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The Industrial Gases For Plastic & Rubber Market size is estimated to reach US$8.7 billion by 2027, after growing at a CAGR of 5.1% during the forecast period 2022-2027. The
use of Industrial Gases in plastic has
increased significantly. Industrial gases are made up of various
elements such as nitrogen, carbon monoxide, carbon dioxide, molecular
compounds and mixtures, which are used in various industries. The global
demand for plastic is driving the industrial gases for the plastic and rubber
market. According to Plastics Europe Market Research Group (PEMRG), the total
world production of plastics stood at 368 million tons in the year 2019, an
increase of 2.5% from the previous year’s (2018) production of 359 million
tons.
Industrial Gases For Plastic & Rubber Market:
The Plastic Segment Leads the Market
On
the basis of the end-use industry, the Industrial Gases For Plastic & Rubber Market
can be segmented into rubber and plastic. The Industrial Gases For Plastic & Rubber Markets leading segment has been evaluated to be plastic. During the forecast period 2022-2027, the plastic
segment is expected to grow with a CAGR of 5.8%. In the plastic
manufacturing process, industrial gases are used to mold large plastics into
complex shapes and designs. With increased plastic production around the world,
demand for Industrial Gases for various end-use industries is expected to rise,
boosting the growth of the Industrial Gases For Plastic & Rubber Market in the
plastic industry during the forecast period. According to India Brand Equity
Foundation, the Indian government intends to increase the plastic industry's
economic activity from US$37.8 billion to US$126 billion in 4-5 years.
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Industrial Gases For Plastic & Rubber Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Industrial Gases For Plastic & Rubber Market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 41.8% share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are ahead comparatively in terms of consumer plastic products. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Asia-Pacific region produces nearly half of the world's plastics and consumes 38% of them. The Industrial Gases For Plastic & Rubber Market would also gain demand from the North American region. The USA and Canada are emerging as competitive countries in the Industrial Gases For Plastic & Rubber Market.
Industrial Gases For Plastic & Rubber Market: Competitive Landscape
Key companies
holding major shares in the Industrial Gases For Plastic & Rubber Market are
Applied Materials, Inc, Fujifilm Holdings Corporation, Honeywell Electronic
Materials, Inc, JSR Micro, Inc, MacDermid, Inc, Merck KGaA, Microchem
Corporation, Shin-Etsu Chemical Co., Ltd, DuPont and Tokyo Ohka Kogyo Co.Ltd.
R&D Investments
In June 2022, Air Products announced plans to build, own and
operate a new industrial gases complex in Bihar, India, to supply hydrogen,
nitrogen and steam to Indian Oil Corporation Limited (IOCL).
In April 2022, Linde announced a long-term agreement for the supply of bulk industrial gases with a major space launch company in Florida.