Industrial Gases Market Size, Share & Trends Analysis Report By Product (Nitrogen, Oxygen), By Application (Healthcare, Manufacturing, Retail), By Distribution (Bulk, Cylinder), And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the industrial gases market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for industrial gases market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of industrial gases market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Industrial Gases Market Categorization:

The industrial gases market was categorized into four segments, namely product (Oxygen, Nitrogen, Hydrogenn, Carbon dioxide, Acetylene, Argon), application (Healthcare, Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemicals & Energy), distribution (On-site,Bulk (Liquid Gas Transport), Cylinder (Merchant)), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The industrial gases market was segmented into product, application, distribution, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The industrial gases market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; The Netherlands; China; India; Japan; South Korea; Australia; Malaysia; Thailand; Singapore; Brazil; Saudi Arabia; UAE

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Industrial gases market companies & financials:

The industrial gases market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Air Liquide’s business offers their services for healthcare, electronics, and engineering & construction. It performs various processes such as carbonation, oxy-combustion, industrial cryogenics, and few others. It heavily invests in R&D activities to develop innovative and improved products in the fields of bioresources, medical, manufacturing, industrial, and food & beverages. Its flagship product line, namely Aligal gases, meets the Hazard Analysis Critical Control Point (HACCP) guidelines to maintain standards during the manufacture and transportation of gases dedicated to food & beverage industry. It is a multinational company that caters to the demand from chemical, engineering, automotive, food & beverage, metal fabrication, oil & gas, research & development, and healthcare industries

• Linde plc is an industrial gas company, comprises of atmospheric gases, including oxygen, nitrogen, argon, and rare gases as well as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. It engages in design, engineering, and development of equipment for production of industrial gases for internal use. It also offers wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants. It serves to various of end-use industries, including petroleum refining, healthcare, food & beverage, manufacturing, aerospace, chemicals & water treatment. The company operates its business in three reportable segments, namely, industrial gases products and manufacturing processes, industrial gases distribution, engineering, and surface technologies.

• Air Products and Chemicals, Inc. is primarily involved in selling chemicals and gases for industrial use worldwide. It caters the needs and requirements from various end-use applications including energy, technology, industrial, food, and healthcare. It is entail in the production of atmospheric and process gases and equipment used for the production and processing of the gases. The product portfolio of the company includes argon, oxygen, carbon dioxide, nitrogen, hydrogen, process & specialty gasses, chemical intermediates, and performance materials. In addition, it manufactures gas liquefaction equipment, gas cabinets, and coatings & adhesives.

• Taiyo Nippon Sanso Corporation comprised of four business segments, namely, industrial gases, electronics-related products, medical, and energy. It specializes in supplying a diverse range of industrial gases including carbon dioxide, hydrogen, helium, LPG, acetylene, and others. The principal supply modes for industrial gases include on-site gases, bulk gases, and packaged gases. It owns 130-plus production facilities and holds a global presence across 29 countries and territories with four key geographic hubs including Japan, the United States, Europe, and Asia and Oceania.

• Messer Group GmbH is involved in the manufacturing and supply of oxygen, nitrogen, argon, carbon dioxide, and others for medicinal purposes. In addition, it also serves various industries including food & beverage, electronics, rubber & plastics, paper & pulp, and others. It is entered in the Americas market with acquisition of assets from Linde plc.

• SOL Group is engaged in the production and sale of industrial, medical, and pure technical gases. It also designs, manufactures, and operates on-site gas production plant, storage and distribution plants. Moreover, it provides services associated with the usage of the produced gases. It has its production plants located in Italy, Holland, Belgium, France, Germany, Austria, Greece, Slovenia, Croatia, Macedonia, Albania, Bosnia, Bulgaria and Serbia.

• Iwatani Corporation encompasses industrial gases such as hydrogen, portable gas stoves, LPG, and other segments. Its business operations have spread in several other segments including agri-bio & foods, materials, machinery, welding and electronic equipment. It focuses on specialty gases, air-separation gases, welding materials, gas-supply facilities, pumps and compressors, manufacturing equipment, factory automation systems, industrial machinery and facilities, environmental equipment among others.

• Matheson Tri-Gas, Inc. is a subsidiary of Taiyo Nippon Sanso Corp. It is involved in the production and supply of gas handling equipment, specialty gasses, medical gasses, process gasses, and industrial gasses. It designs and manufactures control valves, generators, filters, management accessories, purifiers, gas cylinder enclosures, delivery systems, and detection equipment. In addition, it provides system management services and engineering services. It serves various end-use industries such as medical, food & beverage, electronics, engineering, and refining.

• INOX Air Products Ltd. is mainly engaged in the manufacturing and distribution activities of gases and caters to the several industries including, chemicals, pharmaceuticals, and food & beverages. The product and service portfolio of the company includes special gases, cylinder gases, bulk gases, and on-site generation of gases. Its gas distribution channel encompasses all three methods including on-site supply, pipeline supply, and liquid hydrogen supply through a cryogenic vessel, depending on the client requirement. It is major supplier of five gases including gaseous and liquid hydrogen, liquid nitrogen, liquid carbon dioxide, liquid argon, and liquid oxygen.

• Strandmøllen A / S is a supplier of multiple gases, gas cylinder packaging, gas equipment, and other technical gas services. The range of gases include acetylene, argon, nitrous oxide, LPG, helium, hydrogen, carbon dioxide, nitrogen, oxygen, other pure gases, and gas mixtures. The company caters to various end-use sectors including iron & machine industry, health industry, laboratories, pharmaceutical industry, food industry and process industry.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Industrial Gases Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Industrial Gases Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.