Industrial Gas Market Report 2025

The industrial gas market size has grown rapidly in recent years. It will grow from $166.67 billion in 2024 to $190.19 billion in 2025 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to manufacturing and industrial growth, energy sector development, healthcare industry requirements, globalization and international trade, environmental regulations, infrastructure development.

The industrial gas market size is expected to see rapid growth in the next few years. It will grow to $308.83 billion in 2029 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to growing transition to green energy, electronics industry growth, carbon capture and storage, hydrogen economy development, space exploration and aerospace industry. Major trends in the forecast period include biotechnology and pharmaceutical sector, advanced manufacturing technologies, technological advancements, medical gases market growth, liquefied natural gas (lNG) market expansion.

The healthcare landscape is evolving with a growing emphasis on fostering a healthier and improved quality of life. Beyond traditional gases such as oxygen, the pharmaceutical industry is increasingly exploring the use of nitrous oxide, nitric oxide, and other industrial gases such as hydrogen, helium, and xenon in the development of pharmaceutical-based products. Notably, advancements in treatments and drug development, particularly those utilizing induced pluripotent stem cells (iPS), are adding substantial value to the industry. Gases such as carbon dioxide and liquid nitrogen play a crucial role in the cultivation and preservation of cells and tissues, driving demand for high-grade industrial gases and contributing to the evolution of healthcare technologies.

The growth of the manufacturing industry is anticipated to drive the expansion of the industrial gas market in the future. The manufacturing industry involves the production of goods by converting raw materials, components, or parts into finished products, often utilizing a variety of mechanical, chemical, or physical processes. This sector is a key consumer of industrial gases for applications such as welding, cutting, and chemical manufacturing. The increasing growth of manufacturing industries, particularly in emerging economies, is fueling the demand for industrial gases. For example, in July 2023, the Office for National Statistics, a UK-based statistical authority, reported that UK manufacturers achieved a total product sales value of approximately $579.5 billion (£429.8 billion) in 2022, representing a growth of $38.3 billion or.

Industrial gas companies are increasingly adopting innovative approaches to contribute to environmental sustainability, such as supplying carbon dioxide emitted from industrial facilities to greenhouses. This intelligent CO2 recycling solution involves capturing CO2 emissions from power plants and refineries, storing them in local capacities and empty natural gas fields, and subsequently transporting the CO2 to greenhouses through pipelines. This process not only provides a practical use for industrial emissions but also significantly reduces the carbon footprint of greenhouses. A notable example is Linde, which collaborates with the Shell oil refinery near Rotterdam, Netherlands, collecting CO2 emissions and distributing them to over 580 greenhouses in Rotterdam and Amsterdam. This initiative results in substantial environmental benefits, saving 115 million cubic meters of natural gas combustion and preventing the emission of 205,000 tons of CO2 annually.

Major companies in the industrial gas sector are creating innovative products that incorporate Internet of Things (IoT) technology to improve monitoring, safety, and efficiency in gas production, distribution, and storage. These IoT technologies enable real-time tracking of gas levels, pressure, and environmental conditions, optimizing resource management and enhancing safety by detecting leaks or anomalies. For example, in April 2023, Linde, a Germany-based multinational company specializing in industrial gases and engineering, launched the Hexagon Ragasco Linktra Smart cylinder. This smart cylinder integrates IoT technology, allowing users to connect it to their mobile devices for real-time monitoring of gas levels and receiving push notifications for refills, which enhances both convenience and safety. Furthermore, the system provides liquid petroleum gas (LPG) distributors with insights into consumer usage patterns, facilitating optimized logistics to ensure that cylinders are available when needed. Real-time data assists distributors in efficiently managing their stock.

In September 2023, Air Water America Inc., a US-based provider of industrial gases, acquired American Gas Products LLC for an undisclosed amount. This acquisition allows Air Water America Inc. to expand its industrial gas operations across North America by integrating regional distributors and investing in air separation technology. American Gas Products LLC is also a US-based company specializing in industrial gases.

Major companies operating in the industrial gas market include Asia Technical Gas Co. Pte. Ltd., Universal Industrial Gases Inc., BASF SE, Mitsubishi Chemical Holdings Corporation, Linde GmbH, Air Liquide S.A.S., Air Products and Chemicals Inc., Showa Denko K.K., Taiyo Nippon Sanso & Co. Ltd., Air Water Inc., Airgas Inc., Iwatani Corporation, Messer Group GmbH, Matheson Tri-Gas Inc., SOL S.p.A., Nippon Gases, Ellenbarrie Industrial Gases, Yingde Gases Group Co. Ltd., SIAD Group, Blue Star Limited, Gulf Cryo, nexAir LLC, Sapio Group, PT Samator Indo Gas TBK, SIG Gases Berhad, Gases Plus, Bhuruka Gases Limited.

Asia-Pacific was the largest region in the industrial gas market in 2024. North America was the second-largest region in the industrial gas market. The regions covered in the industrial gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial gas market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

Industrial gas refers to gaseous substances produced for industrial applications, including industrial organic and inorganic gases available in compressed, liquid, and solid forms. These gases are also known as bulk gases or commodity gases.

Key types of these gases include nitrogen, oxygen, carbon dioxide, hydrogen, and other variants. Nitrogen, a colorless, odorless, inert gas, constitutes 78% of the Earth's atmosphere. Its applications range from industrial ammonia synthesis to use in inert atmospheres and as a refrigerant in liquid form. These gases are supplied through bulk, packaging, and pipeline methods, where packaging can include cylinders, bottles, canisters, cartridges, cryogenic tanks/vessels, among others. Industries such as chemicals, metallurgy, manufacturing, food and beverages, healthcare, and others are major consumers of these gases.

The industrial gas market research report is one of a series of new reports that provides industrial gas market statistics, including industrial gas industry global market size, regional shares, competitors with an industrial gas market share, detailed industrial gas market segments, market trends and opportunities, and any further data you may need to thrive in the industrial gas industry. This industrial gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The industrial gas market consists of the sales of argon, ozone, neon, helium, krypton, methane, and nitrous oxide industrial 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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