Industrial Gas Market Report 2026

The industrial gas market size has grown strongly in recent years. It will grow from $143.62 billion in 2025 to $157.07 billion in 2026 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to expansion of manufacturing industries, increasing use in metallurgical processes, growth of healthcare infrastructure, rising demand for food-grade gases, availability of bulk gas supply systems.

The industrial gas market size is expected to see rapid growth in the next few years. It will grow to $231.72 billion in 2030 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increasing adoption in electric vehicle manufacturing, rising demand for high-purity gases in electronics, expansion of clean energy and hydrogen applications, growing investments in gas distribution networks, increasing focus on specialty gas solutions. Major trends in the forecast period include growing demand for bulk and specialty industrial gases, rising adoption in semiconductor and electronics manufacturing, expansion of healthcare and medical gas usage, increasing use in metal fabrication and welding, enhanced focus on gas purity and safety.

The growth of the manufacturing industry is expected to drive the expansion of the industrial gas market in the coming years. The manufacturing industry involves producing goods by converting raw materials, components, or parts into finished products, typically through various mechanical, chemical, or physical processes. Industrial gases are widely used in the manufacturing sector for applications such as welding, cutting, and chemical production. The expansion of manufacturing industries, particularly in emerging economies, fuels the demand for industrial gases. For instance, in December 2024, according to Statistics Canada, a Canada-based government agency, the Canadian manufacturing sector grew for the third consecutive year, with total revenue increasing 1.7% year over year to $935.6 billion in 2023. Therefore, the growth of the manufacturing industry is supporting the expansion of the industrial gas market.

Major companies in the industrial gas market are developing innovative products, including Internet of Things (IoT) technology, to enhance monitoring, safety, and efficiency in gas production, distribution, and storage. These IoT technologies allow real-time tracking of gas levels, pressure, and environmental conditions, optimizing resource management and improving safety by detecting leaks or anomalies For instance, in April 2023, Linde, a Germany-based multinational industrial gases and engineering company launched Hexagon Ragasco Linktra Smart cylinder. Hexagon Ragasco Linktra Smart cylinder is a smart cylinder that incorporates Internet of Things (IoT) technology through which users can connect the cylinder to their mobile devices for real-time monitoring of gas levels, and receiving push notifications for refills, which enhances both convenience and safety. Additionally, the system provides liquid petroleum gas (LPG) distributors with insights into consumer usage patterns, facilitating optimized logistics to ensure cylinders are available when needed. Real-time data helps distributors manage stock efficiently.

In September 2023, Air Water America Inc., a US-based company that provides industrial gases acquired American Gas Products LLC for an undisclosed amount. With this acquisition, Air Water America Inc. aims to expand its industrial gas operations across North America by integrating regional distributors and investing in air separation technology. American Gas Products LLC is a US-based company that provides industrial gases.

Major companies operating in the industrial gas market are Asia Technical Gas Co. Pte. Ltd., Universal Industrial Gases Inc., Linde GmbH, Air Liquide S.A.S., 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, Gulf Cryo, nexAir LLC, 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 2025. North America was the second-largest region in the industrial gas market. The regions covered in the industrial gas market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial gas market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

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.

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