Global Industrial Gases Market Expected to Reach USD 158.3 Billion by 2033 - IMARC Group

November 22, 2024 | Chemical & Materials

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Global Industrial Gases Market Statistics, Outlook and Regional Analysis 2025-2033

The global industrial gases market size was valued at USD 109.4 Billion in 2024, and it is expected to reach USD 158.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.13% from 2025 to 2033.

Industrial Gases Market

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The increased demand across multiple industries for sustainable and efficient solutions is stimulating the industrial gases market growth. In line with this, the use of gases such as oxygen, nitrogen, and hydrogen is vital in sectors including manufacturing, energy, and healthcare. For instance, in May 2024, Linde signed a long-term agreement with H₂ Green Steel, committing USD 150 Million to an on-site air separation unit in Sweden. This investment will support H₂ Green Steel's large-scale plant by supplying essential gases like oxygen, nitrogen, and argon, underscoring Linde’s role in supporting sustainable steel production and boosting the industrial gases sector by 2026. The commitment to green initiatives and cleaner production processes is becoming a central trend, promoting market growth and encouraging other industry players to adopt eco-friendly practices. Besides this, safety in the handling and monitoring of industrial gases remains a priority, which is leading to technological advancements in detection systems. In August 2024, CO2Meter introduced the Gaslab industrial gas detection safety series, a modular system that can integrate up to 128 sensors. This innovation, meeting ATEX standards and IP66 ratings, enhances industrial safety with real-time alarms and wireless communication, ensuring industries can manage gas-related risks effectively. Furthermore, these advancements in safety technology contribute to the overall reliability and appeal of industrial gases, supporting their broader adoption across sectors.

In contrast, region-specific developments are further propelling the industrial gases market. Germany's announcement in June 2024 to tender 10GW of gas power plants signals a substantial shift towards hydrogen-ready infrastructure. This move aims to reduce dependence on fossil fuels and represents a broader commitment to sustainability and energy transformation. Germany is setting an example for integrating industrial gases into cleaner energy solutions by transitioning power plants to hydrogen, fostering innovation and investment in hydrogen infrastructure. Overall, these efforts are pivotal for the long-term growth of the industrial gases market, thereby highlighting the importance of regional policies and investments in shaping global market dynamics.

Global Industrial Gases Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. According to the report, Asia Pacific dominates the industrial gases market, driven by the rapid industrialization and expansion of manufacturing hubs, especially in countries like China, India, and South Korea.

North America Industrial Gases Market Trends:

In North America, the market is driven by enhancing clean energy solutions, with the U.S. advancing hydrogen infrastructure for energy and industrial applications. This trend supports sustainability efforts and aligns with environmental regulations. For example, California’s push for green hydrogen projects demonstrates how industrial gas suppliers are adapting to meet the demand for eco-friendly alternatives in manufacturing and power generation.

Europe Industrial Gases Market Trends:

Europe emphasizes eco-friendly production and renewable energy integration in the industrial gases sector, thereby exhibiting a clear dominance in the market. Germany leads with significant investments in hydrogen and carbon capture technologies to meet strict EU carbon targets. Industrial gases like oxygen and nitrogen are vital in sectors such as automotive manufacturing. Germany’s proactive approach showcases the region’s commitment to balancing industrial growth with sustainability through advanced gas technologies.

Asia Pacific Industrial Gases Market Trends:

Asia Pacific is the dominating region in the market, driven by the rapid industrialization and expansion of manufacturing hubs. The region's strong growth is fueled by increased demand in sectors such as steel, chemicals, and electronics. In July 2024, Air Liquide India established a manufacturing unit in Mathura, investing Rs 350 crore. This air separation unit, producing over 300 tonnes of liquid oxygen, 45 tonnes of nitrogen, and 12 tonnes of argon daily, underlines the region's commitment to enhancing its industrial gas infrastructure. Thus, it ensures a stable supply of essential gases, supporting diverse industries and reinforcing Asia Pacific's position as the leading market for industrial gases globally.

Latin America Industrial Gases Market Trends:

The market in Latin America is expanding due to increased applications in healthcare and food processing. Brazil, for instance, has seen a rise in the demand for medical oxygen, especially highlighted during recent health crises. In addition, the use of gases like nitrogen for food preservation is supporting local production and export activities, underscoring the region’s focus on essential industries.

Middle East and Africa Industrial Gases Market Trends:

In the Middle East and Africa, the market is linked to oil and gas operations. In Saudi Arabia, gases are used extensively for enhanced oil recovery and refining. Initiatives like Saudi Vision 2030 promote diversification, increasing the importance of gases in non-petroleum sectors, such as healthcare and renewable energy. This strategic shift aims to build a sustainable and diversified economy.

Top Companies Leading in the Industrial Gases Industry

Some of the leading industrial gases market companies include Air Liquide S.A., Linde Group, Air Products and Chemicals, Inc., and Airgas, Inc., among many others. In May 2023, Air Liquide S.A. signed a memorandum of understanding (MoU) with Holcim to decarbonize its new cement production plant using Air Liquide’s proprietary carbon capture technology. Moreover, in April 2023, Linde Groups has signed a long-term agreement with Evonik, a Singapore based specialty chemicals company. Under the agreement, Linde Group will build, own, and operate a nine-megawatt alkaline electrolyzer plant to produce and supply green hydrogen to Evonik.

Global Industrial Gases Market Segmentation Coverage

On the basis of the type, the market has been bifurcated into nitrogen, oxygen, carbon dioxide, argon, hydrogen, and others, wherein nitrogen represents the most preferred segment. Nitrogen provides a reliable and safe option for various processes, owing to its non-flammable and non-toxic nature, which assists in ensuring the well-being of workers and preventing potential hazards.
Based on the application, the market is categorized into manufacturing, metallurgy, energy, chemicals, healthcare, and others, amongst which manufacturing dominates the market. Industrial gases are widely used in manufacturing activities for various applications, such as welding, cutting, heat treatment, metal fabrication, chemical production, food processing, and electronics manufacturing.
On the basis of supply mode, the market has been divided into packaged, bulk, and on-site, wherein packaged represents the most preferred segment. Packaged industrial gases are delivered in compressed and liquified forms in cylinders and tanks, which enhances convenience, increases portability, and allows easy transportation, storage, and handling across various industries.

Report Features	Details
Market Size in 2024	USD 109.4 Billion
Market Forecast in 2033	USD 158.3 Billion
Market Growth Rate 2025-2033	4.13%
Units	Billion USD
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Application Supply Mode Region
Types Covered	Nitrogen, Oxygen, Carbon Dioxide, Argon, Hydrogen, Others
Applications Covered	Manufacturing, Metallurgy, Energy, Chemicals, Healthcare, Others
Supply Modes Covered	Packaged, Bulk, On-site
Regions Covered	Asia Pacific, North America, Europe, Middle East and Africa, and Latin America
Companies Covered	Air Liquide S.A., Linde Group, Air Products and Chemicals, Inc., Airgas, Inc., etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Industrial Gases Market Expected to Reach USD 158.3 Billion by 2033 - IMARC Group

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