Industrial gases are essential components used in a wide range of applications, including manufacturing, healthcare, and energy production. Key gases in this market include oxygen, nitrogen, hydrogen, carbon dioxide, and argon. These gases play crucial roles in processes such as welding, cutting, food preservation, and medical treatments. The increasing industrialization and technological advancements are further propelling the demand for these gases globally.
Industrial Gas Market Value and Growth Projections
The industrial gas market is expected to grow significantly over the next decade. Starting from an estimated value of USD 74.94 billion in 2024, the market is projected to reach USD 158.19 billion by 2034. This growth is underpinned by a CAGR of 7.80%, reflecting the increasing utilization of industrial gases in various end-use industries.
Key Takeaways
- Market Size (2024E): USD 74.94 billion
- Projected Market Value (2034F): USD 158.19 billion
- CAGR (2024 to 2034): 7.80%
- Prominent Sectors Driving Demand: Healthcare, manufacturing, food & beverages
- Key Gases: Oxygen, nitrogen, hydrogen
Prominent Drivers of the Industrial Gas Market
- Rising Demand from Key Industries: The healthcare sector’s growing need for medical gases and the manufacturing industry’s increasing reliance on industrial gases for various applications are major drivers of market growth.
- Technological Advancements: Innovations in gas production and distribution technologies are enhancing efficiency and accessibility, stimulating demand across industries.
- Environmental Regulations: Stricter regulations on emissions are pushing industries to adopt cleaner technologies and gases like hydrogen and liquefied natural gas (LNG), further driving market growth.
- Global Industrialization: Rapid industrialization in emerging economies is leading to increased investments in infrastructure and manufacturing capabilities, boosting the demand for industrial gases.
- Focus on Sustainability: The shift towards sustainable practices and renewable energy sources is increasing the adoption of industrial gases that support cleaner production processes.
Enlisted Below are Some 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
Challenges Faced by the Industrial Gas Market
Despite its promising growth prospects, the industrial gas market faces several challenges:
- Volatility in Raw Material Prices: Fluctuations in the prices of raw materials used for producing industrial gases can impact profitability for manufacturers.
- Regulatory Hurdles: Compliance with varying international regulations regarding gas production and safety standards can pose challenges for companies operating in multiple regions.
- Competition from Alternative Solutions: The emergence of alternative technologies and solutions may affect the demand for traditional industrial gases in certain applications.
- Supply Chain Disruptions: Global supply chain issues can lead to delays in production and distribution, affecting market dynamics.
- Environmental Concerns: While many industrial gases are essential for various processes, concerns over their environmental impact may lead to increased scrutiny and regulatory challenges.
The industrial gas market is poised for significant growth over the next decade, driven by increasing demand from key sectors such as healthcare and manufacturing. While challenges exist, the overall outlook remains positive as technological advancements and a focus on sustainability continue to shape industry dynamics. As companies adapt to changing market conditions and invest in innovative solutions, they will play a crucial role in meeting the growing global demand for industrial gases.
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)
Different Regional Markets are as Follows:
- 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 over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
