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2022

Industrial Gases Market

Industrial Gases Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by End Use Industry : Global Opportunity Analysis and Industry Forecast, 2021-2031

EP : Non Renewable/Conventional

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Author's: Prakhar Jain | Eswara Prasad
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Industrial Gases Market Research, 2031

The global industrial gases market size was valued at $93.8 billion in 2021, and industrial gases industry is projected to reach $162.8 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.

Industrial gases mean the gaseous materials used for industrial purposes. Nitrogen, oxygen, carbon dioxide, hydrogen, acetylene, and noble gases are the few major gases used in industries. These gases are supplied to various end-use industries through gas tankers in both, liquefied and gaseous forms. These industrial gases are manufactured from the process of cryogenic filtration of air through air separation units. These gases are also called medical gases, refrigerant gases, fuel gases, and specialty gases depending on their applications in various industries.

The growing demand for industrial gases from food & beverages, electronics, and healthcare sectors is driving the global market growth. There are untapped opportunities for market players operating in the industrial gases market due to surging demand for industrial gases in emergency medical conditions. Moreover, due to the rapid spread of manufacturing and processing industries across the globe, market players are expected to invest towards production expansion to expand the market share, hence providing growth opportunities in the upcoming years. Steel, glass, oil, and fiber optics segments demand intensive usage of industrial gases. Growth and advancement in these sectors in developing countries is contributing to the rapid expansion of the industrial gases market.

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In addition, the growing awareness about environment protection from degradation and subsequent demand of clean energy has augmented the rise in consumption of industrial gases in several countries. Industrial gases can also be used in photovoltaic industries for manufacturing of semiconductors, solar displays, flat panels, and others. Rising popularity and adoption of electronic devices across the globe is driving the demand for industrial gases. Increasing applications of industrial gases in metal & mining industries is also boosting industrial gases market growth.

The industrial gases market forecast is segmented on the basis of type, end use, and region. On the basis of type, the market is segmented into oxygen, carbon dioxide, nitrogen, hydrogen, noble gas, and others. By end use, the industrial gases market is segmented into healthcare, electronics, aerospace, construction, energy & power, and others.  

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest industrial gases market share, followed by North America and Europe.

The major companies profiled in this report include, Southern Gas Ltd., Universal Industrial Gases, Inc., Gulf Cryo, International Industrial Gases Limited, Goyal MG gases pvt. ltd., Ellenbarrie industrial Gases, Praxair Technology, Inc., Linde plc, MVS Engineering Pvt. Ltd., National Gases Ltd., Air Liquide, Air Products & Chemicals, Messer Group, Taiyo Nippon Sanso, and BASF. Rapid increase in demand for energy from the renewable energy resources and on-going infrastructure development in developing countries have led the key manufacturers to expand their industrial gas production capacities to meet market demand across the globe. Additional growth strategies such as acquisition, partnership, product launch, and business expansion strategies are also adopted to attain key developments in the industrial gases market trends.

Industrial Gases Market by Type

The oxygen segment dominates the global industrial gases market. Oxygen is a highly reactive oxidizing agent and nonmetal because it readily forms oxides with many compounds and other elements. It constitutes 21% of the earth’s atmosphere. The common commercial method of preparing almost 99% pure oxygen air separation by vacuum swing adsorption process or cryogenic distillation process where oxygen is separated from air. Oxygen is available in gas cylinders, spray cans, and containers. The growth of industries such as agriculture, automobiles, beverages, chemicals, construction equipment, food, glass, medicine, ship building, space explorations, steel manufacture, and others require stable oxygen for processes; which is increasing the demand for oxygen production globally. The versatile use of oxygen in the chemical industry as an oxidizing agent and catalyst is contributing to the growth of the oxygen segment. The presence of above mentioned factors are expected to provide ample opportunities for the development of the market.

Industrial Gases Market by End Use Industry

The construction segment dominates the global industrial gases market. Industrial gases have a wide range of applications in the construction industry. It is used as a fuel in welding the metals. It is further used as insulating gas between window panes. It has large range of application in this sector, due to its corrosion resistance property. Oxygen, hydrogen, and nitrogen are used as fuels for the welding applications. Rapid modernization and industrialization have propelled the development construction industry across the globe, especially in the developing countries such as India, China, and Brazil. The government investment to develop world class infrastructure has increased the demand for helium and other industrial gases, which are used in the arc welding and to insulate the window pane. Most of the world’s industrial gas production is used in the construction industry. The ship building and other large-scale transport construction vehicles demand for transportation of goods have driven the demand for industrial gases. The presence of above mentioned wide range of utilization of industrial gas in various industrial applications will provide ample opportunities for the market. 

Industrial Gases Market by Region

Asia-Pacific region dominates the global industrial gases market in 2030. Increasing population, presence of well-established market players, and developing economies such as India, China, South Korea, and Singapore are factors driving the demand for industrial gases in the region. The Asia-Pacific industrial gases market is also driven by rapid urbanization and industrial growth in the region. There are lucrative opportunities for manufacturers operating in the industrial gases market due to expanding food & beverages, manufacturing, electronics, and mining industries in Asia-Pacific. Manufacturers working in the industrial gases market are gaining revenue benefits owing to rise in application of carbon dioxide, oxygen, and nitrogen in the healthcare industry. The above mentioned initiatives are major factor driving the growth of the market in this region during the forecast period.

COVID-19 Analysis:

COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The novel coronavirus has affected several economies and caused lockdown in many countries, which has limited the growth of the market. The shutdown of industrial manufacturers led to the decline in demand for industrial gases in most of the countries globally, which led to decline in the demand of the industrial gases market. The decrease in utilization of industrial gases in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.

Post COVID-19 outbreak, the gradual recovery of the production of various industries due to vaccination policies across the globe has led to increase in the demand for industrial gases. Furthermore, the increase in the demand for oil & gas industry products has led to increase in the demand for hydrogen gas which is used in the refineries. Furthermore, the increase in the space based activities and privatization of space exploration in major developed and developing countries have led to increase in the demand for industrial gases which are used in the aerospace sector.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial gases market analysis from 2021 to 2031 to identify the prevailing industrial gases market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the industrial gases market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global industrial gases market trends, key players, market segments, application areas, and market growth strategies.

Industrial Gases Market Report Highlights

Aspects Details
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By Type
  • Oxygen
  • Carbon Dioxide
  • Nitrogen
    • Form
      • Compressed Gas
      • Liquid Nitrogen
  • Hydrogen
  • Noble Gas
    • Type
      • Helium
      • Neon
      • Argon
      • Krypton
      • Xenon
      • Radon
  • Others
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By End Use Industry
  • Healthcare
  • Electronics
  • Aerospace
  • Construction
  • Energy and Power
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (Rest Of Asia Pacific, China, Japan, India, South Korea)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

BASF SE, Air Products & Chemicals, Southern Gas Ltd., gulf cryo, AIR LIQUIDE S.A., Praxair Technology, Inc., Taiyo Nippon Sanso, Messer Group, National Gases Ltd., Ellenbarrie Industrial Gases, Universal Industrial Gases, Inc., Linde Plc, MVS Engineering Pvt. Ltd., Goyal MG gases Pvt. Ltd., International Industrial Gases Limited

Analyst Review

According to CXO Perspective, the global industrial gases market is expected to witness increase in demand during the forecast period, due to significant growth on account of increasing application in electronics, healthcare, semiconductor, power generation, oil & gas, mining, and other industries.

Industrial gases mean the gaseous materials used for industrial purposes. Nitrogen, oxygen, carbon dioxide, argon, hydrogen, acetylene, and helium are the few major gases used in industries. These industrial gases are manufactured from the process of cryogenic filtration of air through air separation units. These gases are also called medical gases, refrigerant gases, fuel gases, and specialty gases depending on their applications in various industries.

Noble gases are also a type of industrial gases, which have found diverse applications in medicine. Helium and xenon are widely used in the field of anesthesia. Moreover, they are used to maintain a state of superconductivity of the electromagnet used in MRI scanners. Helium is further used in lung testing and laparoscopy. In addition to this, helium and argon plasma technology are used in surgeries.

Neon is used in the television tubes, in advertising boards, wave meter tubes, lighting systems such as lamps and parts of aircraft. Krypton is used in the tubes of fluorescent lights, nuclear fusion energy research experiments, and satellites propellant. Radon a chemically inert but radioactive element is used in cancer therapy, treatment of tumors, hydrological research, earthquake predictions, and industrial radiography. Thus, increase in application of noble gas is a major factor driving the growth of the market. Rising demand for industrial gases from major end-use industries like oil & gas, chemicals, petrochemicals, food & beverage, and power industry is expected to have positive impact on industrial gases market.

Due to the increasing urbanization and industrialization, the rising application of industrial gases in various sectors like construction, metals, mining, and food services are accelerating the growth of the market. Moreover, enhancing the demand for electronic devices throughout the world and renewables are boosting the market growth. Furthermore, expanding crude oil consumption worldwide and the need for refining may enhance the demand for industrial gases in the forecast period.

Author Name(s) : Prakhar Jain | Eswara Prasad
Frequently Asked Questions?

Increase in demand for industrial gases in medical sector and rise in application of industrial gases in various industries are the key factors boosting the Industrial gases market growth.

Construction industry is projected to increase the demand for Industrial gases Market

Southern Gas Ltd., Universal Industrial Gases, Inc., Gulf Cryo, International Industrial Gases Limited, Goyal MG gases pvt. ltd., Ellenbarrie industrial Gases, Praxair Technology, Inc., Linde plc, MVS Engineering Pvt. Ltd., National Gases Ltd., Air Liquide S.A., Air Products & Chemicals, Messer Group, Taiyo Nippon Sanso, and BASF SE

Surge in demand in developing economies and rapid innovations for energy-efficient solutions is the Main Driver of Industrial gases Market.

The industrial gases market is segmented on the basis of type, end use, and region. On the basis of type, the market is segmented into oxygen, carbon dioxide, nitrogen, hydrogen, noble gas, and others. In addition, on the basis of end use, the industrial gases market is segmented into healthcare, electronics, aerospace, construction, energy & power, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The market value of Industrial gases in 2031 is expected to be $162.8 billion

The COVID-19 pandemic has propelled the demand for noble gases and oxygen, owing to heavy usage of these gases in the healthcare sector. Industry manufacturers are setting up additional noble gas and oxygen gas manufacturing facilities to increase the capacity production of medical related gases to meet the demand during this period. In India, during this period, large-scale infrastructure activities were taking place in terms of transporting infrastructure, which led to rise in demand for noble gas, and oxygen gas in medical and welding applications.

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Industrial Gases Market

Global Opportunity Analysis and Industry Forecast, 2021-2031