PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1829988
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1829988
The industrial gases market was valued at USD 94.025.8 million in 2024 and is projected to reach USD 126,526.8 million by 2030, growing at a CAGR of 5.1% during the forecast period. Rapid industrialization, technological advances, and increasing demand for high-purity gases in chemical, healthcare, food & beverage, metallurgy, refining, and electronics industries drive the market. The healthcare sector's growth is fueled by the need for medical-grade oxygen for a rising aging population, respiratory illnesses, and other health requirements.
Scope of the Report | |
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Years Considered for the Study | 2024-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | Value (USD Million) |
Segments | Type, End-use Industry, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
Chemical and refining industries rely on gases to produce, process, synthesize, and purify chemicals. Transitioning to clean energy sources, including hydrogen, and the adoption of carbon capture technologies are creating more industrial development opportunities. In food & beverages, gases are used for preservation, carbonation, and packaging. The rise in environmental regulations and incentives for low emissions naturally boosts demand for industrial gases, indicating the industry will experience steady growth.
By type, nitrogen segment to account for second-largest market share during forecast period
Nitrogen is expected to hold the second-largest share of the industrial gases market during the forecast period due to its versatile uses in many applications. Nitrogen is an inert gas used for blanketing, purging, and pressurizing systems to prevent oxidation, contamination, or hazardous reactions. In the chemical and petrochemical industries, nitrogen is vital for ensuring safety and maintaining product integrity during manufacturing and storage. The food and beverage industry uses nitrogen in modified atmosphere packaging (MAP) to extend the shelf life of products while ensuring freshness and quality during transportation. Ultra-high purity nitrogen is essential in manufacturing electronic devices, providing controlled environments during the production of semiconductor devices and circuit boards. The metallurgy and metal fabrication industries also frequently use nitrogen during heat treatment processes and as a safeguard against oxidation during production. Its non-reactive, versatile, and cost-effective combination makes it well-suited as an input in industrial production. Nitrogen is poised for continued growth as manufacturing, food processing, and high-tech industries expand, making it a significant contributor to the overall growth of the industrial gases market.
By end-use industry, metallurgy segment to account for second-largest market share during forecast period
The metallurgy segment is projected to hold the second-largest market share during the forecast period. This is mainly because gases are utilized in the manufacturing, processing, and production of metals. Oxygen is commonly found in both blast furnaces and basic oxygen furnaces (BOF), which enhance combustion and produce higher-quality steel. Noble gases like argon and nitrogen are used to shield molten metal during casting and welding because they minimize oxidation. For non-ferrous metals, industrial gases used in smelting, refining, and heat treatment help achieve desired metallurgical properties and product uniformity. The increased demand for high-quality engineered steel and alloys by the construction, automotive, aerospace, and heavy machinery industries positively influences gas consumption, as these materials offer greater durability and improved performance. Significant advancements also improve energy efficiency and reduce emissions in energy-intensive steelmaking processes-such as oxygen-enriched transparent combustion and gas-based reduction technologies-thus increasing reliance on industrial gases.
North America to account for largest market share during forecast period
North America is expected to hold the largest industrial gas market share due to its high industrial base and diverse end-use requirements during the forecast period. The region has sectors such as chemical, healthcare, metallurgy, refining, and food and beverage industries that demand large quantities of industrial gases like oxygen, nitrogen, hydrogen, and carbon dioxide for their production processes. The United States' healthcare sector is a leading indicator, with growing demand for medical-grade gases driven by increasing investments in healthcare facilities and more cases requiring respiratory care that uses medical gases. Gases are also extensively used in chemical and petrochemical processing and refining, especially in the Gulf Coast region. Additionally, North America is a key player in clean energy initiatives, including developing a hydrogen economy and implementing carbon capture, utilization, and storage (CCUS) technologies, which present further growth opportunities. Thanks to its extensive distribution networks, advanced cryogenic technology, and significant investments in eco-friendly manufacturing, North America is poised to maintain its dominance in the market, gaining a first-mover advantage in the global industrial gases industry during the forecast period.
Air Liquide (France), Linde PLC (UK), Air Products and Chemicals, Inc. (US), Messer SE & Co. KGaA (Germany), NIPPON SANSO HOLDINGS CORPORATION (Japan), BASF SE (Germany), Bhoruka Specialty Gases Pvt Ltd (India), Ellenbarrie Industrial Gases Limited (India), Iwatani Corporation (Japan), and AIR WATER INC (Japan) are some key players in the industrial gases market.
Research Coverage
The market study examines the industrial gases market across various segments. It aims to estimate the market size and growth potential in different segments based on type, end-use industry, and region. The study also features an in-depth competitive analysis of key market players, including their company profiles, product and business offering insights, recent developments, and key growth strategies to enhance their market position.
Key Benefits of Buying Report
The report is designed to help market leaders and new entrants approximate the revenue figures of the overall industrial gases market, along with its segments and sub-segments. It aims to assist stakeholders in understanding the competitive landscape, gaining insights to strengthen their business positions, and developing effective go-to-market strategies. Additionally, the report seeks to provide stakeholders with a pulse on the market by offering information on key drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the industrial gases market