Industrial Gases Market - Global Forecast to 2028

Industrial Gases Market by Type (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Inert Gases), End-use Industry (Chemicals, Electronics, Food & Beverages, Healthcare, Manufacturing, Metallurgy, and Refining), and Region - Global Forecast to 2028

The industrial gases market is projected to grow from USD 105.6 billion in 2023 to USD 137.9 billion by 2028 at a CAGR of 5.5%. Industrial gases, including nitrogen, oxygen, carbon dioxide, hydrogen, acetylene, and inert gases, play a pivotal role in various industries, from manufacturing to healthcare, refining, etc. The market is witnessing considerable growth due to the growing demand from the electronics industry, the growing demand for frozen food, and the rise in chronic diseases. The growing semiconductor market and interest in hydrogen as clean energy are anticipated to provide ample opportunities to fuel the market's growth. Strict regulatory compliance and volatile raw material costs have emerged as major restraints. Emerging economies are expected to witness the highest demand for industrial gases.

“Nitrogen to be the second largest type in industrial gases marketafter oxygen.”

Nitrogen commands the second-largest share in the industrial gases market, owing to its versatile applications across various industries. Widely utilized in manufacturing, nitrogen serves as an inert gas for processes such as blanketing and purging, preventing unwanted reactions and enhancing product quality. In the food and beverage industry, it finds application in packaging to extend the shelf life of perishable goods. Additionally, nitrogen is a crucial component in the electronics sector, playing a vital role in the production of semiconductors and preventing oxidation during soldering processes. Its significance in diverse applications underscores nitrogen's pivotal position in the industrial gases market.

“Manufacturing holds the second largest market share in industrial gases market”

The automotive industry relies significantly on industrial gases for various critical processes. Industrial gases, such as nitrogen and argon, find widespread use in welding applications, ensuring the structural integrity of vehicles through precise and controlled heat distribution. Moreover, industrial gases like hydrogen and oxygen are employed in fuel cell technologies, contributing to the growing trend of alternative and cleaner energy sources in the automotive sector. As the global automotive industry continues to expand and transition towards greener technologies, the demand for industrial gases is set to surge, making them integral to the manufacturing processes and innovation within the automotive market.

“North Americais the second biggest market for industrial gases.”

The region, owing to its fast pace of economic development and demand from a wide range of industries such as chemicals, electronics, food & beverages, healthcare, and manufacturing is helping industrial gases market to grow. Top industrial gases manufacturers such as Air Liquide (France) and Linde plc (England) have their production plants in North America. The US and Canada are the most developed countries in North America. In terms of value, the US accounted for the largest share of the industrial gases market in North America in 2022.

Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments, and information was gathered through secondary research.

The break-up of primary interviews is given below:

By Company Type - Tier 1: 55%, Tier 2: 30%, and Tier 3: 15%

By Designation –C-Level: 55%, D-Level: 35%, and Others: 10%

By Region – North America: 25%, Europe: 20%, Asia Pacific: 45%, South America: 5%, and Middle East & Africa: 5s%

Notes: *Others include sales, marketing, and product managers.

Notes: Tier 1: >USD 5 Billion; Tier 2: USD 1 Billion– USD 5 Billion; and Tier 3:

Companies Covered:The companies profiled in this market research report include Air Liquide (France), Linde plc (England), Air Products & Chemicals, Inc.(US), Messer SE & Co. KGaA (Germany), and Nippon Sanso Holdings Corp. (Japan)and others.

Research Coverage:

The market study covers industrial gases across various segments. It aims to estimate the market size and the growth potential of this market across different segments based on type, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the industrial gases market.

Key Benefits of Buying the Report

The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall industrial gases market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (growing demand from electronics industry, growing demand for frozen food, and rise in chronic diseases), restraints (strict regulatory compliance, volatile raw material costs) opportunities (growing semiconductor market, growing interest in hydrogen as a clean energy, and expansion of industrial activities in emerging market), and challenges (supply chain disruptions, and maintaining the safety of employees) influencing the growth of the industrial gases market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the industrial gases market

Market Development: Comprehensive information about lucrative markets – the report analyses the industrial gases market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the industrial gases market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Air Liquide (France), Linde plc (England), Air Products & Chemicals, Inc.(US), Messer SE & Co. KGaA (Germany), and Nippon Sanso Holdings Corp. (Japan)among others in the industrial gases market.