High demand from end-user industries coupled with capacity expansions by industry players to aid the growth of India industrial gases market through 2023. According to TechSci Research report, “India Industrial Gases Market By Product, By Application, By Mode of Distribution, Competition Forecast & Opportunities, 2013-2023”, the country’s industrial gases market is projected to reach $ 3.9 billion by 2023.
The Important Elements of India Industrial Gases Market
Industrial gases are specifically manufactured for industrial applications such as metallurgy, refinery, chemical & petrochemicals, etc. The ‘Make in India’ initiative, surging economic development, and industrialization coupled with the booming oil & gas sector is anticipated to help the companies to strengthen their position in India industrial gases market in the coming years. Further, increasing steel capacity on account of new plants being established and existing capacity expansions across India is also expected to drive demand for industrial gases in the country over the next five years.
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India industrial gas market is expected to grow at a CAGR of about 11% in value terms during the forecast period. On the basis of product segmentation, India industrial gases market is categorized into Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon, and Others. Oxygen and Nitrogen are the major industrial gases used in India and they hold a significant share in India’s industrial gases market. Among applications, India industrial gases market is dominated by the metallurgy sector on account of large demand for industrial gases by major steel producers such as SAIL, Tata Steel, JSW Steel, etc.
On the basis of mode of distribution, tonnage mode of distribution accounted for the largest value share in India industrial gases market in 2017 and is likely to maintain its dominance during the forecast period as well. Industrial gas companies operating in India are recommended to increase their focus on the Eastern and Western regions of the country in order to strengthen their market position.
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A large demand for industrial gases emanates from east India, due to the presence of refineries, steel plants, and chemical and petrochemical companies such as Tata Steel Ltd, Steel Authority of India Ltd, Indian Oil Corporation Ltd, etc., in the region. Some of the major companies operating in India industrial gases market include Praxair India Private Limited, Linde India Limited, INOX Air Products, Air Liquide India, and Taiyo Nippon Sanso K-Air India Private Limited, among others. In June 2017, Linde AG and Praxair, Inc. signed a business combination agreement (BCA) to merge under a new holding company and are likely to complete the planned merger by the second half of 2018. In 2017, Praxair and Linde collectively accounted for the largest share of India industrial gases market, and their dominance is expected to continue through 2023 as well.
“Growing oil & gas production and processing activities in India are anticipated to fuel demand for industrial gases in the country. Moreover, India is emerging as a key exporter of food products, due to growing demand for processed & frozen food products from the Middle East, Europe, and other Asian countries, and this is expected to boost demand for dry ice and nitrogen in India during the forecast period, thereby positively influencing the industrial gases market in the country over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Industrial Gases Market By Product, By Application, By Mode of Distribution, Competition Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of India’s industrial gases market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India industrial gases market.
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