Industrial Gases Market to Receive Overwhelming Hike USD 518.2 Billion in Revenues by 2033


During the forecast period, industrial gases adoption is expected to grow at a CAGR of 16.1%. The industrial gases market is expected to grow from US$ 116.47 billion in 2023 to US$ 518.2 billion by 2033. The market’s growth is mostly the result of the rise of the manufacturing sector in growing economies.

Furthermore, it is projected that the usage of industrial gases would expand in a number of industries, including healthcare, metal and mining, and the production of beverages and food, along with rising industrialization and urbanization.

Additionally, a number of global non-profit organizations, including the European Industrial Gases Association, offer manufacturers professional guidance on the creation, transportation, storage, and use of industrial gases.

The central and state governments have implemented a number of steps to enhance industrial penetration in their various regions, including tax relief, flexible rules, access to resources, and affordable land. Through 2023-2033, the demand for industrial gases is anticipated to be driven by ongoing investments in significant infrastructure projects and rampant investments in core industrial sectors.

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Key Takeaways from Market Study

  • In 2021, Oxygen had the highest revenue share (28.1%) due to its numerous applications in various industries such as gasification of coal as well as the clean-up of hazardous waste and contaminated water. Oxygen is used widely in the healthcare industry as well.
  • In 2021, the cylinder category had the highest revenue share (37.20%). Gases such as argon, nitrogen, helium, oxygen, and hydrogen can all be compressed into cylinders and distributed at pressures of up to 300 bar with ease.
  • Though the market composition varies by region or geography, bulk gas distribution is a significant component of the industrial gas supply chain, accounting for up to 26% of revenues in 2015.
  • The Healthcare segment held a substantial share of the industrial gases market in 2021 and is expected to grow at a CAGR of 6.3% between 2023 and 2033. Industrial gases have thriving applications in surgical tools, inhalation therapy, anesthetics, and other fields
  • Asia Pacific is expected to grow at the fastest CAGR with a 36.40% revenue share in 2021. End-use sector development and expansion in China, India, South Korea, and Japan can be linked to rising consumption for industrial gases in the Asia Pacific countries.
  • The United States has a promising future in industrial gases market. The region’s expanding healthcare and electronic sectors are likely to aid in the growth of the North American market.
  • GAIL intends to invest in startups that are active in the focus industries, with natural gas, petrochemicals, and energy being the three main industries. 20% of the startup’s overall equity will be the maximum amount of equity that can be invested under this initiative.

Competitive Landscape

Consumer density advantages and rivalry are diminished as a result of the vastly high transportation costs. Some of the factors on which industry participants compete are price, brand image, quality, technology, and distribution network. Local businesses supply multinational corporations in addition to their domestic sales to achieve economies of scale. Due to the large number of market participants, there is intense competition. Businesses may only succeed in this fiercely competitive global market by developing novel, multifunctional products, improving quality, and offering competitive prices.

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Some of the Key Players Operating in Industrial Gases Market Include:

  • 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

Latest Developments in the Industrial Gases Market

  • Linde announced in February 2022 that it has secured a long-term contract with BASF for the provision of hydrogen and steam. The capacity of Linde in the chemical park at Chalampé, France, will be essentially doubled by the construction and operation of a new hydrogen production facility. The new BASF hexamethylenediamine (HMD) production facility will be supplied by this plant. In the first half of 2024, the plant is anticipated to come online.

Key Segments Covered in the Industrial Gases Market Report

By Product Type:

  • Oxygen
  • Nitrogen
  • Carbon dioxide
  • Hydrogen
  • Argon
  • Acetylene
  • Others

By Application:

  • Manufacturing
  • Healthcare
  • Food & Beverages
  • Metallurgy & Glass
  • Chemicals & Energy
  • Retail
  • Others

By Distribution:

  • On-site
  • Bulk (Liquid Gas Transport)
  • Cylinder (Merchant)

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Explore More Valuable Insights

Future Market Insights, in its new report, offers an impartial analysis of the global Industrial Gases Market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2023-2033.

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