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Industrial Gas Market Size (2024 - 2029)

The industrial gases market is projected to experience growth over the forecast period, driven by the increasing demand for alternative energy sources and the healthcare sector's need for medical gases. Despite the negative impact of the COVID-19 pandemic, which affected the demand for carbon dioxide in beverage production, the market has been stimulated by the rising need for oxygen in medical applications. Environmental regulations and safety concerns are expected to influence market expansion, with significant opportunities anticipated in the Asia-Pacific and African regions. The Asia-Pacific region is expected to lead the market, exhibiting the most substantial growth rate during the forecast period.

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Market Size of Industrial Gas Industry

Industrial Gases Market Summary
Study Period 2019 - 2029
Market Volume (2024) 1.67 Billion tons
Market Volume (2029) 2.07 Billion tons
CAGR (2024 - 2029) 4.35 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Industrial Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

Industrial Gases Market Analysis

The Industrial Gas Market size is estimated at 1.67 Billion tons in 2024, and is expected to reach 2.07 Billion tons by 2029, growing at a CAGR of 4.35% during the forecast period (2024-2029).

COVID-19 negatively impacted the market in 2020. Carbon dioxide is used to produce carbonated soft drinks and soda water, which was affected owing to the pandemic scenario. However, the medical industry's demand for oxygen for resuscitation and inhalation therapy increased during the pandemic, stimulating the market's growth.

  • Over the short term, the growing need for alternate energy sources and increasing demand from the healthcare sector are expected to drive the growth of the industrial gas market.
  • Environmental regulations and safety issues are projected for the market's growth.
  • Industrial growth in Asia-Pacific and Africa will likely create market opportunities in the coming years.
  • The Asia-Pacific region is expected to dominate the market and will likely witness the highest growth during the forecast period.

Industrial Gases Industry Segmentation

Industrial gases mainly comprise carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton-xenon. The atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the air temperature until the components are liquified and separated. The industrial gas market is segmented by product type, end-user industry, and geography. The market is segmented by product type into nitrogen, oxygen, carbon dioxide, hydrogen, helium, argon, ammonia, methane, propane, butane, and other types. The end-user industry segments the market into chemical processing and refining, electronics, food and beverage, oil and gas, metal manufacturing and fabrication, medical and pharmaceutical, automotive and transportation, energy and power, and other end-user industries. The report also covers the market size and forecasts for the industrial gas market in 17 countries across major regions. Each segment's market sizing and forecasts are based on volume (tons).

Product Type
Nitrogen
Oxygen
Carbon dioxide
Hydrogen
Helium
Argon
Ammonia
Methane
Propane
Butane
Other Product Types
End-user Industry
Chemical Processing and Refining
Electronics
Food and Beverage
Oil and Gas
Metal Manufacturing and Fabrication
Medical and Pharmaceutical
Automotive and Transportation
Energy and Power
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
NORDIC Countries
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Industrial Gas Market Size Summary

The industrial gases market is poised for significant growth, driven by increasing demand across various sectors, including healthcare and energy. The market, which experienced a downturn due to the COVID-19 pandemic, is recovering as the need for oxygen in medical applications surged. Industrial gases such as oxygen, nitrogen, and hydrogen play crucial roles in chemical production, petrochemicals, and refining processes. The Asia-Pacific region, particularly China and India, is expected to dominate the market, with India anticipated to experience the fastest growth. This growth is supported by the region's expanding chemical industry and rising demand for industrial gases in sectors like steel production and construction.

The market landscape is characterized by consolidation, with major players like Air Liquide, Messer Group GmbH, and Linde PLC leading the industry. Strategic investments and expansions, such as Air Liquide's revamp of air separation units in China and Iwatani Corporation's acquisition of Aspen Air US, highlight the focus on enhancing production capacity and market presence. Environmental regulations and safety concerns continue to shape market dynamics, while opportunities for growth are emerging in regions like Asia-Pacific and Africa. The ongoing industrial growth and government initiatives in these regions are expected to further drive the demand for industrial gases, positioning the market for robust expansion in the coming years.

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Industrial Gas Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Need for Alternate Energy Sources

      2. 1.1.2 Increasing Demand For Frozen and Stored Food

      3. 1.1.3 Increasing Demand from the Healthcare Sector

    2. 1.2 Restraints

      1. 1.2.1 Environmental Regulations and Safety Issues

      2. 1.2.2 Other Restraints

    3. 1.3 Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size by Volume)

    1. 2.1 Product Type

      1. 2.1.1 Nitrogen

      2. 2.1.2 Oxygen

      3. 2.1.3 Carbon dioxide

      4. 2.1.4 Hydrogen

      5. 2.1.5 Helium

      6. 2.1.6 Argon

      7. 2.1.7 Ammonia

      8. 2.1.8 Methane

      9. 2.1.9 Propane

      10. 2.1.10 Butane

      11. 2.1.11 Other Product Types

    2. 2.2 End-user Industry

      1. 2.2.1 Chemical Processing and Refining

      2. 2.2.2 Electronics

      3. 2.2.3 Food and Beverage

      4. 2.2.4 Oil and Gas

      5. 2.2.5 Metal Manufacturing and Fabrication

      6. 2.2.6 Medical and Pharmaceutical

      7. 2.2.7 Automotive and Transportation

      8. 2.2.8 Energy and Power

      9. 2.2.9 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 ASEAN Countries

        6. 2.3.1.6 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 NORDIC Countries

        6. 2.3.3.6 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Industrial Gas Market Size FAQs

The Industrial Gas Market size is expected to reach 1.67 billion tons in 2024 and grow at a CAGR of 4.35% to reach 2.07 billion tons by 2029.

In 2024, the Industrial Gas Market size is expected to reach 1.67 billion tons.

Industrial Gas Market Report Snapshots

Industrial Gases Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029) (2024 - 2029)