The global industrial gases market size is estimated to grow from USD 102.9 billion in 2025, to USD 219.9 billion by 2035, at a CAGR of 7.15% during the forecast period, till 2035.
The opportunity for the industrial gases market has been distributed across the following segments:
Type of Product
- Atmospheric Gases
- Process Gases
- Other
Type of Gas
- Acetylene
- Argon
- Carbon dioxide
- Hydrogen
- Nitrogen
- Oxygen
- Others
Type of Technology
- Cryogenic Air Separation
- Membrane Separation
- Pressure Swing Adsorption (PSA)
- Steam Methane Reforming
Type of Application
- Air Separation
- Carbonation
- Coolant
- Cryogenic
- Cutting & Welding
- Laboratory
- Packaging
- Others
Company Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
End User
- Chemicals & Energy
- Electronics
- Food & Beverages
- Healthcare
- Manufacturing
- Metallurgy & Glass
- Mining
- Retail
- Water Treatment
- Others
Type of Distribution
- Bulk (Liquid Gas Transport)
- Cylinder (Merchant)
- On-Site
Geographical Regions
- North America
- US
- Canada
- Mexico
- Other North American countries
- Europe
- Austria
- Belgium
- Denmark
- France
- Germany
- Ireland
- Italy
- Netherlands
- Norway
- Russia
- Spain
- Sweden
- Switzerland
- UK
- Other European countries
- Asia
- China
- India
- Japan
- Singapore
- South Korea
- Other Asian countries
- Latin America
- Brazil
- Chile
- Colombia
- Venezuela
- Other Latin American countries
- Middle East and North Africa
- Egypt
- Iran
- Iraq
- Israel
- Kuwait
- Saudi Arabia
- UAE
- Other MENA countries
- Rest of the World
- Australia
- New Zealand
- Other countries
Industrial Gases Market: Growth and Trends
Industrial gases, such as Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, and Argon are essential gases that are manufactured and supplied for use in various industrial processes. These gases play a pivotal role in manufacturing, healthcare, food and beverage preservation, environmental protection, and numerous other industries. In addition, these offer efficiency, safety, and technological advancement. In recent years, the increasing urbanization and industrialization have fueled the demand for industrial gases among key applications.
In terms of the type of gases, oxygen is one of the leading gases due to its wide range of applications particularly, in healthcare sectors where it is largely used for critical patient care and respiratory disease treatment. In this context, the COVID-19 pandemic is one of the recent examples that has spiked oxygen demand and driven the growth of the industrial gases market around the world; this has expanded the scope of the industrial gases market which continues to rise.
The soaring construction industries are further amplifying the market opportunities with an increasing need for industrial gases. As a result, leading industrial gas companies are leveraging this opportunity and boosting their services and market reach. The industrial automation is also contributing to the growth of this market as many automated processes rely on industrial gases for wide range of applications. In addition, with the current variety of applications, new uses for these gases are also emerging with the ever-growing industries and technologies.
Due to this, numerous companies are entering the market and investing in advanced technologies and innovative solutions, such as high-purity and specialty gases for specific applications. The precious metal is another crucial segment where industrial gases play critical role, specifically in refining and processing operations. It is interesting to note that by broadening product and service offerings to cater to a wider range of industries and applications, stakeholders are driving market growth which is anticipated to continue to grow over this forecast period.
Industrial Gases Market: Key Segments
Market Share by Type of Product
Based on the type of product, the global industrial gases market is segmented into atmospheric gases, process gases, and others. According to our estimates, currently, atmospheric gases segment captures the majority share of the market.
This can be attributed to the increasing demand for atmospheric gases, like oxygen and nitrogen, in the medical and healthcare industries, where these gases are essential for respiratory therapies, medical imaging and diagnostics, sterilization and preservation, as well as the production of pharmaceuticals. However, driven by growing industrialization, the process gases segment is anticipated to experience the highest CAGR during the forecast period.
Market Share by Type of Gas
Based on type of gas, the industrial gases market is segmented into acetylene, argon, carbon dioxide, hydrogen, nitrogen, oxygen and others. According to our estimates, currently, oxygen captures the majority share of the market.
The demand for oxygen is growing as it plays a crucial role in various sectors such as chemical, environmental, and water treatment. Moreover, it is widely utilized in multiple industrial applications, including steel production, chemical manufacturing, and metalworking. As a result, oxygen is predicted to see a higher compound annual growth rate (CAGR) in the upcoming years.
Market Share by Type of Technology
Based on type of technology, the industrial gases market is segmented cryogenic air separation, membrane separation, pressure swing adsorption (PSA), and steam methane reforming. According to our estimates, currently, cryogenic air separation segment captures the majority share of the market. This can be attributed to the effectiveness in separating air into its individual gases, nitrogen, oxygen, and argon, by taking advantage of their boiling point differences makes it a favored choice for achieving high purity levels of each gas.
However, pressure swing adsorption is anticipated to grow at a higher CAGR during the forecast period, owing to its increasing application in air separation, gas drying, and hydrogen purification.
Market Share by Type of Application
Based on type of application, the industrial gases market is segmented into air separation, carbonation, coolant, cryogenic, cutting & welding, laboratory, packaging and others. According to our estimates, currently, cryogenic segment captures the majority share of the market. This can be attributed to the fact that cryogenics plays a crucial role in the pharmaceutical industry, where nitrogen and oxygen are needed to enhance the bioavailability of drug formulations However, cutting & welding segment is anticipated to grow at a higher CAGR during the forecast period.
Market Share by Company Size
Based on company size, the industrial gases market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. According to our estimates, currently, large enterprises & industrial gas companies captures the majority share of the market. This can be attributed to their extensive global operations, significant share of the market, and varied product offerings. Additionally, these major companies maintain a dominant position through their vast resources, cutting-edge technologies, broad distribution networks, and their capability to cater to a wide array of industries and regions.
Market Share by End User
Based on end user, the industrial gases market is segmented into chemicals & energy, electronics, food & beverages, healthcare, manufacturing, metallurgy & glass, mining, retail, water treatment and others. According to our estimates, currently, healthcare sector captures the majority share of the market. This can be attributed to the fact the substantial demand for medical oxygen, which is critical for patient care, especially in respiratory treatments.
Market Share by Type of Distribution
Based on type of distribution, the industrial gases market is segmented into bulk (liquid gas transport), cylinder (merchant) and on-site. According to our estimates, currently, bulk segment captures the majority share of the market. This is due to the significant demand for industrial gases, such as oxygen, nitrogen, and argon, which are typically transported in bulk by tanker trucks or railcars to large-scale industrial clients like steel manufacturers, chemical processing facilities, and refineries.
Market Share by Geography
Based on geography, the industrial gases market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to our estimates, currently, Asia-Pacific captures the majority share of the market. This can be attributed to rapid industrial growth, the expansion of manufacturing sectors, and infrastructure development in developing countries. Moreover, China, India, and Southeast Asian countries are experiencing significant growth in industries like manufacturing, construction, automotive, electronics, and chemicals, which further propels market growth.
Sample Players in Industrial Gases Market Profiled in the Report, Include:
- Air Gase
- Air Product
- Air Water Incorporation
- BASF
- Bhuruka Gases
- Bristorl Gases
- Concorde-Corodex Group
- Dubai Industrial Gases
- Ellenbarrie Industrial Gases
- Gulf Cryo
- KGaA
- Linde
- Matheson Tri-Gas
- Messer Group
- Nippon Sanso Holding
- Southern Company Gas
- Universal Industrial Gases
- Yingde GASes Group
Industrial Gases Market: Research Coverage
The report on the industrial gases market features insights on various sections, including:
- Market Sizing and Opportunity Analysis: An in-depth analysis of the industrial gases market, focusing on key market segments, including type of product, type of gas, type of technology, type of application, type of end user, type of distribution, company size, and geographical regions.
- Competitive Landscape: A comprehensive analysis of the companies engaged in the industrial gases market, based on several relevant parameters, such as year of establishment, company size, location of headquarters, ownership structure.
- Company Profiles: Elaborate profiles of prominent players engaged in the industrial gases market, providing details on location of headquarters, company size, company mission, company footprint, management team, contact details, financial information, operating business segments, industrial gases portfolio, moat analysis, recent developments, and an informed future outlook.
- SWOT Analysis: An insightful SWOT framework, highlighting the strengths, weaknesses, opportunities and threats in the domain. Additionally, it provides Harvey ball analysis, highlighting the relative impact of each SWOT parameter.
Key Questions Answered in this Report
- How many companies are currently engaged in industrial gases market?
- Which are the leading companies in this market?
- What factors are likely to influence the evolution of this market?
- What is the current and future market size?
- What is the CAGR of this market?
- How is the current and future market opportunity likely to be distributed across key market segments?
Reasons to Buy this Report
- The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
- Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
- The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Air Gase
- Air Product
- Air Water Incorporation
- BASF
- Bhuruka Gases
- Bristorl Gases
- Concorde-Corodex Group
- Dubai Industrial Gases
- Ellenbarrie Industrial Gases
- Gulf Cryo
- KGaA
- Linde
- Matheson Tri-Gas
- Messer Group
- Nippon Sanso Holding
- Southern Company Gas
- Universal Industrial Gases
- Yingde GASes Group
Methodology
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