PUBLISHER: Roots Analysis | PRODUCT CODE: 1721378
PUBLISHER: Roots Analysis | PRODUCT CODE: 1721378
As per Roots Analysis, the global industrial gases market size is estimated to grow from USD 102.9 billion in the current year to USD 219.9 billion by 2035, at a CAGR of 7.15% during the forecast period, till 2035.
The opportunity for industrial gases market has been distributed across the following segments:
Type of Product
Type of Gas
Type of Technology
Type of Application
Company Size
End User
Type of Distribution
Geographical Regions
Industrial gases, such as Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, and Argon are essential gases that are manufactured and supplied for use in various industrial processes. These gases play a pivotal role in manufacturing, healthcare, food and beverage preservation, environmental protection, and numerous other industries. In addition, these offer efficiency, safety, and technological advancement. In recent years, the increasing urbanization and industrialization have fueled the demand for industrial gases among key applications.
In terms of the type of gases, oxygen is one of the leading gases due to its wide range of applications particularly, in healthcare sectors where it is largely used for critical patient care and respiratory disease treatment. In this context, the COVID-19 pandemic is one of the recent examples that has spiked oxygen demand and driven the growth of the industrial gases market around the world; this has expanded the scope of the industrial gases market which continues to rise.
The soaring construction industries are further amplifying the market opportunities with an increasing need for industrial gases. As a result, leading industrial gas companies are leveraging this opportunity and boosting their services and market reach. The industrial automation is also contributing to the growth of this market as many automated processes rely on industrial gases for wide range of applications. In addition, with the current variety of applications, new uses for these gases are also emerging with the ever-growing industries and technologies.
Due to this, numerous companies are entering the market and investing in advanced technologies and innovative solutions, such as high-purity and specialty gases for specific applications. The precious metal is another crucial segment where industrial gases play critical role, specifically in refining and processing operations. It is interesting to note that by broadening product and service offerings to cater to a wider range of industries and applications, stakeholders are driving market growth which is anticipated to continue to grow over this forecast period.
Based on the type of product, the global industrial gases market is segmented into atmospheric gases, process gases, and others. According to our estimates, currently, atmospheric gases segment captures the majority share of the market.
This can be attributed to the increasing demand for atmospheric gases, like oxygen and nitrogen, in the medical and healthcare industries, where these gases are essential for respiratory therapies, medical imaging and diagnostics, sterilization and preservation, as well as the production of pharmaceuticals. However, driven by growing industrialization, the process gases segment is anticipated to experience the highest CAGR during the forecast period.
Based on type of gas, the industrial gases market is segmented into acetylene, argon, carbon dioxide, hydrogen, nitrogen, oxygen and others. According to our estimates, currently, oxygen captures the majority share of the market.
The demand for oxygen is growing as it plays a crucial role in various sectors such as chemical, environmental, and water treatment. Moreover, it is widely utilized in multiple industrial applications, including steel production, chemical manufacturing, and metalworking. As a result, oxygen is predicted to see a higher compound annual growth rate (CAGR) in the upcoming years.
Based on type of technology, the industrial gases market is segmented cryogenic air separation, membrane separation, pressure swing adsorption (PSA), and steam methane reforming. According to our estimates, currently, cryogenic air separation segment captures the majority share of the market. This can be attributed to the effectiveness in separating air into its individual gases, nitrogen, oxygen, and argon, by taking advantage of their boiling point differences makes it a favored choice for achieving high purity levels of each gas.
However, pressure swing adsorption is anticipated to grow at a higher CAGR during the forecast period, owing to its increasing application in air separation, gas drying, and hydrogen purification.
Based on type of application, the industrial gases market is segmented into air separation, carbonation, coolant, cryogenic, cutting & welding, laboratory, packaging and others. According to our estimates, currently, cryogenic segment captures the majority share of the market. This can be attributed to the fact that cryogenics plays a crucial role in the pharmaceutical industry, where nitrogen and oxygen are needed to enhance the bioavailability of drug formulations However, cutting & welding segment is anticipated to grow at a higher CAGR during the forecast period.
Based on company size, the industrial gases market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. According to our estimates, currently, large enterprises & industrial gas companies captures the majority share of the market. This can be attributed to their extensive global operations, significant share of the market, and varied product offerings. Additionally, these major companies maintain a dominant position through their vast resources, cutting-edge technologies, broad distribution networks, and their capability to cater to a wide array of industries and regions.
Based on end user, the industrial gases market is segmented into chemicals & energy, electronics, food & beverages, healthcare, manufacturing, metallurgy & glass, mining, retail, water treatment and others. According to our estimates, currently, healthcare sector captures the majority share of the market. This can be attributed to the fact the substantial demand for medical oxygen, which is critical for patient care, especially in respiratory treatments.
Based on type of distribution, the industrial gases market is segmented into bulk (liquid gas transport), cylinder (merchant) and on-site. According to our estimates, currently, bulk segment captures the majority share of the market. This is due to the significant demand for industrial gases, such as oxygen, nitrogen, and argon, which are typically transported in bulk by tanker trucks or railcars to large-scale industrial clients like steel manufacturers, chemical processing facilities, and refineries.
Based on geography, the industrial gases market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to our estimates, currently, Asia-Pacific captures the majority share of the market. This can be attributed to rapid industrial growth, the expansion of manufacturing sectors, and infrastructure development in developing countries. Moreover, China, India, and Southeast Asian countries are experiencing significant growth in industries like manufacturing, construction, automotive, electronics, and chemicals, which further propels market growth.
The report on the industrial gases market features insights on various sections, including: