The global industrial gas market is set to experience substantial growth, with its value anticipated to increase from USD 74.94 billion in 2024 to USD 158 billion by 2034, reflecting a robust CAGR of 7.80% over the next decade. This expansion is primarily driven by the escalating demand for industrial gases in the electronics sector, particularly for applications in semiconductor manufacturing, photovoltaic technologies, and LED solid-state lighting. The industry’s surge is fueled by the critical role of industrial gases in producing key components such as semiconductors, displays, solar wafers, and polysilicon, underscoring their integral contribution to advancements in technology and renewable energy.
Solar photovoltaic energy, especially, is becoming a prominent source of sustainable energy generation. These gases are expected to reduce manufacturing costs, which are projected to raise demand for them in the upcoming period.
Frequent use of huge quantities of oxygen in the medical field to lower the risk of having too much oxygen in the lungs or any other body tissue during operations and for controlled ventilation is projected to fuel market growth.
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Leading players are spending huge amounts on research and development projects to develop better or new ways to produce and export industrial gases across the globe.
“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.
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.
Industrial Gas Market Top 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)
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 ~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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