Industrial Gases Industry Overview
The global industrial gases market size was valued at USD 99.99 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.42% from 2023 to 2030.
The growth is primarily driven by the growing manufacturing industry in developing economies of the Asia Pacific region. Rapid industrialization and application of industrial gases in various industries, such as manufacturing, mining, metals, food & beverage, and healthcare, are further expected to influence the market growth in the coming years. However, environmental regulations, safety, and high gas conversion costs may hinder the industry growth during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Industrial Gases Market
The U.S. accounted for a majority share in the North America regional market and is expected to retain its leading position throughout the forecast period. The U.S. emerged as one of the major countries utilizing industrial gases, as the country has the presence of a large number of major industrial gas suppliers, such as Linde, Air Liquide, Messer, and Air Products & Chemicals.
The growing healthcare industry in the U.S., coupled with growing R&D in the healthcare sector owing to the recent outbreak of the COVID-19 pandemic, is expected to propel the demand for industrial gases in the U.S.The dependence of the electronics end-use sector on industrial gases has provided an alternate source of opportunity for the market, given the broad range of applications from flat-panel displays and semiconductors to LED lights and solar cells. Unlike the petrochemical and metallurgy industry, the electronics end-use industry embraces suppliers to greater standards with regard to project experience, coverage, and technical specifications.
Asia Pacific accounted for a significant revenue share in 2022 and is projected to continue to dominate the global market during the forecast period. The economic growth in countries, such as China, India, and South Korea, has shown strong growth and the trend is expected to continue during the forecast period. The presence of major electronics companies in the U.S. is also one of the major reasons driving the demand for industrial gases. In the U.S., the usage of electronics is increasing day by day, with an ever-growing number of electronic devices and gadgets being manufactured for the convenience of consumers. The growing healthcare and electronic industries across the region are likely to promote market growth. Expansion of the industrial sector is anticipated to further fuel the regional market.
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Industrial Gases Market Segmentation
Grand View Research has segmented the global industrial gases market based on product, application, distribution, and region:
Industrial Gases Product Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2030)
- Nitrogen
- Hydrogen
- Carbon Dioxide
- Oxygen
- Argon
- Acetylene
Industrial Gases Application Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2030)
- Healthcare
- Manufacturing
- Metallurgy & Glass
- Food & Beverages
- Retail
- Chemicals & Energy
- Others
Industrial Gases Distribution Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2030)
- On-site
- Bulk (Liquid Gas Transport)
- Cylinder (Merchant)
Industrial Gases Regional Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- The Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Malaysia
- Thailand
- Singapore
- Latin America
- Middle East & Africa
Key Companies profiled:
- Air Liquide
- Air Products Inc.
- INOX- Air products
- Iwatani Corp.
- Linde Plc
- Matheson Tri-Gas, Inc.
- Messer
- SOL Group
- Strandmøllen A/S
- Taiyo Nippon Sanso Corp.
Key Industrial Gases Company Insights
The global industry is highly competitive due to the strong presence of many regional as well as multinational companies. Key industry participants are involved in research and development and constant innovation, which have become among the most important factors for them to perform in the competitive industry.
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