Market Size of Industrial Gas Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 4.35 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Gases Market Analysis
The Industrial Gas Market size is estimated at 1.67 Billion tons in 2024, and is expected to reach 2.07 Billion tons by 2029, growing at a CAGR of 4.35% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020. Carbon dioxide is used to produce carbonated soft drinks and soda water, which was affected owing to the pandemic scenario. However, the medical industry's demand for oxygen for resuscitation and inhalation therapy increased during the pandemic, stimulating the market's growth.
- Over the short term, the growing need for alternate energy sources and increasing demand from the healthcare sector are expected to drive the growth of the industrial gas market.
- Environmental regulations and safety issues are projected for the market's growth.
- Industrial growth in Asia-Pacific and Africa will likely create market opportunities in the coming years.
- The Asia-Pacific region is expected to dominate the market and will likely witness the highest CAGR during the forecast period.
Industrial Gases Industry Segmentation
Industrial gases mainly comprise carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton-xenon. The atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the air temperature until the components are liquified and separated. The industrial gas market is segmented by product type, end-user industry, and geography. The market is segmented by product type into nitrogen, oxygen, carbon dioxide, hydrogen, helium, argon, ammonia, methane, propane, butane, and other types. The end-user industry segments the market into chemical processing and refining, electronics, food and beverage, oil and gas, metal manufacturing and fabrication, medical and pharmaceutical, automotive and transportation, energy and power, and other end-user industries. The report also covers the market size and forecasts for the industrial gas market in 17 countries across major regions. Each segment's market sizing and forecasts are based on volume (tons).
| Product Type | |
| Nitrogen | |
| Oxygen | |
| Carbon dioxide | |
| Hydrogen | |
| Helium | |
| Argon | |
| Ammonia | |
| Methane | |
| Propane | |
| Butane | |
| Other Product Types |
| End-user Industry | |
| Chemical Processing and Refining | |
| Electronics | |
| Food and Beverage | |
| Oil and Gas | |
| Metal Manufacturing and Fabrication | |
| Medical and Pharmaceutical | |
| Automotive and Transportation | |
| Energy and Power | |
| Other End-user Industries |
| Geography | ||||||||
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Industrial Gas Market Size Summary
The industrial gases market is poised for significant growth, driven by increasing demand across various sectors, including healthcare and energy. The market, which experienced a downturn due to the COVID-19 pandemic, is recovering as the need for oxygen in medical applications surged. Industrial gases such as oxygen, nitrogen, and hydrogen play crucial roles in chemical production, petrochemicals, and refining processes. The Asia-Pacific region, particularly China and India, is expected to dominate the market, with India anticipated to experience the fastest growth. This growth is supported by the region's expanding chemical industry and rising demand for industrial gases in sectors like steel production and construction.
The market landscape is characterized by consolidation, with major players like Air Liquide, Messer Group GmbH, and Linde PLC leading the industry. Strategic investments and expansions, such as Air Liquide's revamp of air separation units in China and Iwatani Corporation's acquisition of Aspen Air US, highlight the focus on enhancing production capacity and market presence. Environmental regulations and safety concerns continue to shape market dynamics, while opportunities for growth are emerging in regions like Asia-Pacific and Africa. The ongoing industrial growth and government initiatives in these regions are expected to further drive the demand for industrial gases, positioning the market for robust expansion in the coming years.
Industrial Gas Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Need for Alternate Energy Sources
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1.1.2 Increasing Demand For Frozen and Stored Food
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1.1.3 Increasing Demand from the Healthcare Sector
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1.2 Restraints
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1.2.1 Environmental Regulations and Safety Issues
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1.2.2 Other Restraints
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1.3 Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size by Volume)
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2.1 Product Type
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2.1.1 Nitrogen
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2.1.2 Oxygen
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2.1.3 Carbon dioxide
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2.1.4 Hydrogen
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2.1.5 Helium
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2.1.6 Argon
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2.1.7 Ammonia
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2.1.8 Methane
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2.1.9 Propane
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2.1.10 Butane
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2.1.11 Other Product Types
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2.2 End-user Industry
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2.2.1 Chemical Processing and Refining
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2.2.2 Electronics
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2.2.3 Food and Beverage
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2.2.4 Oil and Gas
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2.2.5 Metal Manufacturing and Fabrication
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2.2.6 Medical and Pharmaceutical
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2.2.7 Automotive and Transportation
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2.2.8 Energy and Power
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2.2.9 Other End-user Industries
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 ASEAN Countries
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2.3.1.6 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 NORDIC Countries
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2.3.3.6 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Industrial Gas Market Size FAQs
How big is the Industrial Gas Market?
The Industrial Gas Market size is expected to reach 1.67 billion tons in 2024 and grow at a CAGR of 4.35% to reach 2.07 billion tons by 2029.
What is the current Industrial Gas Market size?
In 2024, the Industrial Gas Market size is expected to reach 1.67 billion tons.
