Industrial Gases Market

Industrial Gases Market witnessed USD 109.6 Billion in 2022, growing at a robust CAGR of 7.2% during forecast period and is predicted to Reach USD 191.2 Billion in 2030.

Overview of the Industrial Gases Market Report

Industrial gases refer to the gaseous materials that are basically manufacturers for industrial usage. Nitrogen oxygen, carbon dioxide, argon, hydrogen, helium, and acetylene are some of the most common that are available in gas cylinders. The industrial gases are gaseous at room temperature and are flammable in nature. The global industrial gases market involves different types of gases such as oxygen, argon, hydrogen, carbon dioxide, among others.

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Industrial Gases Market Outlook

Key Drivers and Emerging Trends

The accelerating application of industrial gases in the oil & gas sector is one of the major key drivers that is responsible for surging the growth of the market over the coming years. The increasing requirement for refining and strong demand for crude oil has surged the application of these gases in the oil & gas sector at a large scale, particularly for upstream & downstream applications such as leak testing, inspection maintenance, and others are the emerging industrial gases market trends. Additionally, rapid industrialization and the rising rate of urbanization are the emerging trends of the industrial gases market. With the rapid urbanization, there has been a significant increase in the consumer’s demand, which in turn, are boosting the manufacturing industries. According to a report of the Central Intelligence Agency, countries such as India, China, Vietnam, and Malaysia have an urban population of 34.5%, 60.3%, 36.6%, and 76.6% for 2019, which increased at a rate of 2.4%, 2.4%, 3%, and 2.1%. This rapidly increasing consumer demand will have a positive impact on the market’s growth.

The rising investments from the industrial sector such as food & beverages, metallurgy, electronics, mining and metal, especially in the developing countries, is another factor that is opening new doors for the growth of the industrial gases market size. As per the World Investment Report 2018, the total investment of the Asia-pacific region amounted to USD 476 billion from the FDI in 2017. Thus, the accelerating amount of investment from the manufacturing and processing sector is expected to surge the demand for this type of industrial gases. Furthermore, the food & beverage and healthcare sector are experiencing heavy investment to bring innovation and advancement in the sectors. According to the Germany Trade & Invest report, Europe is considered to be one of the largest food producers and is the fourth-largest in the food & beverage sector. The industrial gases market analysis states that the increasing implementation of cryogenic processes for air separation in the industries and the growing usage of gaseous mixes such as syngas are some other factors that are contributing to the market growth. Hydrogen gas helps in decarbonizing the energy systems as the government is introducing different types of initiatives to surge the production and usage of hydrogen.

Restraint in the Industrial Gases Industry

As per the industrial gases market report, the stringent laws and regulations related to the manufacturing, storage, and distribution of industrial gases is one of the major factors that is likely to hamper the growth of the industrial gases market share in terms of revenue. As per the EU Regulation 231/2012, the composition of hydrocarbons was specified for the storage and distribution of these gases. In addition to this, the emergence of the COVID-19 pandemic has adversely impacted the market growth. With the temporary shutdown of the industrial operation and transportation sector, there has been a significant fall in demand for industrial gases, particularly in 2021. However, the market is expected to bounce back in 2022 while growing at a faster rate.

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Gas Type – Segment Analysis

Based on the gas type, the oxygen segment is anticipated to grow at a higher CAGR during the forecast period. The increasing application of oxygen gas in gas welding, gas cutting, flame cleaning, flame hardening, and other uses is contributing to the growth of the segment. Moreover, it is also increasingly used for the manufacturing of air products, chemicals, pharmaceuticals, and pulp & paper.

Application – Segment Analysis

Based on the application, the cryogenic segment is projected to dominate the market during the forecast period. The growing usage of industrial gases for the production of cryogenic fuels such as liquid hydrogen and liquid oxygen for rockets and spacecraft is a key driver that is surging the segment growth. On the other hand, the packaging segment is predicted to grow at a faster CAGR during the forecast period. The changing lifestyle of individuals and the increasing consumption of packaged food products are surging the demand for industrial gases.

End User – Segment Analysis

Based on the end user, the healthcare segment is expected to grow at a higher CAGR during the forecast period. The increasing application of industrial gases in numerous applications, such as the use of nitrogen to preserve vital blood and tissue, helium for MRIs, and oxygen for breathing, is an important factor that is propelling the segment growth. Additionally, the continuous technological advancement in the healthcare sector is further energizing the demand for the production of industrial gases. The development of gas-assist equipment suppliers in the healthcare sector has provided an assortment of equipment and controls. The bulk oxygen is needed in various cases to eliminate the risk of excess oxygen in the body tissues or lungs during the time of surgeries.

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Regional – Segment Analysis

Based on the region, Asia-pacific region is expected to dominate the global industrial gases market during the forecast period. China is considered the largest consumer of industrial gases, followed by India, which is experiencing strong growth. The strong demand for iron and steel across various industries and the upcoming steel venters and government initiatives are responsible for propelling the manufacturing sector in this region. This factor has also led to the increasing usage of modern gases to address the mass prerequisites.

Top Market Players

Various notable players operating in the market include Air Liquide, Air Products Inc., Linde plc, Matheson Tri-Gas, Messer Group, Gulf Cryo, BASF SE, Southern Company, Universal Industrial Gases, Inc., and Bhuruka Gases Limited, among others. 

Key Developments:

• • In 2019, Air Products entered into a contract of USD 168 million from NASA with an aim to supply helium for its space projects. The assigned project is for two years.
  • In 2019, Linde and ExxonMobil Asia Pacific Pvt. Ltd., entered into a multi-billion agreement for the expansion of the organization’s integrated manufacturing complex in Singapore. The project includes building and operation of additional gasifiers, a 1,200 metric ton per day air separation plant and Linde’s proprietary downstream gas processing units.

Segments Covered in the Report:

The global Industrial Gases market has been segmented based on gas type, application, end user, and regions. Based on gas type, the market is segmented into oxygen, nitrogen, carbon dioxide, hydrogen, argon, and others. Based on application, the market is segmented into packaging, coolant, carbonation, cryogenic, cutting & welding, laboratory, air separation, and others. Based on end user, the market is segmented into metallurgy, healthcare, chemical, food & beverage, oil and gas, power, pulp, and paper, electronics, water treatment, mining and others. 

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Key questions answered in this research report:

• • At what pace is global industrial gases market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in industrial gases market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global industrial gases market?
  • Which gas type generated maximum revenues in 2019 and identify the most promising gas type during the forecast period?
  • What are the various application areas of global industrial gases market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD 109.6 Billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Gas Type, By Application, By End User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Air Liquide, Air Products Inc., Linde plc, Matheson Tri-Gas, Messer Group, Gulf Cryo, BASF SE, Southern Company, Universal Industrial Gases, Inc., and Bhuruka Gases Limited, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Industrial Gases Market by Gas Type

• • Oxygen
  • Nitrogen
  • Carbon Dioxide
  • Hydrogen
  • Argon
  • Others

Global Industrial Gases Market by Application

• • Packaging
  • Coolant
  • Carbonation
  • Cryogenic
  • Cutting and Wedding
  • Laboratory
  • Air Separation
  • Others

Global Industrial Gases Market by End User

• • Metallurgy
  • Healthcare
  • Chemical
  • Food & Beverage
  • Oil & Gas
  • Power
  • Pulp and Paper
  • Electronics
  • Water Treatment
  • Mining
  • Others

Global Industrial Gases Market by Region

• • North America Industrial Gases Market (Option 1: As a part of the free 25% customization)
    • By Gas Type
    • By Application
    • By End User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Industrial Gases Market (Option 2: As a part of the free 25% customization)
    • By Gas Type
    • By Application
    • By End User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Industrial Gases Market (Option 3: As a part of the free 25% customization)
    • By Gas Type
    • By Application
    • By End User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Industrial Gases Market (Option 4: As a part of the free 25% customization)
    • By Gas Type
    • By Application
    • By End User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Industrial Gases (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Air Liquide
  • Air Products Inc.
  • Linde plc
  • Matheson Tri-Gas
  • Messer Group
  • Gulf Cryo
  • BASF SE
  • Southern Company
  • Universal Industrial Gases, Inc.,
  • Bhuruka Gases Limited