Industrial Gases Market, By Product Type (Hydrogen, Oxygen, Carbon Dioxide, Nitrogen, Helium, Argon, Acetylene), By Storage and Transportation (Tonnage Distribution, Merchant Liquid Distribution, and Cylinder and Packaged Gas Distribution), By Application (Manufacturing, Chemical processing, Metallurgy, Medical and healthcare, Food and beverages, Refining, Electronics, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Industrial Gases Market was valued at US$ 110.3 Billion in 2024 and is projected to grow at a CAGR of 11.00% to reach US$ 286.3 Billion by 2034.

[PDF] Industrial Gases are gases that are produced, stored, and distributed for use in various industrial processes and applications. These gases are essential in a wide range of industries, including manufacturing, healthcare, electronics, food and beverage, chemicals, and energy. Industrial gas companies typically supply these gases in various forms, including compressed gas cylinders, liquid containers, or through on-site gas generation systems, depending on the specific needs of the industry and application.

The ongoing industrialization and infrastructure development activities in emerging economies are driving the demand for industrial gases. Industries such as manufacturing, construction, automotive, and chemicals rely heavily on industrial gases for various applications, including welding, cutting, heating, and cooling. As these industries expand, the demand for Industrial Gases Market is expected to grow.

Drivers and Restrains:

Rapid Growth in Industrialization to fuel market growth

Increasing industrialization is a significant driver for the growth of the industrial gases market. Industrialization refers to the process of developing industries and transforming an economy from primarily agrarian to industrial and manufacturing-based. The expansion of industrial activities in various sectors contributes to the rising demand for industrial gases. Further, as the industrialization progresses there is an increased need for gases such as oxygen, nitrogen and hydrogen in metal fabrication, chemical production, automotive manufacturing, electronics assembly, and other manufacturing activities. Therefore, the expanding manufacturing sector creates a substantial demand for Industrial Gases Market.

Rising Focus on Healthcare Sector

The expanding healthcare sector, advancements in medical technology, increasing focus on patient care, and rising healthcare infrastructure development drive the demand for industrial gases in the healthcare industry. Some of the industrial gases like oxygen and nitrogen are essential for respiratory support, anesthesia, cryogenic storage and medical treatments. Therefore, industrial gas companies work closely with healthcare providers to ensure a reliable supply of gases and meet the specific quality and safety requirements of the healthcare sector which contributes to the growth of Industrial Gases Market in industry of healthcare.

Restrains:

Industrial Gases Market is influenced by economic factors such as GDP growth, business cycles and investment trends. Economic downturns or uncertainties can impact industrial activities and investment decisions, affecting the demand for industrial gases. Market volatility and fluctuations in end-user industries can pose challenges to the growth of Industrial Gases Market.

Industrial gases are subject to various environmental and safety regulations. Compliance with stringent regulations regarding emissions, storage, transportation, and handling can add complexity and cost to the production and distribution of industrial gases. Companies in the industry need to invest in technology and infrastructure to meet regulatory requirements.

Industrial Gases Market is segmented based on Product, Storage and Transportation, Application and Region.

Product Insight

On the basis of Product, Industrial Gases Market is segmented into Hydrogen, Oxygen, Carbon Dioxide, Nitrogen, Helium, Argon and Acetylene. Argon is expected to dominate the target market growth as Argon is an inert gas used in applications where a non-reactive environment is required. It is commonly used for shielding in welding processes to prevent oxidation and contamination of the weld area.

Storage and Transportation Insights

On the basis of Storage and Transportation, Industrial Gases Market is segmented into Tonnage Distribution, Merchant Liquid Distribution, and Cylinder and Packaged Gas Distribution.  Tonnage Distribution is expected to dominate the target market growth as it involves the supply of large volumes of industrial gases in bulk quantities. Tonnage distribution is commonly used for industries that have a consistent and high demand for gases, such as steel manufacturing, petrochemicals, refining, and power generation.

Application Insights

On the basis of Application, Industrial Gases Market is segmented into Manufacturing, Chemical processing, Metallurgy, Medical and healthcare, Food and beverages, Refining, Electronics, and Others. Manufacturing is expected to dominate target market growth as industrial gases are widely used in various manufacturing processes across industries. For example, oxygen and acetylene are essential for welding and cutting in metal fabrication. Nitrogen and carbon dioxide are used for blanketing, purging and inert applications in manufacturing processes.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

On the basis of region the Industrial Gases Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to witness a significantly high revenue share over the forecast period, as this region has witnessed rapid industrialization and economic growth in recent years. Countries such as China, India, Japan, and South Korea have emerged as major players in the industrial gases market. The region's expanding manufacturing sector, rising healthcare expenditure, and infrastructure development contribute to the significant revenue share.

Report Scope:

Attribute	Details
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024to 2034
Market Segmentation	By Product - Hydrogen, Oxygen, Carbon Dioxide, Nitrogen, Helium, Argon, Acetylene By Storage and Transportation - Tonnage Distribution, Merchant Liquid Distribution, and Cylinder and Packaged Gas Distribution By Application - Manufacturing, Chemical processing, Metallurgy, Medical and healthcare, Food and beverages, Refining, Electronics, and Others
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Industrial Gases Market report based on Product, Storage and Transportation, Application and Region:

Industrial Gases Market, By Product:

• Hydrogen
• Oxygen
• Carbon Dioxide
• Nitrogen
• Helium
• Argon
• Acetylene

Industrial Gases Market, By Storage and Transportation:

• Tonnage Distribution
• Merchant Liquid Distribution
• Cylinder and Packaged Gas Distribution

Industrial Gases Market, By Application:

• Manufacturing
• Chemical processing
• Metallurgy
• Medical and healthcare
• Food and beverages
• Refining, Electronics
• Others

Industrial Gases Market, By Region:

• • • North America
      • • U.S.
        • Canada
    • Europe
      • • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

The key players operating the Industrial Gases Market includes, Air Liquide, BASF SE, Messer Group, Air products and Chemicals Inc., MATHESON TRI-GAS INC., Linde plc., Ellenbarrie Industrial Gases Ltd., Southern Company Gas, Bhuruka Gases Limited., Universal Industrial Gases Inc., and others.

Recent Development:

• In June 2022, Air products launched a new industrial gas complex on a BOO basis and supplied steam, nitrogen and hydrogen to the Barauni Refinery of Indian Oil Corporation in Bihar, India. The new industrial gas complex will assist IOCL in increasing capacity at its Barauni complex, where it produces Euro-VI or BS-VI compatible petrol and diesel, from six to nine million tons annually.
• In October 2022, Linde announced it has started up a new Air Separation Unit (ASU) to provide Wanhua Chemical Group with gaseous oxygen and nitrogen, a crucial component in the production of high-performance adhesives and synthetic fibres.
• In February 2021, INOX Air Products (INOXAP) announced to invest 2,000 crore to build 8 new air separation units across the country. In the sphere of industrial gases, this will be India's largest Greenfield investment initiative. This comes after the Covid-19 outbreak caused a sharp rise in demand for medical oxygen, though the corporation claims it is planning for the government's push for the manufacturing and infrastructure sectors.

• Universal Industrial Gases Inc. *
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Air Liquide
• BASF SE
• Messer Group
• Air products and Chemicals Inc.
• MATHESON TRI-GAS INC.
• Linde plc.
• Ellenbarrie Industrial Gases Ltd.
• Southern Company Gas
• Bhuruka Gases Limited.

“*” marked represents similar segmentation in other categories in the respective section

1. Research Objective and Assumption
   • Preface
   • Research Objectives
   • Study Scope
   • Years Considered for the study
   • Assumptions
   • Abbreviations
2. Research Methodology
   • Research data
   • Primary Data
     • Primary Interviews
     • Primary Breakdown
     • Key data from Primary Sources
     • Key Thickness Insights
   • Secondary Data
     • Major Secondary Sources
     • Secondary Sources
   • Market Estimation
   • Top-Down Approach
     • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
   • Bottom-Up Approach
     • Approach for estimating market share by Bottom-up Analysis (Demand Side)
   • Market Breakdown and Data Triangulation
   • Research Assumptions
   • PORTER’s
   • Investment Outlook
3. Market Purview
   • Executive Summary
   • Key Findings—Global Outlook for Industrial Gases Strategies
     • Key Questions this Study will Answer
     • • By Product Type (Hydrogen, Oxygen, Carbon Dioxide, Nitrogen, Helium, Argon, Acetylene)
       • By Storage and Transportation (Tonnage Distribution, Merchant Liquid Distribution, and Cylinder and Packaged Gas Distribution)
       • By Application (Manufacturing, Chemical processing, Metallurgy, Medical and healthcare, Food and beverages, Refining, Electronics, and Others)
       • By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) 
   • Opportunity Map Analysis
   • Executive Summary—3 Big Predictions
4. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restraints
     • Market Opportunities
     • Market Trends
   • DR Impact Analysis
   • PEST Analysis
   • Porter’s Five Forces Analysis
   • Opportunity Orbit
   • Overview
   • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
   • Y-o-Y Growth Analysis (%), 2020 – 2030
   • Regional Trends
   • Market Investment Feasibility Index
   • Macroeconomic Factor Analysis
5. Regional Analysis
   • Regional Revenue Analysis
   • Regional By segment Analysis
   • Reasons for regional growth
   • Key Player of particular region
   • Countries Include in the report:
     • North America (U.S., Canada)
     • Europe (UK, France, Germany, Russia, Italy, Rest of Europe)
     • Asia Pacific (India, Japan, South Korea, China, Rest of Asia Pacific)
     • Latin America (Brazil, Mexico, Rest of Latin America)
     • Middle East & Africa (GCC, Israel, South Africa, Rest of Middle East)

1. Competitive Landscape
   • Heat Map Analysis
   • Market Presence and Specificity Analysis
   • Competitive Overview
   • Competitive Benchmarking
   • Market Share Analysis
   • Key Developments In The Global Industrial Gases Market
   • Key Developments: Mergers & Acquisitions
   • Key Developments: Collaboration
   • Key Developments: Contracts & Agreements
   • Key Developments: Expansion
   • Key Developments: Product Developments
2. Company Profiles

• Company Overview
• Product Portfolio
• Key Highlights
• Financial Performance
• Business Strategies
• SWOT Analysis

• Key players in the global industrial gases market includes, Praxair, Inc., Air Liquide S.A., Airgas, Inc., The Linde Group, Messer Group GmbH, Airgas Inc., Air Products and Chemicals Inc., Taiyo Nippon Sanso Corporation, BASF SE, Goyal MG Gases Pvt. Ltd. and SOL Group.

1. The Last Word
   • Future Impact
   • About Us
   • Contact