Industrial Gases Market Size, Share, Growth And Forecast By 2024-2032

IMARC Group's report titled "Industrial Gases Market Report by Type (Nitrogen, Oxygen, Carbon Dioxide, Argon, Hydrogen, and Others), Application (Manufacturing, Metallurgy, Energy, Chemicals, Healthcare, and Others), Supply Mode (Packaged, Bulk, On-site), and Region 2024-2032". The global industrial gases market size reached US$ 104.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 157.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.

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Factors Affecting the Growth of the Industrial Gases Industry:

• Rising Demand in the Manufacturing Sector:

As economies develop and consumer demand increases, manufacturing activities across various industries, such as automotive, electronics, and metal fabrication, are scaling up. This surge in production necessitates a steady supply of industrial gases like oxygen, nitrogen, and hydrogen, which are essential for numerous manufacturing processes. Industries rely on industrial gases for applications such as welding, cutting, heat treatment, and chemical synthesis. Moreover, advancements in manufacturing technologies, including additive manufacturing (3D printing), semiconductor fabrication, and specialty chemicals production, further drive the demand for industrial gases. With manufacturers continually seeking to enhance productivity, efficiency, and product quality, the reliance on industrial gases as a critical component of production processes is expanding.

• Healthcare Applications:

Medical oxygen and nitrogen are indispensable in hospitals, clinics, and other healthcare facilities for various therapeutic and diagnostic purposes. The increasing global population, coupled with the rising prevalence of chronic diseases and age-related conditions, contributes to the growing demand for medical gases. Oxygen therapy is essential for patients with respiratory disorders, while nitrogen finds applications in cryotherapy and preservation of biological samples. Moreover, industrial gases play a vital role in medical procedures, such as anesthesia, surgery, and respiratory support. With healthcare systems striving to improve patient care and outcomes, the demand for medical gases is rising.

• Environmental Regulations:

Stringent environmental regulations aimed at reducing emissions and minimizing environmental impact are driving the adoption of industrial gases in various industries. Governments worldwide are imposing stringent emission standards and pollution control measures to mitigate the adverse effects of industrial activities on air and water quality. As a result, industries are increasingly turning to cleaner production processes that utilize industrial gases as alternatives to traditional methods. Moreover, replacing fossil fuels with hydrogen as an energy source can significantly reduce carbon emissions in industries, such as transportation and power generation. Additionally, industrial gases like carbon dioxide are used in carbon capture and storage (CCS) technologies to mitigate greenhouse gas emissions from industrial facilities. Furthermore, the emphasis on sustainable development and corporate responsibility is prompting industries to invest in technologies that optimize resource usage and minimize environmental footprint, thus driving the demand for industrial gases as eco-friendly solutions.

Leading Companies Operating in the Global Industrial Gases Industry:

• Air Liquide S.A.
• Linde Group
• Air Products and Chemicals, Inc.
• Airgas, Inc.

Industrial Gases Market Report Segmentation:

By Type:

• Nitrogen
• Oxygen
• Carbon Dioxide
• Argon
• Hydrogen
• Others

Nitrogen represents the largest segment as it is widely used in the food and beverage (F&B) industry for preservation and packaging purposes.

By Application:

• Manufacturing
• Metallurgy
• Energy
• Chemicals
• Healthcare
• Others

Manufacturing exhibits a clear dominance in the market due to the reliance on industrial gases for welding and cutting operations.

By Supply Mode:

• Packaged
• Bulk
• On-site

Packaged holds the biggest market share. It provides physical protection to gases, shielding them from damage, contamination, spoilage, and tampering during handling, storage, and transportation.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific's dominance in the industrial gases market is attributed to investment in research operations, leading to advanced technological developments in this field.

Global Industrial Gases Market Trends:

Continuous advancements in industrial gas production, purification, and delivery technologies are bolstering the market grow. Innovations in gas separation techniques, such as cryogenic distillation, membrane separation, and pressure swing adsorption (PSA), enable more efficient and cost-effective production of industrial gases. Moreover, advancements in storage and distribution systems, including cryogenic tanks, cylinders, and pipeline networks, ensure reliable supply and safe handling of industrial gases to end-users. Additionally, digitalization and automation technologies are revolutionizing the industry by optimizing production processes, enhancing operational efficiency, and enabling real-time monitoring and control of gas supply networks.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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