Market size, share and growth analysis by type, application and end use industry, across all major regions and key countries, with forecasts for 2023–2032. The competitive landscape profiles 20+ companies, including ir Liquide and Linde plc.
The global industrial gases market was valued at USD 95.2 Bn in 2023 and is projected to reach USD 172 Bn by 2032, growing at a CAGR of 5.7%. Europe is the largest regional market and Asia-Pacific is growing fastest.
Global Industrial Gases Market 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.
Source: Custom Market Insights analysis.
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Industrial gases are gasses that are developed, processed, and utilized in a variety of sectors, including manufacturing, processing, and chemical synthesis. These gases are often generated in large quantities using techniques such as air separation, natural gas reforming, and electrolysis.
The elements nitrogen, oxygen, hydrogen, carbon dioxide, argon, helium, and acetylene are some of the most often used industrial gases.
Industrial Gases Market Growth Factors
Rising healthcare industry
Industrial gases like oxygen, nitrogen, and carbon dioxide are required for a variety of medical uses, including respiratory treatment, anaesthesia, and cryogenic preservation. As the healthcare sector grows to satisfy the requirements of aging populations and expanding economies, grows the need for industrial gases used in medicine.
Furthermore, advances in medical technology necessitate accurate and dependable gases for operations such as laser surgery, magnetic resonance imaging (MRI), and pharmaceutical manufacture, hence increasing demand for industrial gases.
Moreover, tight laws and quality requirements in the healthcare sector need high-purity gases, opening up the potential for industrial gas providers to deliver specific goods and services customized to the healthcare industry's requirements.
In conclusion, the expansion of the healthcare sector serves as a primary driver of the industrial gases market. For instance, Linde Healthcare provides a comprehensive array of medical gas solutions, ensuring that medication standards for all medical gases precisely match regulatory requirements. ENTONOX® is a gas mixture that contains 50% nitrous oxide IP by volume and 50% oxygen IP by volume in a cylinder.
Pain relief is typically used in emergency settings and involves many invasive treatments. ENTONOX® offers the analgesic benefits of nitrous oxide while also providing more oxygen while inducing loss of consciousness.
Increasing usage of industrial gases in the oil & gas industry
The growing use of industrial gases in the oil and gas industry is propelling the industrial gases market. For example, nitrogen is utilized in inerting and blanketing applications to avoid explosions and corrosion in storage tanks and pipes. Oxygen is used in a variety of processes, including oxidation, the gasification process, and combustion, to improve oil recovery and refining.
Furthermore, hydrogen is used in hydrotreating and hydrocracking procedures to eliminate contaminants and improve crude oil. The oil and gas industry's ongoing exploration and production operations, along with the requirement for efficient and environmentally friendly procedures, drive rising demand for industrial gases.
Furthermore, developments in gas processing technologies, combined with increased expenditures in oil and gas infrastructure development, contribute to the growth of the industrial gas market. For instance, Air Products supports the oil and gas sector with over 50 years of expertise, as well as cutting-edge industrial gas services and technology.
With nitrogen supply and support for unconventional drilling and completion to large-scale nitrogen generating units for improved oil recovery, Air Products offers the supply and distribution networks, service personnel, and production technologies to satisfy the oil and gas industry's demands.
Industrial Gases Market: Restraints
Stringent laws and regulations for storage and distribution of gases
The industrial gas industry has substantial hurdles from stringent rules and regulations governing gas manufacture, storage, and delivery. Compliance with these rules frequently necessitates significant expenditures in infrastructure, technology, and safety measures, which raises operating costs for gas makers and distributors.
Furthermore, adhering to ecological requirements and safety measures complicates gas production and handling operations, thereby reducing supply chain efficiency and dependability. As a result, enterprises may face heightened scrutiny and regulatory control, reducing investment and innovation in the industrial gas industry.
Moreover, the requirement for continual monitoring, reporting, and compliance with regulatory requirements increases administrative load and operational complexity, possibly impeding market development and competition in places with strong regulatory frameworks.
Industrial Gases Market: Opportunities
Rapid spread of manufacturing and processing industries
Industrial gases including oxygen, nitrogen, hydrogen, and carbon dioxide are required for many manufacturing operations, including metal fabrication, chemical synthesis, and food processing. As the manufacturing and processing sectors grow internationally, there is a greater demand for industrial gases to support these processes.
Furthermore, industrial gases have critical roles in increasing productivity, efficiency, and quality of goods in manufacturing operations. For instance, oxygen is used in combustion processes to heat, but nitrogen is used for inerting and coating to avoid oxidation and contamination.
In addition, with an increasing emphasis on sustainability and environmental standards, industrial gases are being used in technologies for pollution control including flue gas treatment and treatment of wastewater. For instance, India's GDP growth rate increased to 7.8% in the April to June quarter of 2023, according to figures issued by the National Statistical Office.
In August, manufacturing output increased by 9.3% year on year and 1.2% monthly. India's industrial production increased by 10.3% over year in August 2023, according to figures issued by the Government of India's National Statistical Office, up from 6.0% in July.
Industrial Gases Market: Segmentation Analysis
Global Industrial Gases market is segmented by type, application, end use industry and region. Based on type, the market is classified into oxygen, nitrogen, hydrogen, argon, carbon dioxide, and others. Oxygen dominated the market in 2022 with a market share of 35% and is expected to keep its dominance during the forecast period 2024-2032.
In the manufacturing industry, oxygen is employed in operations including metal fabrication, welding, and cutting. It is also required for oxy-fuel combustion in the steel, refining, and chemical industries.
Furthermore, oxygen is used in wastewater treatment facilities for biological operations, as well as in hospitals for medicinal gases and respiratory therapy. Moreover, advances in technology such as gasification and gas separation techniques are broadening the breadth of oxygen's use in areas such as energy, healthcare, and electronics manufacturing.
In general, oxygen's adaptability, along with its vital involvement in a variety of industrial processes, makes it a key driver of the worldwide industrial gas market.
Based on application, the market is classified into cryogenic, coolant, packaging, air separation and others. The Cryogenics segment dominated the market in 2022 with a market share of 40% and is expected to keep its dominance during the forecast period 2024-2032.
Cryogenics is a key driver of the industrial gas market due to its applicability in a variety of sectors. Cryogenic gases, including nitrogen, oxygen, argon, and helium, are used in cryogenic operations that need extremely low temperatures.
The resulting gases are essential for processes such as freezing and preserving biological samples, chilling superconducting magnets in MRI equipment, and liquefying natural gas for transit and storage. In industrial settings, cryogenic gases are utilized for metal manufacturing, welding, cutting, and heat treatment.
The need for industrial exhaust gases is rising alongside the expansion of industries that include manufacturing, healthcare, electronics, and energy.
Based on end use industry, the market is classified into healthcare, electronics, aerospace, construction, energy and power and others. The healthcare segment dominated the market in 2022 with a market share of 35% and is expected to keep its dominance during the forecast period 2024-2032.
The healthcare industry propels the industrial gas market through a variety of applications, most notably medical gas supply and equipment. Industrial gases such as oxygen, nitrogen, and carbon dioxide are essential for medical applications such as respiratory treatment, anaesthesia, and surgery.
Furthermore, industrial gases are employed in medical imaging technologies such as MRI and CT scans, which need helium and xenon. Industrial gases also play an important part in cryopreservation and cryosurgery, where liquid nitrogen is utilized to store biological samples and perform minimally invasive procedures.
Furthermore, an increasing need for healthcare services, advances in medical technology, and increased global investments in healthcare infrastructure all boost the growth of the industrial gas market.
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. |
Industrial Gases Market: Regional Analysis
By region, Industrial Gases market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
The Asia-Pacific dominated the global Industrial Gases market in 2022 with a market share of 45% in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Asia-Pacific drives the industrial gas market through several main drivers.
To begin, the region's extensive industrial infrastructure, which includes manufacturing, metals, chemicals, and electronics, drives the need for industrial gases such as nitrogen, oxygen, and argon in a variety of production processes.
Furthermore, rising urbanization and economic expansion fuel the construction and automotive sectors, driving up demand for industrial gases for cutting, welding, and metal fabrication applications.
Moreover, rigorous environmental requirements in countries such as China and India are pressuring enterprises to use cleaner production techniques, such as industrial gases for sewage treatment and air pollution reduction.
Furthermore, the Asia-Pacific region's growing reliance on renewable energy sources such as hydrogen for fuel cells and energy storage opens up new prospects for expansion of the industrial gases market.
Industrial Gases Market: Recent Developments
List of the prominent players in the Industrial Gases Market:
These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Industrial Gases Market is segmented as follows:
By Type
By Application
By End Use Industry
Regional Coverage:
North America
Europe
Asia Pacific
The Middle East & Africa
Latin America
Updated: January 2026 · Formats: PDF, Excel, PPT
The restraints of the Industrial Gases market is stringent laws and regulations for storage and distribution of gases.
The major driver for the Industrial Gases market is rising healthcare industry and increasing usage of industrial gases in oil & gas industry.
The "Oxygen" category dominated the market in 2022.
The key players in the market are 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.
"Asia-Pacific" had the largest share in the Industrial Gases Market.
The global market is projected to grow at a CAGR of 5.7% during the forecast period, 2023-2032.
The Industrial Gases Market size was valued at USD 95.2 Billion in 2023.
Author · Sr. Research Analyst
Ayush Kadam is a Senior Market Research Analyst at Custom Market Insights, with over seven years of experience in syndicated and custom market research. He specializes in market sizing, competitive intelligence, industry trends, forecasting, and strategic insights, helping clients turn complex data into actionable business decisions.
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