According to a recently published TechSci Research report, ‘India Industrial Gases Market By Type, By End User & Competition Forecast and Opportunities, 2010 – 2020’, the market for industrial gases in India is projected to reach US$2 billion by 2020. Growth in the market is anticipated on account of growing demand from various end user industries such as metallurgy and petrochemicals, coupled with implementation of various favourable government policies to support the manufacturing sector. Various upcoming steel projects are integrating industrial gas production units to address the bulk requirements for industrial gases, thereby aiding the industrial gases market in the country.
On the basis of type, the industrial gases market in India has been segmented into three categories, namely, oxygen, nitrogen and argon. Among these, oxygen dominated the India industrial gases market in 2014, and is anticipated to continue its dominance through 2020, owing to its use in a wide range of applications in the metallurgy industry, such as welding, fabrication and other processes. Region wise, the east region is forecast to dominate the industrial gases market in India over the next five years on account of various upcoming metallurgical projects coupled with presence of major steel production units in this region.
"Growing competition between the global and local players has had a huge pressure on industrial gases prices in India. Global players hold a major share in the country's industrial gases market as they are mostly involved in signing long term agreement with consumers. With new iron and steel plants anticipated to become operational over the next five years, the demand for industrial gases is further forecast to increase at a robust pace during 2015 - 2020." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
‘India Industrial Gases Market By Type, By End User & Competition Forecast and Opportunities, 2010 – 2020’ has evaluated the future growth potential of the industrial gases market in India and provided statistics and information on market structure, industry behaviour and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in India’s industrial gases market.
Read the full report here.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/21012016/india-industrial-gases-market-worth-20-billion-by-2020-2226/