of use and purity levels and hence, industrial gas companies are offering structured solutions to meet demands of different end-user industries. The Chemical and Petrochemical and Automobile industries are the two largest end-user segments for the industrial gas market, accounting for a market share of 22 percent each, followed by Metal Production and Fabrication for 21 percent.
The research methodology adopted for the report included:·
Electricity cost accounts for around 50 percent of the cost of generation and hence cost of production fluctuates with electricity prices. Recovery in crude oil prices are likely to exert upward pressure on distribution cost. Large scale operation provides lower production cost per unit of gas as compared to small independent Air Separation Units (ASUs) for producing industrial gases separately, especially for bulk purchases.
The report also includes:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
Join us on Jun 16 to see Beroe LiVE.Ai in action