Industrial Gases Market Report and Forecast 2023-2028

According to the report, the global industrial gases market reached a value of USD 91.36 billion in 2022. Aided by the escalating demand across diverse industries such as healthcare, manufacturing, food and beverages, and petrochemicals, the market is projected to further grow at a CAGR of 6.8% between 2023 and 2028 to reach a value of USD 135.62 billion by 2028.

Industrial gases refer to gaseous materials produced for use in various industries. These gases, including oxygen, nitrogen, carbon dioxide, argon, and hydrogen, among others, play critical roles in numerous processes and applications, thereby, boosting the industrial gases market demand. They are used for product synthesis, as coolants, to improve process safety, and to maintain product quality.

The drive for cleaner energy and lower emissions is fuelling demand for hydrogen gas as a potential energy source. Hydrogen is emerging as a key player in the movement towards sustainable and renewable energy. This gas can be produced through various methods, and when used as a fuel, it only emits water, making it a clean alternative to fossil fuels.

Moreover, as healthcare sector continues to grow, especially under the pressures of global health crises, the demand for medical gases, including oxygen and nitrous oxide, has surged. This factor has bolstered the industrial gases market growth. Hospitals and healthcare facilities require a consistent and reliable supply of these gases for respiratory support, anesthesia, and various other medical procedures.

One of the most substantial applications of industrial gases is in the manufacturing sector. For example, oxygen is used in steel manufacturing to improve efficiency and quality. In the food and beverage sector, gases like carbon dioxide and nitrogen are used to carbonate drinks and to package foods in a modified atmosphere, which extends shelf life without the need for preservatives.

In the petrochemical sector, various industrial gases are used as feedstock to produce chemicals and as a means of enhancing process efficiency and safety. For instance, nitrogen can be used to purge equipment, reducing the risk of explosions, while hydrogen is used to desulfurise fuels.

The Asia Pacific region, led by China and India, accounts for a significant portion of the industrial gases market share. Rapid industrialisation, coupled with large-scale manufacturing activities and growing healthcare needs, contributes to this high demand.

North America and Europe are also significant players in the industrial gases market due to their established industrial sectors, stringent environmental regulations, and advanced healthcare systems. The rise in sustainable energy projects, especially in Europe, is driving the demand for hydrogen.

Market Segmentation

The market can be divided based on type, application, supply mode, and region.

Market Breakup by Type

• Nitrogen
• Oxygen
• Carbon Dioxide
• Argon
• Hydrogen
• Others

Market Breakup by Application

• Manufacturing
• Metallurgy
• Energy
• Chemicals
• Healthcare
• Others

Market Breakup by Supply Mode

• Packaged
• Bulk
• On-Site

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global industrial gases market.

Some of the major players explored in the report are as follows:

• Air Liquide
• Linde AG
• Praxair Technology, Inc.
• Others

About the Analyst

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.