According to TechSci Research report, “Vietnam Industrial Gases Market– By Region, Competition, Forecast and Opportunities, 2018-2028F”, the Vietnam Industrial Gases Market stood at USD187.38 million in 2022 and is anticipated to grow with a CAGR of 4.17% in the forecast period, 2023-2028. The initiatives taken by government based on industrial gases has led to favorable market conditions for the Vietnam Industrial Gases Market. Several factors contribute to the growth of various industrial gases market products.
Government Initiatives and Sustainability Goals
- Vietnam Low Emission Energy Program II (V-LEEP II):
- The V-LEEP II program is part of Vietnam’s broader commitment to sustainable energy and reduced carbon emissions. Although it doesn’t directly target industrial gases, it reflects the country’s push towards greener practices and energy efficiency, which impacts industrial gas consumption and production indirectly.
- Net Zero 2050 Goal:
- Vietnam aims to peak greenhouse gas emissions and reduce its carbon footprint as part of its Net Zero 2050 goal. This goal influences the industrial gases market by promoting technologies and processes that align with sustainability objectives. Industrial processes, including those involving industrial gases, will need to adapt to meet these standards.
Research and Development (R&D)
- Technological Advancements:
- R&D activities are crucial for advancing production technologies and improving the efficiency of industrial gases. Innovations in carbon dioxide capture and storage technologies are particularly noteworthy. Such advancements contribute to making industrial processes more sustainable and can drive market growth.
- Efficiency and Sustainability:
- Companies investing in R&D aim to develop more efficient and environmentally friendly methods for industrial gas production and utilization, supporting market expansion and sustainability.
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Market Segmentation
1. By Product:
- Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon, Helium: Each gas serves specific industrial needs, such as oxygen for medical and welding applications, nitrogen for inert atmospheres, hydrogen for fuel and chemical processes, carbon dioxide for refrigeration and carbonation, argon for welding, and helium for cooling and balloons.
2. By Mode of Distribution:
- Tonnage: Holds the largest market share due to its cost-effectiveness for industries with high gas demands. Bulk purchases enable economies of scale, reducing per-unit costs and ensuring a consistent supply.
- Bulk: Similar to tonnage but often used for medium-scale requirements.
- Packaged: Suitable for smaller, variable needs or industries with lower gas consumption.
3. By Region:
- Central Vietnam: Expected to grow due to significant government investment in infrastructure and industrialization. The central region’s strategic location enhances its appeal as an industrial hub, increasing demand for industrial gases.
Major Companies
- Messer Vietnam Industrial Gases Co., Ltd.:
- A leading player in the industrial gases market, known for its wide range of products and services.
- Linde AG:
- A global leader in industrial gases with a strong presence in Vietnam, providing comprehensive solutions across various industries.
- Nippon Sanso Holdings Corp:
- Known for its technological innovations and extensive industrial gas offerings.
- SIG Group Co. Ltd.:
- A significant player offering diverse industrial gas solutions and contributing to market growth.
- Osaka Gas Co. Ltd.:
- Provides a range of industrial gases and is involved in various sustainability initiatives.
Market Drivers
- Growing Industrialization:
- Vietnam’s rapid industrialization and infrastructural development drive demand for industrial gases across sectors such as manufacturing, healthcare, and energy.
- Government Support:
- Strategic initiatives and policies foster industrial growth, benefiting the industrial gases market through increased consumption and production.
- Sustainability Goals:
- The shift towards greener and more sustainable industrial practices influences the development and use of industrial gases, aligning with the country’s long-term environmental goals.
Challenges and Opportunities
1. Competition:
- The presence of established global and local companies intensifies competition. Companies must innovate and improve efficiency to maintain market share.
2. Supply Chain Management:
- Efficient logistics and distribution are critical for ensuring a consistent supply of gases to meet growing demand.
3. Technological Innovation:
- Investing in advanced technologies and sustainable practices offers significant growth opportunities and aligns with global trends.
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“Growing application of industrial gases in various end user industries are key drivers of the industrial gases market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of industrial gases with every passing year are anticipated to register an impressive growth to Vietnam Industrial Gases Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Vietnam Industrial Gases Market By Product (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon, Helium), By Mode of Distribution (Tonnage, Bulk, Packaged), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Vietnam Industrial Gases Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Industrial Gases Market.
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