Industrial gases for plastic & rubber market industry estimated at US$6.31 bln by 2020

28-Jan-16

The industrial gases for the plastic & rubber industry size is estimated to grow from US$ 4.89 bln in 2015 to US$6.31 bln by 2020, at a CAGR of 5.24% from 2015 to 2020, as per MarketsandMarkets. The global industrial gases for the plastic & rubber industry is driven by factors such as strong growth in the beverage, automobile, packaging, construction, and manufacturing sectors among others. Advancements in terms of product innovations and technologies in the market are expected to create strong investment opportunities. Nitrogen is projected to contribute the largest market share during the forecast period. Gases such as carbon dioxide and carbon monoxide have wide applications in the beverage, automobile, packaging, healthcare, and construction sectors. The nitrogen segment is projected to be the fastest-growing market, and is expected to grow at the highest CAGR in the next five years. Nitrogen is widely used in industrial and manufacturing applications for the purposes of purging, inerting, sterilizing, and tank blanketing, and flushing. Industrial gases for the plastic and rubber industry, by process, are segmented into four processes, namely, injection molding, extrusion, foaming, and blow molding. Injection molding accounted for the largest market share in 2014 and is the most widely used method for processing plastic and rubber into end products. The high versatility and application of injection molding makes it the fastest market during the forecast period. China is expected to have the largest market share and dominate the Asia- Pacific industrial gases for the plastic & rubber industry from 2015 to 2020. China, the largest manufacturer and supplier of industrial gases for the plastic & rubber industry, exhibits high potential growth opportunities. The key driver for this market is the rapidly growing Chinese industries such as manufacturing, electrical & electronics, automobile, and healthcare industries along with the growing construction market. The major players include The Linde Group (Germany), Air Liquide S.A. (France), Praxair Inc. (U.S.), Air Products and Chemicals Inc. (U.S.), and Airgas Inc. (U.S.). Companies have adopted inorganic growth strategies such as acquisitions to cope with the increasing demand in the emerging markets