The value of the industrial gas market is expected to rise from USD 74.94 billion in 2024 to USD 158 billion by 2034, with a projected CAGR of 7.80% over the next decade.
This growth is driven by the increasing use of industrial gases in the electronics (photovoltaic) industry for producing semiconductors, displays, solar wafers, LED solid-state lighting, and polysilicon.
Solar photovoltaic energy, in particular, is emerging as a key source of sustainable energy generation. The use of these gases is anticipated to reduce manufacturing costs, thereby increasing demand in the coming years.
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The frequent use of large quantities of oxygen in the medical field for controlled ventilation and to lower the risk of excess oxygen in the lungs or other body tissues during operations is also expected to fuel market growth.
Leading industry players are investing heavily in research and development to create more efficient methods for producing and exporting industrial gases globally.
“Key players are obtaining or renewing contracts to continue the supply of industrial gases. Additionally, players are increasing their investments in research and development activities to drive innovation,” – says an analyst of Future Market Insights.
Key Takeaways from the Industrial Gas Market Report
- The industrial gas market gained a valuation of US$ 51.56 million in 2019. By 2023, the market attained a value of US$ 69.40 million, expanding at a CAGR of 6.10%.
- By product type, the oxygen segment is expected to gain a market share of 74% in 2024.
- Based on application, the manufacturing segment is projected to account for 57.50% in 2024.
- The United States industrial gas market is expected to accelerate at a CAGR of 4.30% over the forecast period.
- The Spain industrial gas market is predicted to expand at a 5.80% CAGR in the next 10 years.
- The India and China market are projected to surge at CAGRs of 11.60% and 8.70%, respectively, in the upcoming years.
Profiling of Top Market Players in the Industrial Gas Market
- Air Liquide S.A.
Air Liquide S.A. is a French multinational firm that supplies industrial gases and services to multiple industries, such as chemical, medical, and electronic manufacturers. The company is a leading supplier of industrial gases with respect to revenues. The operations of this company is spread across 80 countries. - Linde Group
The Linde Group is a competent player in the global industrial gases and engineering company. Back in 2023, the company enjoyed a revenue of US$ 33 billion. The company aims to make the world more productive by assisting customers to become more successful and protect the planet. - Messer Group
Messer Group is a distributor of industrial gases. The company’s business is concentrated in 30 European and Asian countries. The firm has an extensive range of gases including oxygen, nitrogen, helium, hydrogen, acetylene, etc.
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New Developments Bringing Advancements in the Industrial Gas Market
- In February 2022, Linde announced gained a long-term contract with BASF to provide steam and hydrogen. The Linde’s capacity in the chemical park at Chalampé, France is going to be essentially doubled by the operation and construction of the latest hydrogen production facility. The new production facility of BASF hexamethylenediamine (HMD) will be supplied by this plant.
- In January 2022, Air Liquide invested approximately EUR 40 million in an Air Separation Unit (ASU) specialized in Industrial Merchant activities. The ASU is developed, owned, and operated by Air Liquide India.
- In February 2021, Air Products Inc. opened a new cryogenic nitrogen plant in the Bayan Lepas of Malaysia, which is expected to assist the company’s operations.
Top Market Players
- Yingde Gases Group Company Limited
- Air Liquide S.A
- Linde Group
- Airgas Inc.
- Messer Group
- Buzwair Industrial Gases Factories
- Air Products and Chemicals Inc.
- Taiyo Nippon Sanso Corporation
- Air Water Incorporation
- BASF SE
- Others
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Market Segmentation of Industrial Gas
By Product Type:
- Oxygen
- Nitrogen
- Carbon dioxide
- Hydrogen
- Argon
- Acetylene
- Others
By Application:
- Manufacturing
- Healthcare
- Food and Beverages
- Metallurgy and Glass
- Chemicals and Energy
- Retail
- Others
By Distribution:
- On-site
- Bulk (Liquid Gas Transport)
- Cylinder (Merchant)
By Regional:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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