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.
Regional Analysis
Asia-Pacific dominated the industrial gas cylinders market and it holds a revenue share of more than 33% in 2020. Also, the region is likely to witness excellent growth during the forecast period and it holds a CAGR of more than 4.5%, driven by the exceptional growth in the region’s electronics, chemical, and petrochemical industries. China and India are likely to act as the major growth engines of the region’s market in the coming years.
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
