Industrial Gases for Plastic & Rubber Industry Global Market Report 2024

The global industrial gases for plastic and rubber industry market has grown strongly in recent years. It will grow from $6.86 billion in 2023 to $7.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The historical growth can be linked to the expansion of the plastic and rubber industry, heightened demand for products within this sector, a concentrated effort towards sustainable manufacturing practices, the globalization of supply chains, advancements in specialty gases, and the continuous evolution of regulatory standards.

The global industrial gases for plastic & rubber industry market is expected to see strong growth in the next few years. It will grow to $9.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth during the forecast period is driven by an emphasis on energy efficiency, a growing demand for high-performance polymers, the continual increase in automotive production, a dedicated focus on the circular economy, the heightened utilization of composites, and the transition towards bio-based plastics, in line with global packaging material trends. Key trends expected during this period encompass the adoption of cryogenic gases for cooling and freezing processes, the escalating use of hydrogen within polyethylene production, a concentrated effort on foam manufacturing utilizing industrial gases, the integration of advanced automation and control systems, and the development of customized gas solutions tailored for specific applications.

The upsurge in infrastructural development worldwide is anticipated to drive growth in the market for industrial gases used in plastic and rubber industries. Infrastructure development, a cornerstone of economic progress and societal enhancement, witnesses increased government spending. Consequently, the demand for rubber and plastic components rises alongside infrastructure development due to their prevalent usage in such projects. According to the global infrastructure outlook released by G20 nations in February 2021, infrastructure spending escalated from USD 2.1 trillion in 2010 to USD 2.8 trillion in 2021, projecting an estimated rise to USD 3.3 trillion by 2030. This surge in infrastructural development activities acts as a catalyst propelling the industrial gases market for the plastic and rubber industries.

The burgeoning demand for healthcare and medical devices is poised to be a driving force behind the growth of the industrial gases market in the plastic and rubber industries. Healthcare and medical devices encompass a range of tools crucial for diagnosis, prevention, treatment, and management of medical conditions. In the manufacturing of these devices, industrial gases play a pivotal role, ensuring quality, precision, and safety in the production process, meeting stringent regulatory standards and ensuring patient well-being. For instance, as per the International Trade Administration's report in November 2023, the Canadian medical device industry is projected to reach $6.8 billion in 2022, with an anticipated annual growth rate of 5.4% until 2028. This surge in demand for healthcare-related products is a key driver stimulating the industrial gases market for plastic and rubber industries.

Technological advancements emerge as a significant trend shaping the industrial gases market for the plastic and rubber industries. Leading companies in this sector are innovating new products and technologies to provide customers with enhanced options. For example, in March 2021, Total Oil India Private Limited (TOIPL) introduced an innovative LPG cutting gas, offering a safer and superior alternative to acetylene, a commonly used but challenging-to-handle and highly flammable gas.

Major companies operating in the industrial gases market for plastic and rubber industries are embracing strategic partnerships to expand their global reach. These alliances involve leveraging each other's strengths and resources for mutual benefits and success. For instance, in February 2022, Mitsui & Co., Ltd., a Japan-based industrial gases specialist, announced a strategic partnership with Air Water Inc. This collaboration aims to capitalize on their respective networks and expertise. Air Water Inc., focusing on expanding its industrial gas business in North America, collaborates with Mitsui, utilizing its diverse activities and networks, aiming for enhanced business growth in the region. Mitsui brings its expertise and advantages to further bolster the industrial gas business in North America.

In April 2022, Air Products, a prominent chemical industry player headquartered in the United States, successfully concluded the acquisition of Air Liquide's Industrial Gases Business in the United Arab Emirates and Bahrain. This acquisition encompasses the procurement of assets related to liquid bulk, packaged gases, and specialty gases, as well as Air Liquide's controlling stake in MECD, the entity overseeing a liquid CO2 production facility based in Bahrain. The financial details of this transaction have not been disclosed. By integrating these acquisitions, Air Products aims to fortify its position within the Middle Eastern industrial gas sector while strategically expanding its footprint in the UAE and Bahrain. Air Liquide is a France-based manufacturer and provider of industrial gases, technologies, and services.

Major companies operating in the industrial gases for plastic & rubber industry market report are Air Products and Chemicals Inc., Airgas Inc., Messer Group, Novomer Inc., Praxair Inc., Taiyo Nippon Sanso Corp., The Linde Group, Universal Industrial Gases Inc., Yingde Gases Group Co. Ltd., Reliance Industries Limited, Bharat Petroleum, Supreme Industries Limited, HPCL-Mittal Energy Limited, Gulf Cryo, Rotarex, Air Liquide S.A., Air Water Inc., Airgas Dry Ice, Airtec Gases LLC, Asahi Kasei Corporation, Buzwair Industrial Gases Factories, Chemours Company, Cryogenic Gases Inc., DOW Chemical Company, Iwatani Corporation, Matheson Tri-Gas Inc., Showa Denko K.K.

Asia-Pacific was the largest region in the industrial gases for plastic and rubber industry market in 2023. The regions covered in the industrial gases for plastic & rubber industry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial gases for plastic & rubber industry market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within the plastic and rubber industry, the primary types of industrial gases include nitrogen, carbon monoxide, and carbon dioxide. Nitrogen finds widespread use in manufacturing processes involving plastic and rubber components, such as extrusion, molding, and thermoforming. The storage, distribution, and transportation of these industrial gases involve several methods, including cylinder and packaged gas distribution, merchant liquid distribution, and tonnage distribution. These processes cater to various operations within the plastic and rubber industry, encompassing injection molding, extrusion, foaming, and blow molding, among others, facilitating efficient production and operations.

The industrial gases for plastic & rubber industry market research report are one of a series of new reports from The Business Research Company that industrial gases for plastic & rubber industry market statistics, including industrial gases in the plastic and rubber industry global market size, regional shares, competitors with industrial gases in the industrial gases for plastic & rubber industry market share, detailed industrial gases for plastic & rubber industry market segments, market trends and opportunities, and any further data you may need to thrive in the industrial gases for plastic & rubber industry market. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The industrial gases for plastic & rubber industry market consists of sales of oxygen, argon, ozone, neon, helium, krypton, methane. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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