Authored By: Sarah
11 Jul 2024

 Industrial Gases Market Size to grow by USD 30.65 billion between 2024-2028

According to a research report “ Industrial Gases Market” by End-user (Manufacturing, Chemical processing, Metal fabrication, Energy, Others) Type (Hydrogen, Oxygen, Nitrogen, Carbon dioxide, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 30.65 billion, at a CAGR of almost 5.92% during the forecast period. The global industrial gas market is witnessing significant expansion as leading vendors invest in new production facilities to cater to the demands of sectors such as healthcare, electronics, and manufacturing. Air Liquide SA, a key player in this market, recently established a new platform in Quebec's new energy transition valley for producing low-carbon gases, underscoring its commitment to sustainability and efficiency. Other vendors are similarly expanding their manufacturing footprint to support industries like healthcare, chemicals, and metals, ensuring a steady supply of essential gases while minimizing environmental impact. These strategic investments reflect the market's robust growth and the industry's ongoing commitment to innovation and sustainability.

Browse market data tables, figures, and in-depth TOC on “Industrial Gases Market” by End-user (Manufacturing, Chemical processing, Metal fabrication, Energy, Others) Type (Hydrogen, Oxygen, Nitrogen, Carbon dioxide, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample


By End-user, the Manufacturing segment is projected to dominate the market size in 2024

In the industrial landscape, hydrogen plays a pivotal role as a versatile gas with significant applications across various sectors. Primarily used in chemical manufacturing, petroleum refining, electronics, glass, and metal processing industries, hydrogen is essential for lowering sulfur content and purifying transportation fuels in refineries. This contributes to the production of superior quality products from crude oil. In the semiconductor industry, hydrogen is indispensable for extreme ultraviolet (EUV) lithography in high-volume manufacturing. Its utilization in surface preparation and epitaxial deposition of silicon germanium and silicon is widespread. The burgeoning electronics industry and the increasing adoption of hydrogen in semiconductor manufacturing are expected to fuel hydrogen gas consumption throughout the forecast period.

By Type, Hydrogen  segment is expected to hold the largest market size for the year 2024

In the realm of manufacturing industries, the utilization of industrial gases is pivotal. These gases, including oxygen, nitrogen, hydrogen, and carbon dioxide, are indispensable in sectors such as aerospace, automotive, glass, ceramics, pulp and paper, shipbuilding, and railways coach and wagon manufacturing. Industrial gases serve a myriad of functions, including welding, cutting, brazing, heat treating, purging, and annealing. In the automotive industry, they are instrumental in the production of automobile parts and bodies, as well as in repair processes. In the aerospace sector, they are crucial for aircraft manufacturing and maintenance. Similarly, in shipbuilding and railways, industrial gases enhance productivity and ensure superior quality during various stages of production. In the context of the automotive industry, industrial gas applications extend to the repair and maintenance of vehicles, further underscoring their importance.

APAC is forecasted to hold the largest market size by region in 2024

In the industrial gases market landscape of 2023, Asia Pacific (APAC) emerged as the leading consumer, accounting for a significant market share. This region's growth trajectory is anticipated to outpace other regions, primarily due to escalating industrialization and surging demand from sectors such as metals and metal fabrication, chemical and petrochemical, and food and beverage. The APAC market's robust expansion is driven by the burgeoning infrastructure development, necessitating large-scale steel production, and the increasing preference for alternative energy sources, resulting in the proliferation of gasification plants, gas-to-liquids, coal-to-liquids, and coal-to-chemical plants.

The Industrial Gases Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Air Liquide SA
  • Air Products and Chemicals Inc.
  • Airgas Inc.
  • Asia Technical Gas Co Pte Ltd.
  • Buzwair Industrial Gases Factories
  • Chemix Specialty Gases And Equipment
  • Goyal Group
  • Guangdong Huate Gas Co. Ltd.
  • Gulf Cryo Holding CSC
  • Iwatani Corp.
  • Linde Plc
  • Messer SE and Co. KGaA
  • Norco Inc.
  • Praxair Technology Inc.
  • SOL Spa
  • Taiyo Nippon Sanso Corp.
  • Wesfarmers Ltd.
  • Yingde Gas Group Co. Ltd.

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Research Analysis Overview

The Industrial Gases market has witnessed significant growth in recent years due to the increasing demand for gases in various industries. The COVID-19 virus outbreak has led to a surge in the demand for gases like Chlorine for disinfection and sanitization purposes. The market for industrial gases includes sectors like Coal gasification systems, Copper smelting, Steel melting, and Semiconductor manufacturing. Key players in the market include Messer, Air Liquide, and Linde. They offer various types of gases like Oxygen, Liquid nitrogen, Hydrogen, and Carbon dioxide. Oxygen is extensively used in industries like Steel melting, Copper smelting, and Medical applications. Hydrogen is used as a fuel in thermal efficiency processes and as a reducing agent in Copper smelting. Liquid nitrogen is used for environmental remediation, wastewater treatment, and in the production of fertilizers and chemicals. The demand for industrial gases is driven by urbanization, global population growth, and the expanding Semiconductor market. Acetylene, a hydrocarbon gas used in welding and cutting processes, is another significant contributor to the market. The market for industrial gases is expected to continue its growth trajectory due to the increasing demand from the Agriculture, Food and Beverage, and Pharmaceutical industries. Employees in these industries ensure the safe handling and distribution of these gases to various end-users. The market for industrial gases is also driven by the increasing demand for Cleanup of hazardous waste and the growing demand for Carbon dioxide in the Frozen food market.

Market Research Overview

The Industrial Gases Market is a significant sector that caters to various industries, including the rubber industry. In this industry, production downtime due to molded rubber products and rubber molds can be minimized with the use of non-abrasive cleaning methods, such as dry ice. Industrial gases play a crucial role in this process, with applications ranging from onsite distribution in composite aluminum cylinders to bulk distribution in thin-walled steel cylinders. In the healthcare sector, industrial gases are essential for the treatment of infected patients during viral outbreaks. Chlorine, for instance, is used for cleaning and disinfection, while liquid nitrogen is used for medical procedures. The coal gasification systems and cleanup of hazardous waste require large quantities of industrial gases, such as oxygen, hydrogen, and nitrogen, for thermal efficiency and fuel. The steel melting and copper smelting industries also rely heavily on industrial gases like acetylene, argon, and ultra-high purity gases for their processes. Industrial gases are also used in various sectors like solar cells, LED lights, semiconductors, flat-panel displays, and food and beverages. Companies like Air Products & Chemicals, Messer, Air Liquide, and Linde dominate the market, offering a range of gases, including oxygen, nitrogen, argon, and specialty gases. Employees' safety and safety regulations are paramount in the industrial gases market. Wafer cleaning processes in semiconductor fabrication require gases like argon and ultra-high purity gases. Carbon dioxide is used in the frozen food market, agriculture, and urbanization due to global population growth and the demand for fertilizers and chemicals. In conclusion, the industrial gases market is a diverse and essential sector, catering to various industries and applications, from healthcare to electronics, agriculture, and energy. The market's growth is driven by the increasing demand for industrial gases in various sectors, including the semiconductor market, food and beverages, and environmental remediation. Companies in this sector prioritize employees' safety and adhere to safety regulations to ensure the safe and efficient production and distribution of industrial gases.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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