Global Industrial Gases Market size was valued at USD 95.2 Billion in 2023 and is expected to reach USD 171.6 Billion by 2032, at a CAGR of 5.7% during the forecast period 2023 – 2032.
Industrial Gases Market: Overview
Industrial gases are a type of gas that is generated and used in a variety of industrial operations due to their chemical qualities. These gases are often created using procedures such as distillation by fractions, chemical processes, or air separation.
Industrial gases are employed in many industries, such as manufacturing, healthcare, food & beverage, electronics, chemicals, and metalworking.
One notable trend is the growing need for industrial gases in industries such as manufacturing, medical care, electronics, and food & beverage. This demand is being driven by rising industrialization, urbanization, and the global adoption of new technology.
Furthermore, there is a growing emphasis on sustainable and ecologically friendly solutions, which has led to the creation of green industrial gas production systems and the expansion of renewable energy applications. Furthermore, there is an increasing emphasis on optimizing and digitizing the gas supply chain to improve effectiveness, dependability, and safety.
Moreover, the industry is seeing major expenditures in R&D to create new applications and improve existing ones. In general, these trends are anticipated to keep driving innovation and development in the global industrial gas market in the future.
By type, the oxygen segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Oxygen drives the industrial gas market due to its importance in a variety of sectors, notably metal manufacturing, healthcare, and chemicals. It is required for combustion, oxidation, and life-sustaining uses, which drives demand.
By application, the cryogenic segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Cryogenics propels the industrial gases industry by producing, storing, and transporting gases at low temperatures, allowing for effective and affordable solutions in a variety of industrial applications such as manufacturing, medical care, and electronics.
By end use industry, the healthcare segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Healthcare promotes the industrial gases market because gases including oxygen, nitrogen, and carbon dioxide play critical roles in medical procedures such as respiratory treatment, anaesthesia, and sterilization.
Asia-Pacific dominates the industrial gases industry owing to fast industrial development, rising demand from industries such as manufacturing, healthcare, and electronics, as well as government efforts supporting infrastructure development and sustainable industrial practices.
Messer is one of the biggest privately held experts in industrial, medical, and specialized gases, as well as a highly professional and long-term global participant in Asia, Europe, and America. Messer produces and provides oxygen, nitrogen, argon, carbon dioxide, hydrogen, helium, shielding gases for welding, specialized gases, healthcare gases, and food gases, as well as a wide range of gas mixes.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 95.2 Billion |
| Projected Market Size in 2032 | USD 171.6 Billion |
| Market Size in 2022 | USD 94.4 Billion |
| CAGR Growth Rate | 5.7% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Application, End Use Industry and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
CMI has comprehensively analyzed the Global Industrial Gases market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Industrial Gases industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Industrial Gases Market:
- Air Liquide
- Linde plc
- Air Products and Chemicals Inc.
- Praxair Inc.
- Taiyo Nippon Sanso Corporation
- Messer Group GmbH
- Yingde Gases Group Company Limited
- Taiyo Toyo Sanso Co. Ltd.
- SOL Group
- SIG Gases Berhad
- Matheson Tri-Gas Inc.
- Air Water Inc.
- Gulf Cryo Holding C.S.C.
- Iwatani Corporation
- Airgas Inc.
- Mitsui Chemicals Inc.
- Gasum Oy
- National Industrial Gas Plants
- Ellenbarrie Industrial Gases Limited
- Linde India Limited
- Others
The Industrial Gases Market is segmented as follows:
By Type
- Oxygen
- Nitrogen
- Hydrogen
- Argon
- Carbon Dioxide
- Others
By Application
- Cryogenic
- Coolant
- Packaging
- Air Separation
- Other
By End Use Industry
- Healthcare
- Electronics
- Aerospace
- Construction
- Energy and Power
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America