What is the Historical Analysis of the Industrial Gases Market Size?
The industrial gases market has seen considerable growth due to a variety of factors.
•The market size for industrial gases has seen robust growth in the past few years. The increase is projected to continue from $104.7 billion in 2024 to $112.38 billion in 2025, with a compound annual growth rate (CAGR) of 7.3%.
Factors contributing to this expansion during the historic period include the establishment of energy storage solutions, the broadening of environmental regulations, advancements in glass manufacturing, and its application in food processing, along with the innovative initiatives of leading industrial gas companies.
What is the Forecasted Growth of the Industrial Gases Market Size?
The industrial gases market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate a robust expansion in the industrial gases market in the subsequent years, reaching a value of $149.19 billion by 2029, with a compound annual growth rate (CAGR) of 7.3%.
The anticipated growth during this forecast period could be credited to aspects such as digitalization and Industry 4.0, a heightened concentration on clean transportation, environmental regulation advancements, increased oil refining and petrochemicals expansion, and metal fabrication growth. Noteworthy trends during this forecast period consist of environmental testing adoption, increased LNG production, integration within the aerospace and aviation sectors, emphasis on carbon capture and storage, and an increased demand from the electronics industry.
What Key Factors and Trends are Driving the Growth of the Industrial Gases Market?
The escalation in the usage of industrial gases within the oil and gas industry is forecasted to fuel the expansion of the industrial gases market. The oil and gas sector, a global industry involved in the varied activities of exploration, extraction, refinement, transport, and distribution of petroleum products, increasingly depends on industrial gases for a variety of applications. These include enhancing production, using gas lift techniques for improved oil extraction, and implementing gas purging and blanketing procedures to assure safety during refining processes. Industrial gases are also instrumental in inerting to avert explosions, gas detection for providing a safe work environment, cryogenic uses in storing and transporting natural gas, and processes involving welding and cutting. For instance, the International Energy Agency, an autonomous intergovernmental organization based in France, reported in February 2023 that the profits of the global oil and gas industry saw a massive leap in 2022 - accumulating to $4 trillion, up from a mean amount of $1.5 trillion. Consequently, the escalating use of industrial gases within the oil and gas sector is serving as a significant driver for the expansion of the industrial gases market.
What are the Market Segments in the Industrial Gases Market?
The industrial gases market covered in this report is segmented –
1) By Product: Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon
2) By Application: Packaging, Coolant, Carbonation, Cryogenic, Cutting And Welding, Laboratory, Air Separation, Other Applications
3) By Distribution: On-Site, Bulk, Cylinder
4) By End User: Metallurgy, Healthcare, Chemical, Food And Beverage, Oil And Gas, Power, Pulp And Paper, Electronics, Other End Users
Subsegments:
1) By Oxygen: Medical Oxygen, Industrial Oxygen, High-Purity Oxygen
2) By Nitrogen: Liquid Nitrogen, Gaseous Nitrogen, Nitrogen For Food Preservation
3) By Hydrogen: Hydrogen For Fuel Cells, Hydrogen For Refining, Industrial Hydrogen
4) By Carbon Dioxide: Liquid Carbon Dioxide, Dry Ice, Carbon Dioxide For Beverage Carbonation
5) By Acetylene: Acetylene For Welding, Acetylene For Chemical Synthesis
6) By Argon: Argon For Welding, Argon For Lighting And Electronics, High-Purity Argon
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What Trends are Shaping the Industrial Gases Market?
Leading players in the industrial gases market are concentrating their efforts on producing innovative solutions, such as static mixers, with the intention of offering sustainable hydrogen and natural gas mixing solutions, thereby gaining a competitive advantage. A static mixer is a type of appliance used in fluid handling to improve the blending of two or more components, without the necessity for moving parts or external energy inputs. For example, in June 2023, the Tormene Group, an engineering services firm based in Italy, introduced the GreenBoost, a proprietary Static Mixer that enables efficient hydrogen and natural gas blending. This combats the critical problem of cutting down greenhouse gas emissions. The mixer, which is engineered for a consistent gas blend, lessens hydrogen overpressure and permits the direct use of hydrogen produced by electrolyzers.
Who Are the Key Players in the Industrial Gases Market?
Major companies operating in the industrial gases market include:
• 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
What are the Regional Insights into the Industrial Gases Market?
Asia-Pacific was the largest region in the industrial gases market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gases market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
