What Has Been The Historical And Current Growth Of The Industrial Gas Market?
The industrial gas market has seen considerable growth due to a variety of factors.
• The scale of the industrial gas market has experienced a swift expansion in the past few years. This market is projected to increase from a worth of $166.67 billion in 2024 to $190.19 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 14.1%.
The growth during the historic period was spurred by factors including the growth of manufacturing and industry, advancements in the energy sector, demands from the healthcare industry, the influence of globalization and international trade, environmental statutes, and infrastructure development.
What Are the Future Growth Projections for the Industrial Gas Market?
The industrial gas market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions suggest a swift expansion in the industrial gas market in the upcoming years, culminating in a value of $308.83 billion by 2029 with a compound annual growth rate (CAGR) of 12.9%.
The anticipated growth within this timeframe is linked to life-greening energy shifts, the burgeoning electronics industry, carbon sequestration and conservation efforts, the emerging hydrogen economy, and aerospace and space exploration advancements. The forecast period will also witness trends such as the rise of the biotechnology and pharmaceutical sectors, advancements in manufacturing technologies, technological progress, the expansion of the medical gases market, and the growth of the liquefied natural gas (LNG) market.
Which Factors Are Boosting Growth In The Industrial Gas Market?
The healthcare sector is evolving rapidly and seeking out solutions to promote overall health and improve individuals' quality of life. Pharmaceutical products are expanding to include not just oxygen but also nitrous oxide, nitric oxide, along with various industrial gases like hydrogen, helium, and xenon. The industry is finding added value through the application of techniques using gases such as carbon dioxide and liquid nitrogen in the treatment and development of drugs using induced pluripotent stem cells (IPS). These gases play a vital role in cultivating and preserving cells and tissues. Consequently, there is a growing demand for high-grade industrial gases.
What Are The Major Segments Within The Industrial Gas Market?
The industrial gas market covered in this report is segmented –
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 Packagings
4) By End User Industry: Chemicals, Metallurgy, Manufacturing, Food And Beverage, Healthcare, Other End-User Industries
Subsegments:
1) By Nitrogen: Liquid Nitrogen, Gaseous Nitrogen
2) By Oxygen: Liquid Oxygen, Gaseous Oxygen
3) By Carbon Dioxide: Liquid Carbon Dioxide, Gaseous Carbon Dioxide
4) By Hydrogen: Gaseous Hydrogen, Liquid Hydrogen
5) By Other Industrial Gas: Argon, Acetylene, Helium, Neon, Other Specialty Gases
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Which Trends Are Expected To Transform The Industrial Gas Market?
Companies that specialize in industrial gases are progressively delivering carbon dioxide (CO2) discharged from industrial premises to greenhouses. The CO2 released from power stations and refineries is conserved in local capacities and vacant natural gas fields, then moved to greenhouses through pipelines. This operation serves as a smart strategy for CO2 recycling and lowers the greenhouses' carbon impact. For instance, Linde gathers carbon dioxide from the Shell oil refinery close to Rotterdam, Netherlands, and distributes it to over 580 greenhouses in Rotterdam and Amsterdam. This process not only saves the burning of 115 million cubic meters of natural gas, but also averts the release of 205,000 tons of CO2 annually.
Who Are the Key Players in the Industrial Gas Market?
Major companies operating in the industrial gas market include:
• Asia Technical Gas Co. Pte. Ltd.
• Universal Industrial Gases Inc.
• BASF SE
• Mitsubishi Chemical Holdings Corporation
• 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
• Blue Star Limited
• Gulf Cryo
• nexAir LLC
• Sapio Group
• PT Samator Indo Gas TBK
• SIG Gases Berhad
• Gases Plus
• Bhuruka Gases Limited
What Is The Most Dominant Region In The Industrial Gas Market?
Asia-Pacific was the largest region in the industrial gas market in 2024. 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.
