Industrial Gases Market Size, Share, Trends, Growth and Forecast 2032

Industrial Gases Market Insights

According to Zion Market Research, the global Industrial Gases Market was worth USD 105.89 Billion in 2023. The market is forecast to reach USD 169.99 Billion by 2032, growing at a compound annual growth rate (CAGR) of 5.4% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Industrial Gases industry over the next decade.

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Global Industrial Gases Market: Overview

The term “industrial gases” refers to the gaseous materials that are manufactured for the use in industries. Some of these industrial gases are nitrogen, carbon dioxide, oxygen, argon, hydrogen, acetylene, and helium. A wide variety of these industrial gases and mixtures is available in gas cylinders. Few examples of industrial gases that are delivered in gas cylinders are medical oxygen, balloon helium, welding gases and welding equipment, dispensing gases for beer kegs, and LPG. There are also a wide variety of hand-carried small gas containers that are used to deliver industrial gases. These small gas containers include cylinders, bottles, cartridges, capsules, or canisters that are used to supply LPG, propane, butane, nitrous oxide, or carbon dioxide. Other examples are whippets, campingaz, powerlets, and sodastream.

Global Industrial Gases Market: Growth Factors

Industrial gases are used in numerous end-use industries including oil and gas, petrochemicals, power, environmental protection, mining, steelmaking, chemicals, metals, medicine, nuclear power, electronics biotechnology, food, water, pharmaceuticals, fertilizers, and aerospace. Industrial gases are sold to other industrial enterprises. Of the end-use industries, metals industry is expected to lead the global industrial gases market. These industrial enterprises mainly comprise huge orders of corporate industrial clients that range from building a process facility or pipeline to cylinder gas supply.

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Rising industrialisation in the developing countries of Asia Pacific and the Middle East countries is also anticipated to boost the growth of the global market. Conversely, strict government regulations to meet the environment regulation, to some extent, may hinder the growth of the global industrial gases market.

Global Industrial Gases Market: Segmentation

The global industrial market is segmented on the basis of type, function, and end-use.

Based on the type, the market is segmented as oxygen, hydrogen, nitrogen, and others. The others segment includes carbon dioxide, argon, acetylene, and helium.

On the basis of function, the market is segmented as fabrication, metal manufacturing, and others.

Based on the end-use application, the market is segmented as oil and gas, petrochemicals, metals, aerospace, and others.

Industrial Gases Market: Report Scope

Global Industrial Gases Market: Regional Analysis

The global industrial gases market has been fragmented into five main regions including Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific dominated the market by its substantial market share in the global industrial gases market. A considerable increase is observed in the domestic consumption of these industrial gases in the developing countries such as India and China. Owing to this, the demand for industrial gases in Asia Pacific is anticipated to witness high growth in the near future. North America and Europe are the next market players dominating the industrial gases market after Asia Pacific. Increasing international and domestic trade is one of the factors positively impacting the industrial gases market growth in the developing countries such as India and Brazil.

Global Industrial Gases Market: Competitive Players

• L’Air Liquide SA
• Air Products and Chemicals Inc.
• Praxair Inc.
• and Airgas Inc. Other key players are Linde AG
• Taiyo Nippon Sanso Corp.
• Matheson tri-Gas

The global Industrial Gases market is segmented as follows:

By Type

• Oxygen
• Hydrogen
• Nitrogen
• Others

By Function

• Fabrication
• Metal Manufacturing
• Others

By End-User

• Oil and Gas
• Petrochemicals
• Metals
• Aerospace
• Others

Global Industrial Gases Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa