Albany, NY -- (SBWIRE) -- 09/27/2012 -- Gases which are sold for general purpose to industries, mainly based on air gases and other related gases are known as industrial gases. Gases which are critical components for industries such as chemicals, materials processing, foods, semiconductors, medical, biotechnology, and environmental are known as specialty gases.
The global market for industrial and specialty gases is expected to reach 10.15 trillion cubic feet by 2015.In 2009, the market for industrial and specialty gas experienced a fall due to worldwide economic slowdown. The U.S. is the market leader followed by Europe and Asia Pacific in terms of potential. The Asia Pacific market is expected to grow with a CAGR of 3.1% by 2015.
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The major forces driving the growth of the market is the high demand from end user industries such as energy, healthcare and electronics. Moreover, increasing demand from emerging economies is the main factor contributing to the growth of the market. In addition, consolidation, strategic business alliances and concentric diversifications are the strategies propelling the growth of the industrial and specialty gases market.
Structural and regulatory restrictions and penetrating market growth are some challenges faced by the industry.The market is expected to get a chance to grow due to R&D activities which are focused specially on new applications. Operating expenditure, decrease in cycle times and low capital are the other factors expected to boost the global market growth.
Some of the key players of the market are Air Liquide (L’ Air Liquide S.A.), Air Products and Chemicals, Inc, Airgas, Inc, Praxair, Inc., the Linde Group, American Air Liquide Holdings, Inc., and Taiyo Nippon Sanso Corporation.
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