Industrial Gases Market Report 2026

The industrial gases market size has grown strongly in recent years. It will grow from $110.87 billion in 2025 to $118.6 billion in 2026 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to expansion of metal fabrication industries, growth of healthcare infrastructure, rising demand from food and beverage processing, increased use in chemical manufacturing, availability of air separation technologies.

The industrial gases market size is expected to see strong growth in the next few years. It will grow to $155.96 billion in 2030 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing investments in hydrogen economy, rising semiconductor fabrication capacity, expansion of renewable energy integration, growing demand for medical gases, increasing focus on low-emission industrial processes. Major trends in the forecast period include growing demand for high-purity industrial gases, rising use in semiconductor manufacturing, expansion of hydrogen applications, increasing adoption in healthcare services, enhanced focus on energy-efficient gas production.

The growing use of industrial gases in the oil and gas industry is expected to drive the growth of the industrial gases market in the coming years. The oil and gas sector encompasses the exploration, extraction, refining, transportation, and distribution of petroleum products, including crude oil, natural gas, and hydrocarbon derivatives. Industrial gases are increasingly employed in this industry for various purposes, such as enhancing production through gas lift techniques, performing gas purging and blanketing for safety, inerting to prevent explosions, gas detection to maintain safe working conditions, cryogenic applications for natural gas storage and transport, and welding and cutting operations. For example, in June 2023, the US Energy Information Administration reported that global oil demand is projected to rise by 6% between 2022 and 2028, reaching 105.7 million barrels per day, while global upstream investments in exploration, extraction, and production are expected to grow 11% year-on-year to a record USD 528 billion in 2023. Therefore, the increasing application of industrial gases in the oil and gas industry is supporting the industrial gases market.

Key players in the industrial gases market are focusing on advanced devices, such as industrial gas detectors, to enhance workplace safety and optimize market opportunities. Industrial gas detectors are specialized devices designed to monitor and detect specific gases in industrial environments. For instance, in December 2023, CO2Meter, a US-based scientific device manufacturer, launched the CM-900 industrial gas detector, which measures oxygen or carbon dioxide (CO2) to ensure personnel safety in hazardous environments. The CM-900 features an industrial enclosure suitable for harsh and wash-down conditions and includes audible and visual alarms to alert users to unsafe gas levels.

In October 2025, Air Liquide, a France-based multinational industrial gases supplier, acquired NovaAir India for an undisclosed amount. This acquisition strengthens Air Liquide’s presence in the Indian industrial gases market, enhances its production and distribution capabilities, supports growing demand from industrial and healthcare sectors, and accelerates its long-term growth strategy in India. NovaAir, based in India, supplies medical and industrial gases and provides related services across multiple sectors.

Major companies operating in the industrial gases market are Linde, Air Liquide, Air Products and Chemicals, Messer Group, Taiyo Nippon Sanso, Air Water, Matheson Tri-Gas, Gulf Cryo, Yingde Gases, Praxair, Nippon Sanso, BASF, SOL Group, Ellenbarrie Industrial Gases, INOX Air Products, Airgas, Universal Industrial Gases, Showa Denko, Iwatani Corporation, Taiyo Yuden.

Asia-Pacific was the largest region in the industrial gases market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial gases market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The industrial gases market consists of sales of compressed gases, liquified gases, refrigerant gases, specialty gases, and fuel gases. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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