Global Industrial Gases Market to Reach USD 153.87 Billion by 2031 | CAGR of 5.1%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Industrial Gases Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Industrial Gases Market size was valued at USD 104.32 billion in 2023, projected to grow at a CAGR of 5.1% during the forecast period to reach USD 153.87 billion by 2031. Industrial gases include oxygen, nitrogen, hydrogen, carbon dioxide, argon, helium, and acetylene, serving critical roles across diverse applications such as manufacturing, food and beverage preservation, healthcare, metallurgy, and electronics. These gases improve process efficiency, product quality, and compliance with safety standards, driving widespread adoption across industries.
The report comprises the Industrial Gases Market Share, Size & Industry Analysis, based on Gas Type (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon, Helium, Acetylene, Others), Production & Delivery Method (On-Site Production, Bulk & Cylinder Delivery, Merchant Liquid Delivery), Application (Air Separation, Coolant, Carbonation, Cutting & Welding, Cryogenic, Others), End-User (Healthcare, Food & Beverage, Chemical, Manufacturing, Electronics & Semiconductors, Oil & Gas, Automotive, Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Industrial Gases Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The expanding applications in healthcare and the rising focus on clean energy solutions are key drivers propelling market growth.
Segmental Analysis :
Based on gas type, the market is segmented into Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon, Helium, Acetylene, and Others.
- The nitrogen segment accounted for the largest market share in 2023, driven by its inert properties that make it indispensable for applications such as blanketing, purging, and food packaging. Its role in electronics manufacturing and cryopreservation also underpins its dominance.
- The hydrogen segment is projected to grow at the fastest rate, supported by its increasing use in clean energy solutions, including hydrogen fuel cells and green hydrogen production, as well as its role as a chemical feedstock.
Based on production and delivery method, the market is segmented into On-Site Production, Bulk & Cylinder Delivery, and Merchant Liquid Delivery.
- The bulk & cylinder delivery segment held the largest share in 2023, owing to its widespread use across industries like healthcare, manufacturing, and food & beverage. The convenience of storage and transport further boosts its adoption.
- The on-site production segment is anticipated to grow at the fastest CAGR, driven by its cost-effectiveness and suitability for large-scale operations in petrochemicals, refineries, and steel manufacturing.
Based on application, the market is segmented into Air Separation, Coolant, Carbonation, Cutting & Welding, Cryogenic, and Others.
- The cutting & welding segment dominated the market in 2023, attributed to its essential role in metal fabrication for industries like automotive, construction, and aerospace. The adoption of advanced welding technologies supports its growth.
- The cryogenic segment is expected to grow at the fastest rate, fueled by increasing applications in medical and research fields, such as cryopreservation and MRI cooling, alongside advancements in cryogenic storage systems.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Accounted for the largest market share in 2023 at 40.75%, supported by rapid industrialization and strong demand from industries like chemicals, electronics, and healthcare in countries such as China and India.
- North America: Expected to grow steadily, driven by advancements in clean energy applications such as hydrogen infrastructure and consistent demand from the manufacturing and healthcare sectors.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 153.87 Billion |
| CAGR (2024-2031) | 5.1% |
| Gas Type | Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Argon, Helium, Acetylene, Others |
| Production & Delivery Method | On-Site Production, Bulk & Cylinder Delivery, Merchant Liquid Delivery |
| Application | Air Separation, Coolant, Carbonation, Cutting & Welding, Cryogenic, Others |
| End-User | Healthcare, Food & Beverage, Chemical, Manufacturing, Electronics & Semiconductors, Oil & Gas, Automotive, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The industrial gases market is dominated by major players focusing on innovation, strategic expansions, and sustainability initiatives. Companies like Linde plc and Air Liquide lead the market with robust portfolios and global operations. Emerging players are investing in clean energy and specialized gas applications.
List of prominent players in the Industrial Gases Industry:
- Air Liquide (France)
- Linde plc (Ireland)
- Praxair, Inc. (USA)
- Air Products and Chemicals, Inc. (USA)
- Taiyo Nippon Sanso Corporation (Japan)
- Messer Group GmbH (Germany)
- Iwatani Corporation (Japan)
- Gulf Cryo (Kuwait)
- SIAD Group (Italy)
- Matheson Tri-Gas, Inc. (USA)
Recent Industry Developments :
- September 2024: Air Products finalized the sale of its LNG process technology business to Honeywell for $1.81 billion, focusing on its core industrial gases and clean hydrogen strategies.
- 2023: Linde plc partnered with BP to develop hydrogen infrastructure projects in the UK, enhancing clean fuel accessibility for automotive and industrial applications.
