Industrial Gases Market Overview:
Global Industrial Gases Market size and share is currently valued at USD 115.01 billion in 2024 and is anticipated to generate an estimated revenue of USD 199.69 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 7.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Growth in Healthcare Applications: Increasing use of gases like oxygen, nitrogen, and helium in medical and pharmaceutical sectors boosts demand.
- Expanding Manufacturing Activities: Industrialization and growth in sectors like metal fabrication, electronics, and chemicals drive market demand.
- Rising Focus on Renewable Energy: Use of industrial gases in hydrogen fuel production and carbon capture technologies supports market growth.
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Key Companies in Industrial Gases Market:
- Air Liquide
- Air Products and Chemicals, Inc.
- INOX-Air Products Inc.
- Iwatani Corporation
- Linde plc
- Messer
- Praxair Technology, Inc.
- SOL Group
- Strandmøllen
- TAIYO NIPPON SANSO CORPORATION
- Westfalen Group
Industrial Gases Market Research Scope
The industrial gases market research explores their applications across healthcare, manufacturing, electronics, and energy sectors. The study evaluates the rising demand for oxygen, nitrogen, and hydrogen in medical treatments, renewable energy, and industrial processes. It covers regional production capabilities, distribution challenges, and advancements in storage and transportation technologies. Key factors like regulatory policies, environmental impact, and market dynamics are examined. The research also delves into the growth potential of emerging applications, such as hydrogen fuel cells and carbon capture technologies, while assessing competitive strategies and industry trends.
Industrial Gases Market Segmentation:
The industrial gases market is segmented by type, application, and geography. Gas types include oxygen, nitrogen, hydrogen, argon, and carbon dioxide, each serving unique industrial purposes. Applications are categorized into healthcare, manufacturing, electronics, energy, and food & beverage industries. Regional segmentation analyzes production and consumption trends in North America, Europe, Asia-Pacific, and other regions. End-user industry segmentation provides insights into key growth areas, such as hydrogen fuel cells, medical oxygen supply, and industrial manufacturing, while addressing regional challenges like storage, transportation, and regulatory compliance.
Industrial Gases Market, Product Type Outlook (Revenue – USD Billion, 2019-2032)
- Oxygen
- Nitrogen
- Hydrogen
- Carbon dioxide
- Acetylene
- Argon
- Others
Industrial Gases Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Healthcare
- Manufacturing
- Metallurgy & Glass
- Food & Beverages
- Retail
- Chemicals & Energy
- Others
Industrial Gases Market, Distribution Outlook (Revenue – USD Billion, 2019-2032)
- On-site
- Bulk (Liquid Gas Transport)
- Cylinder (Merchant)
- Others
Industrial Gases Industry Developments:
- In October 2023, Linde plc, an industrial gas supplier, entered into long-term supply agreements with Indian Oil Corporation’s Panipat refinery to supply industrial gases in Northern India.
- In September 2023, Westfalen Group, a manufacturer and supplier of industrial gases, inaugurated a plant in Arzal, located on the Atlantic coast of Brittany. The new plant expanded the company’s presence in France.
- In October 2023, Air Liquide announced its plans to invest more than 140 million Euros in the establishment of a low-carbon industrial gas platform. The platform will supply a range of gases such as hydrogen, oxygen, nitrogen, and argon.
- In June 2022, Air Products revealed its plan to set up a new complex for industrial gases in Bihar, India. The objective of this project was to provide Indian Oil Corporation Limited (IOCL) with essential gases such as hydrogen, nitrogen, and steam.
The Industrial Gases market report offers an in-depth analysis of market dynamics, including trends, sizes, patterns, and growth factors. It highlights critical developments and emerging trends to help stakeholders refine their strategies and strengthen market positioning. The report concludes with a detailed summary of key findings and the research methodologies employed. This comprehensive analysis serves as a valuable resource for businesses, investors, and stakeholders, enabling them to make informed decisions and drive sustainable growth.