The North America industrial gases market size is expected to reach USD 50.17 billion by 2030, growing at a CAGR of 6.2% during the forecast period, as per a new report by the publisher. The growth is majorly driven by the increasing application of these gases in various industries such as healthcare, manufacturing, metallurgy, and food & beverages.
The oxygen product segment accounted for the largest share of the market in terms of revenue, in 2022, as the versatility and essentiality of oxygen make it a vital component in the chemicals and healthcare industries. For instance, compressed oxygen is used in certain medical devices and apparatus such as oxygen concentrators and ventilators, which are used for patients with severe respiratory issues. In addition, compressed oxygen is utilized in certain diagnostic procedures such as oximetry, which measures the amount of oxygen in the patient's blood.
Industrial gases are used in the food & beverages industry for multiple applications such as modified atmosphere packaging (MAP), carbonizing, freezing, and chilling food products and beverages. Modified atmosphere packaging (MAP) uses industrial gases such as nitrogen, carbon dioxide, and oxygen to preserve food products and beverages for a long period.
The product market in North America is competitive owing to the presence of a few well-established players that control the majority of share in the market. These companies are operational in various stages of the product value chain and have multiple channels for the production and distribution of their finished products globally.
Increasing demand for the product from various end-use industries in North America has encouraged the market players to increase their regional footprint and broaden their product range. Some key companies actively operating in this market are Air Products & Chemicals Inc.; The Linde Group; Air Liquide; and Messer Group.
In the U.S., the Occupational Safety and Health Administration (OSHA) regulates the use of the product in workplaces, while the Department of Transportation (DOT) regulates the transportation of containers such as cylinders containing these gases. The presence of different laws and regulations related to the storage and transportation of products in North America that manufacturers and distributors of these gases are required to abide by restricts the growth of the product market.
The oxygen product segment accounted for the largest share of the market in terms of revenue, in 2022, as the versatility and essentiality of oxygen make it a vital component in the chemicals and healthcare industries. For instance, compressed oxygen is used in certain medical devices and apparatus such as oxygen concentrators and ventilators, which are used for patients with severe respiratory issues. In addition, compressed oxygen is utilized in certain diagnostic procedures such as oximetry, which measures the amount of oxygen in the patient's blood.
Industrial gases are used in the food & beverages industry for multiple applications such as modified atmosphere packaging (MAP), carbonizing, freezing, and chilling food products and beverages. Modified atmosphere packaging (MAP) uses industrial gases such as nitrogen, carbon dioxide, and oxygen to preserve food products and beverages for a long period.
The product market in North America is competitive owing to the presence of a few well-established players that control the majority of share in the market. These companies are operational in various stages of the product value chain and have multiple channels for the production and distribution of their finished products globally.
Increasing demand for the product from various end-use industries in North America has encouraged the market players to increase their regional footprint and broaden their product range. Some key companies actively operating in this market are Air Products & Chemicals Inc.; The Linde Group; Air Liquide; and Messer Group.
In the U.S., the Occupational Safety and Health Administration (OSHA) regulates the use of the product in workplaces, while the Department of Transportation (DOT) regulates the transportation of containers such as cylinders containing these gases. The presence of different laws and regulations related to the storage and transportation of products in North America that manufacturers and distributors of these gases are required to abide by restricts the growth of the product market.
North America Industrial Gases Market Report Highlights
- Oxygen was the dominating product type segment, accounting for a revenue share of 38.1% in 2022. It is projected to grow at the highest CAGR of 6.6% from 2023 to 2030, owing to the versatility and essentiality of oxygen making it a vital component in the chemicals and healthcare industries
- Liquid oxygen is commonly used in the pharmaceutical industry for the production of antibiotics, anesthetics, heart medications, etc. Moreover, it is widely used in the chemicals
- The healthcare application segment of the North America industrial gases industry is anticipated to grow at a CAGR of 6.8% from 2023 to 2030 by revenue owing to the increasing use of industrial gases like nitrogen & oxygen in healthcare
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 North America Industrial Gases: Market Variables, Trends & Scope
Chapter 4 North America Industrial Gases Market: Suppliers Portfolio Analysis
Chapter 5 North America Industrial Gases Market: Product Estimates & Trend Analysis
Chapter 6 North America Industrial Gases Market: Application Estimates & Trend Analysis
Chapter 7 North America Industrial Gases Market: Application By Product Estimates & Trend Analysis
Chapter 8 North America Industrial Gases Market: Regional Estimates & Trend Analysis
Chapter 9 Industrial Gases Market: Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Air Products and Chemicals, Inc.
- Linde plc
- Air Liquide
- Matheson Tri-Gas, Inc
- BASF SE
- MESA Specialty Gases & Equipment
- Universal Industrial Gases, Inc.
- Messer North America, Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | June 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 31 Billion |
| Forecasted Market Value ( USD | $ 50.17 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | North America |
| No. of Companies Mentioned | 8 |
