The Industrial Gas Cylinders Market is segmented by Gas Type (Oxygen, Nitrogen, Carbon Dioxide, Helium, Argon, Acetylene, and Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Market Drivers
The industrial gas cylinders market is driven by a host of factors, some of which are noted below:
- Economy
- Rapid Industrialization
- Organic growth of the Industrial Sector
What is an industrial gas cylinder?
Industrial gases refer to a group of gases that are manufactured commercially and sold for use in other applications. These gases, which include
helium, nitrogen, oxygen, hydrogen, carbon dioxide, argon, and acetylene, play
a pivotal role in the smooth and efficient operations of a number of
industries, such as chemical manufacturing, steel manufacturing & metal
fabrication, electronics, food & beverage, and water treatment. They are
used for a wide range of applications, such as petrochemical and fertilizer
production, primary and fabricated metals production, semiconductor
manufacturing, carbonation, oil refining, and treatment of wastewater, drinking
water, lakes, and streams.
Industrial gases are compressed into a cylinder at pressures of up to 300 bar as standard. These cylinders are made up of high-strength steel or aluminum that is capable of withstanding high pressures.
COVID-19 Impact
The COVID-19 pandemic brought severe repercussions for various end-use industries all across the globe, such
as supply chain disruption, shortage of labor, interruption in production
schedules, and shot up in raw material prices. The slowdown of industrial activities has led to a massive decline in the
industrial gas cylinders market in 2020.
However, the stabilization of the COVID-19 situation and increase in industrial activities will help the market
of industrial gas cylinders to gain momentum. Also, the rapid industrialization
of developing economies is expected to further accelerate the market. Based on
the expected recovery in the demand coupled with the primary interviews with
the industry experts.
Critical Questions Answered in the Report
- What are the key trends in the market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on the market?
- What are the key strategies adopted by the major vendors to lead in the market?
- What is the market share of the top vendors?
Regional Analysis
Asia-Pacific dominated the industrial gas cylinders marketand it holds a revenue share of more than 33% in 2020. Also, the region is likely to witness excellentgrowth during the forecast period andit holds a CAGR of more than 4.5%, driven by the exceptional growth inthe region’s electronics, chemical, and petrochemical industries. China and India are likely to act as the majorgrowth engines of the region’s market in the coming years.
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