Global Industrial Gases Market Research 2024, Forecast To 2033
8 Mar, 2024
The industrial gases market has experienced robust growth, with its size increasing from $97.81 billion in 2023 to $105.39 billion in 2024, representing a compound annual growth rate (CAGR) of 7.7%. This growth can be attributed to various factors such as the introduction of energy storage solutions, expansion of environmental regulations, and development in glass manufacturing. Additionally, the adoption of industrial gases in food processing and the initiatives by pioneering industrial gas companies have contributed to this upward trend. Looking ahead, the market is expected to continue its strong growth trajectory, reaching $136.66 billion in 2028, with a CAGR of 6.7%. Key drivers for this forecasted growth include digitalization and Industry 4.0, increased focus on clean transportation, and advancements in environmental regulations, among others. Major trends anticipated in the forecast period include adoption in environmental testing, expansion in LNG production, and integration in aerospace and aviation, highlighting a promising outlook for the industry.
Global Industrial Gases Market Key Driver
The increasing application of industrial gases in the oil and gas industry is poised to drive the growth of the industrial gases market. With the global oil and gas industry's profits soaring to $4 trillion in 2022, as reported by the International Energy Agency, there's a growing demand for industrial gases for various applications including production enhancement, safety measures, and transportation, thus fostering market growth.
Get A Free Sample Of The Global Industrial Gases Market ReportGlobal Industrial Gases Market Segments
The industrial gases market covered in this report is segmented –
1) Product:Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon
2) Application:Packaging, Coolant, Carbonation, Cryogenic, Cutting And Welding, Laboratory, Air Separation, Other Applications
3) Distribution:On-Site, Bulk, Cylinder
4) End User:Metallurgy, Healthcare, Chemical, Food And Beverage, Oil And Gas, Power, Pulp And Paper, Electronics, Other End Users
By Geography: The countries covered in the industrial gases market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the industrial gases market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gases market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Industrial Gases Industry Players
BASF SE; Linde plc; Air Liquide S.A.; Atlas Copco; The Southern Gas Ltd.; Air Products and Chemicals Inc.; Taiyo Nippon Sanso Corporation; Ingersoll Rand; Iwatani Corporation; National Gases Ltd.; Matheson Tri-Gas Inc.; Sicgil Industrial Gases; SOL S.p.A.; Messer Group GmbH; Horiba Ltd.; Praxair Technology Inc.; Gulf Cryo LLC; Norco Inc.; Greco Gas; Western International Gas & Cylinders Inc.; Holston Gases Inc.; Indiana Oxygen Company; Weldstar; Sutton-Garten Co.; Butler Gas Products Company; Eureka Oxygen Co; American Gas Products
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Industrial Gases Market Overview
Industrial gases refer to various gaseous substances used in various industrial applications. These gases are produced and supplied to industries in liquefied and gaseous forms.