The industrial gas market size has grown rapidly in recent years. It will grow from $146.1 billion in 2023 to $166.04 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth observed in the historic period can be attributed to several factors, including the expansion of manufacturing and industry, development in the energy sector, increased demands from the healthcare industry, globalization fostering international trade, compliance with environmental regulations, and advancements in infrastructure development.
The industrial gas market size is expected to see rapid growth in the next few years. It will grow to $272.59 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. Forecasted growth centers on the shift to green energy, electronics industry expansion, carbon capture, hydrogen economy development, and advancements in space and aerospace. Anticipated trends include biotech/pharma advancements, innovative manufacturing, technological progress, growth in medical gases, and expanding LNG markets.
The healthcare landscape is evolving with a growing emphasis on fostering a healthier and improved quality of life. Beyond traditional gases such as oxygen, the pharmaceutical industry is increasingly exploring the use of nitrous oxide, nitric oxide, and other industrial gases such as hydrogen, helium, and xenon in the development of pharmaceutical-based products. Notably, advancements in treatments and drug development, particularly those utilizing induced pluripotent stem cells (iPS), are adding substantial value to the industry. Gases such as carbon dioxide and liquid nitrogen play a crucial role in the cultivation and preservation of cells and tissues, driving demand for high-grade industrial gases and contributing to the evolution of healthcare technologies.
The surge in the manufacturing industry is poised to be a significant driver for the industrial gas market in the foreseeable future. The manufacturing sector, involved in the transformation of raw materials into finished products through mechanical, chemical, or physical processes, relies heavily on industrial gases for various applications, including welding, cutting, and chemical manufacturing. Particularly notable is the growth of manufacturing industries in emerging economies, significantly boosting the demand for industrial gases. A case in point is the substantial growth in the UK manufacturing sector, as reported by the Office for National Statistics in July 2023, with total product sales reaching $579.5 billion (£429.8 billion) in 2022, reflecting a 7% increase from the previous year.
Global interest rates are anticipated to rise across both developing and developed economies during the forecast period, presenting a potential constraint on new investments. The prevailing trend of increasing interest rates worldwide is largely aimed at controlling inflation and curbing the outflow of capital from countries. This anticipated rise in interest rates is such as ly to impact new investments, affecting expansion initiatives and research and development efforts for new products. A concrete example is the expected increase in US interest rates to up to 3.5% by 2021, which may lead to a scenario where borrowing becomes more expensive, subsequently influencing the growth trajectory of the market negatively.
Industrial gas companies are increasingly adopting innovative approaches to contribute to environmental sustainability, such as supplying carbon dioxide emitted from industrial facilities to greenhouses. This intelligent CO2 recycling solution involves capturing CO2 emissions from power plants and refineries, storing them in local capacities and empty natural gas fields, and subsequently transporting the CO2 to greenhouses through pipelines. This process not only provides a practical use for industrial emissions but also significantly reduces the carbon footprint of greenhouses. A notable example is Linde, which collaborates with the Shell oil refinery near Rotterdam, Netherlands, collecting CO2 emissions and distributing them to over 580 greenhouses in Rotterdam and Amsterdam. This initiative results in substantial environmental benefits, saving 115 million cubic meters of natural gas combustion and preventing the emission of 205,000 tons of CO2 annually.
Major players in the industrial gas market are actively engaged in developing innovative products to enhance precision and efficiency in metal fabrication and welding processes, aiming to gain a competitive edge. One such example is the introduction of LPG Cutting Gas, specifically designed for the metal cutting industry, catering to scrappers, fabricators, and metalworking sectors. Total Oil India Private Limited, an India-based manufacturer and marketer of engine oils and lubricants, launched LPG Cutting Gas in March 2021. This product aims to boost the use of LPG in metal cutting, offering customers advantages such as safer operability, cost savings, and improved cutting performance compared to acetylene and regular LPG. LPG Cutting Gas finds applications in metal cutting, straightening, hardening, and more. With features such as soot-free emissions, a low-glare flame at lower operating pressures, low oxygen consumption, and even heat distribution, this technically advanced product emerges as an environmentally friendly choice for end-users.
Major companies operating in the industrial gas market report are Asia Technical Gas Co. Pte. Ltd.; Universal Industrial Gases Inc.; BASF SE; Mitsubishi Chemical Holdings Corporation; Linde GmbH; Air Liquide S.A.S.; Praxair Inc.; Air Products and Chemicals Inc.; Showa Denko K.K.; Taiyo Nippon Sanso & Co. Ltd.; Air Water Inc.; Airgas Inc.; Iwatani Corporation; Messer Group GmbH; Matheson Tri-Gas Inc.; SOL S.p.A.; Nippon Gases; Ellenbarrie Industrial Gases; Yingde Gases Group Co. Ltd.; SIAD Group; Blue Star Limited; Standex International Corporation; Gulf Cryo; Frigoglass SAIC; nexAir LLC; Arneg S.p.A.; Sapio Group; PT Samator Indo Gas TBK; SIG Gases Berhad; Gases Plus; Bhuruka Gases Limited.
Asia-Pacific was the largest region in the industrial gas market in 2023. North America was the second-largest region in the industrial gas market. The regions covered in the industrial gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial gas market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Key types of these gases include nitrogen, oxygen, carbon dioxide, hydrogen, and other variants. Nitrogen, a colorless, odorless, inert gas, constitutes 78% of the Earth's atmosphere. Its applications range from industrial ammonia synthesis to use in inert atmospheres and as a refrigerant in liquid form. These gases are supplied through bulk, packaging, and pipeline methods, where packaging can include cylinders, bottles, canisters, cartridges, cryogenic tanks/vessels, among others. Industries such as chemicals, metallurgy, manufacturing, food and beverages, healthcare, and others are major consumers of these gases.
The industrial gas market research report is one of a series of new reports that provides industrial gas market statistics, including industrial gas industry global market size, regional shares, competitors with an industrial gas market share, detailed industrial gas market segments, market trends and opportunities, and any further data you may need to thrive in the industrial gas industry. This industrial gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial gas market consists of the sales of argon, ozone, neon, helium, krypton, methane, and nitrous oxide industrial gases. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The industrial gas market size is expected to see rapid growth in the next few years. It will grow to $272.59 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. Forecasted growth centers on the shift to green energy, electronics industry expansion, carbon capture, hydrogen economy development, and advancements in space and aerospace. Anticipated trends include biotech/pharma advancements, innovative manufacturing, technological progress, growth in medical gases, and expanding LNG markets.
The healthcare landscape is evolving with a growing emphasis on fostering a healthier and improved quality of life. Beyond traditional gases such as oxygen, the pharmaceutical industry is increasingly exploring the use of nitrous oxide, nitric oxide, and other industrial gases such as hydrogen, helium, and xenon in the development of pharmaceutical-based products. Notably, advancements in treatments and drug development, particularly those utilizing induced pluripotent stem cells (iPS), are adding substantial value to the industry. Gases such as carbon dioxide and liquid nitrogen play a crucial role in the cultivation and preservation of cells and tissues, driving demand for high-grade industrial gases and contributing to the evolution of healthcare technologies.
The surge in the manufacturing industry is poised to be a significant driver for the industrial gas market in the foreseeable future. The manufacturing sector, involved in the transformation of raw materials into finished products through mechanical, chemical, or physical processes, relies heavily on industrial gases for various applications, including welding, cutting, and chemical manufacturing. Particularly notable is the growth of manufacturing industries in emerging economies, significantly boosting the demand for industrial gases. A case in point is the substantial growth in the UK manufacturing sector, as reported by the Office for National Statistics in July 2023, with total product sales reaching $579.5 billion (£429.8 billion) in 2022, reflecting a 7% increase from the previous year.
Global interest rates are anticipated to rise across both developing and developed economies during the forecast period, presenting a potential constraint on new investments. The prevailing trend of increasing interest rates worldwide is largely aimed at controlling inflation and curbing the outflow of capital from countries. This anticipated rise in interest rates is such as ly to impact new investments, affecting expansion initiatives and research and development efforts for new products. A concrete example is the expected increase in US interest rates to up to 3.5% by 2021, which may lead to a scenario where borrowing becomes more expensive, subsequently influencing the growth trajectory of the market negatively.
Industrial gas companies are increasingly adopting innovative approaches to contribute to environmental sustainability, such as supplying carbon dioxide emitted from industrial facilities to greenhouses. This intelligent CO2 recycling solution involves capturing CO2 emissions from power plants and refineries, storing them in local capacities and empty natural gas fields, and subsequently transporting the CO2 to greenhouses through pipelines. This process not only provides a practical use for industrial emissions but also significantly reduces the carbon footprint of greenhouses. A notable example is Linde, which collaborates with the Shell oil refinery near Rotterdam, Netherlands, collecting CO2 emissions and distributing them to over 580 greenhouses in Rotterdam and Amsterdam. This initiative results in substantial environmental benefits, saving 115 million cubic meters of natural gas combustion and preventing the emission of 205,000 tons of CO2 annually.
Major players in the industrial gas market are actively engaged in developing innovative products to enhance precision and efficiency in metal fabrication and welding processes, aiming to gain a competitive edge. One such example is the introduction of LPG Cutting Gas, specifically designed for the metal cutting industry, catering to scrappers, fabricators, and metalworking sectors. Total Oil India Private Limited, an India-based manufacturer and marketer of engine oils and lubricants, launched LPG Cutting Gas in March 2021. This product aims to boost the use of LPG in metal cutting, offering customers advantages such as safer operability, cost savings, and improved cutting performance compared to acetylene and regular LPG. LPG Cutting Gas finds applications in metal cutting, straightening, hardening, and more. With features such as soot-free emissions, a low-glare flame at lower operating pressures, low oxygen consumption, and even heat distribution, this technically advanced product emerges as an environmentally friendly choice for end-users.
Major companies operating in the industrial gas market report are Asia Technical Gas Co. Pte. Ltd.; Universal Industrial Gases Inc.; BASF SE; Mitsubishi Chemical Holdings Corporation; Linde GmbH; Air Liquide S.A.S.; Praxair Inc.; Air Products and Chemicals Inc.; Showa Denko K.K.; Taiyo Nippon Sanso & Co. Ltd.; Air Water Inc.; Airgas Inc.; Iwatani Corporation; Messer Group GmbH; Matheson Tri-Gas Inc.; SOL S.p.A.; Nippon Gases; Ellenbarrie Industrial Gases; Yingde Gases Group Co. Ltd.; SIAD Group; Blue Star Limited; Standex International Corporation; Gulf Cryo; Frigoglass SAIC; nexAir LLC; Arneg S.p.A.; Sapio Group; PT Samator Indo Gas TBK; SIG Gases Berhad; Gases Plus; Bhuruka Gases Limited.
Asia-Pacific was the largest region in the industrial gas market in 2023. North America was the second-largest region in the industrial gas market. The regions covered in the industrial gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial gas market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Key types of these gases include nitrogen, oxygen, carbon dioxide, hydrogen, and other variants. Nitrogen, a colorless, odorless, inert gas, constitutes 78% of the Earth's atmosphere. Its applications range from industrial ammonia synthesis to use in inert atmospheres and as a refrigerant in liquid form. These gases are supplied through bulk, packaging, and pipeline methods, where packaging can include cylinders, bottles, canisters, cartridges, cryogenic tanks/vessels, among others. Industries such as chemicals, metallurgy, manufacturing, food and beverages, healthcare, and others are major consumers of these gases.
The industrial gas market research report is one of a series of new reports that provides industrial gas market statistics, including industrial gas industry global market size, regional shares, competitors with an industrial gas market share, detailed industrial gas market segments, market trends and opportunities, and any further data you may need to thrive in the industrial gas industry. This industrial gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial gas market consists of the sales of argon, ozone, neon, helium, krypton, methane, and nitrous oxide industrial gases. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
1. Executive Summary2. Industrial Gases Market Characteristics3. Industrial Gases Market Trends and Strategies32. Global Industrial Gases Market Competitive Benchmarking33. Global Industrial Gases Market Competitive Dashboard34. Key Mergers and Acquisitions in the Industrial Gases Market
4. Industrial Gases Market - Macro Economic Scenario
5. Global Industrial Gases Market Size and Growth
6. Industrial Gases Market Segmentation
7. Industrial Gases Market Regional and Country Analysis
8. Asia-Pacific Industrial Gases Market
9. China Industrial Gases Market
10. India Industrial Gases Market
11. Japan Industrial Gases Market
12. Australia Industrial Gases Market
13. Indonesia Industrial Gases Market
14. South Korea Industrial Gases Market
15. Western Europe Industrial Gases Market
16. UK Industrial Gases Market
17. Germany Industrial Gases Market
18. France Industrial Gases Market
19. Italy Industrial Gases Market
20. Spain Industrial Gases Market
21. Eastern Europe Industrial Gases Market
22. Russia Industrial Gases Market
23. North America Industrial Gases Market
24. USA Industrial Gases Market
25. Canada Industrial Gases Market
26. South America Industrial Gases Market
27. Brazil Industrial Gases Market
28. Middle East Industrial Gases Market
29. Africa Industrial Gases Market
30. Industrial Gases Market Competitive Landscape and Company Profiles
31. Industrial Gases Market Other Major and Innovative Companies
35. Industrial Gases Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Industrial Gas Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on industrial gas market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for industrial gas? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Nitrogen; Oxygen; Carbon Dioxide; Hydrogen; Other Industrial Gas
2) By Mode of Supply: Bulk; Packaging; Pipe Line
3) By Packaging: Cylinders; Bottles; Canisters; Cartridges; Cryogenic Tanks Or Vessels; Other Packaging
4) By End-user Industry: Chemicals; Metallurgy; Manufacturing; Food & Beverage; Healthcare; Other End-user Industries
Key Companies Mentioned: Asia Technical Gas Co. Pte. Ltd.; Universal Industrial Gases Inc.; BASF SE; Mitsubishi Chemical Holdings Corporation; Linde GmbH
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BASF SE
- Linde plc
- Air Liquide S.A.
- Atlas Copco
- The Southern Gas Ltd.
- Air Products and Chemicals Inc.
- Taiyo Nippon Sanso Corporation
- Ingersoll Rand
- Iwatani Corporation
- National Gases Ltd.
- Matheson Tri-Gas Inc.
- Sicgil Industrial Gases
- SOL S.p.A.
- Messer Group GmbH
- Horiba Ltd.
- Praxair Technology Inc.
- Gulf Cryo LLC
- Norco Inc.
- Greco Gas
- Western International Gas & Cylinders Inc.
- Holston Gases Inc.
- Indiana Oxygen Company
- Weldstar
- Sutton-Garten Co.
- Butler Gas Products Company
- Eureka Oxygen Co
- American Gas Products
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 400 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 166.04 Billion |
| Forecasted Market Value ( USD | $ 272.59 Billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
