Global Industrial Gases Market

Industrial Gases Market Size, Share, Growth Analysis, By Product Type(Oxygen, Nitrogen, Carbon Dioxide), By Distribution Channel(Cylinder, On-site), By End User(Energy, Residential, Commercial, Transport), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2039 | Region: Global | Published Date: February, 2024
Pages: 257 | Tables: 91 | Figures: 76

Industrial Gases Market Insights

Industrial Gases Market size was valued at USD 94.52 billion in 2019 and is poised to grow from USD 100.32 billion in 2023 to USD 161.8 billion by 2031, growing at a CAGR of 6.16% in the forecast period (2024-2031).

Industrial gases are created as gaseous products for use in a wide range of industrial production processes at ambient temperature and pressure. Pure gases, compounds, and gas mixes are among them. Oxygen, nitrogen, hydrogen, carbon dioxide, carbon monoxide, acetylene, and noble gases are some of the most widely used industrial gases. Industrial gases are provided via gas cylinders, bulk liquid, or pipelines in either gaseous or liquified form. The industrial gases market is fueled by an increase in global oil & gas refining capacity as well as increased natural gas consumption for home and industrial applications.

Growing demand for industrial gases from key end-use sectors such the oil and gas, chemicals, petrochemicals, food and beverage, and power industries. The increasing use of industrial gases in various sectors such as construction, metals, mining, and food services is driving the market's expansion. Furthermore, increasing global demand for electronic gadgets and renewables are driving market expansion. Furthermore, rising crude oil consumption and the necessity for refining may boost demand for industrial gases during the anticipated period.

US Industrial Gases Market is poised to grow at a sustainable CAGR for the next forecast year.

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Industrial Gases Market size was valued at USD 94.52 billion in 2019 and is poised to grow from USD 100.32 billion in 2023 to USD 161.8 billion by 2031, growing at a CAGR of 6.16% in the forecast period (2024-2031).

Industrial Gases market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Linde plc', 'Air Liquide', 'Air Products and Chemicals, Inc.', 'Praxair, Inc.', 'Taiyo Nippon Sanso Corporation', 'Messer Group GmbH', 'Yingde Gases Group Co., Ltd.', 'Gulf Cryo', 'Universal Industrial Gases, Inc.', 'Coregas Pty Ltd', 'Matheson Tri-Gas, Inc.', 'SOL Group', 'The BOC Group Limited', 'Nippon Gases', 'Air Water Inc.', 'TAIYO TOYO SANSO Corporation', 'Asia Technical Gas Co. (Pte) Ltd', 'Iceblick Ltd', 'Airgas, Inc.', 'Iwatani Corporation'

The efficiency with which the steel and refining industries are managed is one of the key elements promoting the growth of the industrial gases market. Additionally, the government is investing a significant amount of money in various research and development (R&D) projects to support a number of businesses, which is assisting the market's expansion.

Bulk oxygen is frequently needed in the medical field to reduce the risk of having too much oxygen in the lungs or other body tissues during operations and to provide artificial breathing. Nitrogen is used in pre-flight lung diagnosis to determine an individual's ability to respond to a simulated aeroplane cabin environment. Carbon dioxide can be utilised during insufflation and combined with oxygen to stimulate respiratory simulation.

The Asia-Pacific region's gas production is expected to increase by more than 6.8%. The majority of the region's growth is being driven by China, where domestic gas production is expected to increase by over 21.7% by 2028 as a result of continuing official support for increasing gas output. India is anticipated to expand and generate more in comparison to 2021. More seasoned suppliers like Malaysia and Indonesia, however, experience a slight dip during the projection period. While Norwegian production is rebounding following the decline in 2020 and significant maintenance in 2021, other European domestic production is anticipated to have a nearly 25% decline. This is a result of the North Sea's depleting fields, the Netherlands's closure of Groningen, and the terminal output reduction of smaller fields there and around Europe.

Industrial Gases Market size was valued at USD 94.52 billion in 2021 and is poised to grow from USD 100.32 billion in 2022 to USD 161.8 billion by 2030, growing at a CAGR of 6.16% in the forecast period (2023-2030).

Industrial Gases market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Linde plc', 'Air Liquide', 'Air Products and Chemicals, Inc.', 'Praxair, Inc.', 'Taiyo Nippon Sanso Corporation', 'Messer Group GmbH', 'Yingde Gases Group Co., Ltd.', 'Gulf Cryo', 'Universal Industrial Gases, Inc.', 'Coregas Pty Ltd', 'Matheson Tri-Gas, Inc.', 'SOL Group', 'The BOC Group Limited', 'Nippon Gases', 'Air Water Inc.', 'TAIYO TOYO SANSO Corporation', 'Asia Technical Gas Co. (Pte) Ltd', 'Iceblick Ltd', 'Airgas, Inc.', 'Iwatani Corporation'

The efficiency with which the steel and refining industries are managed is one of the key elements promoting the growth of the industrial gases market. Additionally, the government is investing a significant amount of money in various research and development (R&D) projects to support a number of businesses, which is assisting the market's expansion.

Bulk oxygen is frequently needed in the medical field to reduce the risk of having too much oxygen in the lungs or other body tissues during operations and to provide artificial breathing. Nitrogen is used in pre-flight lung diagnosis to determine an individual's ability to respond to a simulated aeroplane cabin environment. Carbon dioxide can be utilised during insufflation and combined with oxygen to stimulate respiratory simulation.

The Asia-Pacific region's gas production is expected to increase by more than 6.8%. The majority of the region's growth is being driven by China, where domestic gas production is expected to increase by over 21.7% by 2028 as a result of continuing official support for increasing gas output. India is anticipated to expand and generate more in comparison to 2021. More seasoned suppliers like Malaysia and Indonesia, however, experience a slight dip during the projection period. While Norwegian production is rebounding following the decline in 2020 and significant maintenance in 2021, other European domestic production is anticipated to have a nearly 25% decline. This is a result of the North Sea's depleting fields, the Netherlands's closure of Groningen, and the terminal output reduction of smaller fields there and around Europe.

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Global Industrial Gases Market

Report ID: SQMIG10B2039

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