Industrial Gases Market Projected to Reach USD 174.13 Billion by 2032 | Rising Demand from Healthcare and Manufacturing Sectors Driving Market Growth
The industrial gases market is experiencing significant expansion, driven by the increasing demand across various industries, including healthcare, electronics, chemicals, and manufacturing.
Austin, March 25, 2025 (GLOBE NEWSWIRE) — The industrial gases market is projected to reach a valuation of USD 174.13 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.73% from 2024 to 2032. Oxygen, nitrogen, hydrogen, and carbon dioxide, for instance, are all industrial gases that are essential to a variety of uses, including medical oxygen therapy, semiconductor manufacturing, and metal fabrication and welding. In addition, market growth is further accelerated by the increasing focus on clean energy, such as hydrogen-based energy solutions. Meanwhile, the progress of air separation and gas liquefaction technology also plays an important role in enabling more competitive and sustainable industrial gas technologies. In addition to this, stringent environmental regulations and rising emphasis on sustainability is pushing manufacturers to innovate low-carbon, energy-efficient gas production technology.
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Key Players:
- Air Liquide (Alphagaz, Scott)
- Linde plc (HiQ, Spectra)
- Praxair (StarFlame, Medipure)
- Messer Group (Gasevo, Variocarb)
- Air Products & Chemicals (Freshline, Halia)
- Taiyo Nippon Sanso Corporation (SanFresh, Argamax)
- Mitsui Chemicals (SunForce, AURUM)
- SOL Group (SolMet, SolMed)
- Showa Denko K.K. (Shodex, EAGLEBURGMANN)
- Iwatani Corporation (Hydrocut, Thermotron)
- Gulf Cryo (CryoPlus, Helion)
- Ellenbarrie Industrial Gases (EllOxy, EllWeld)
- Buzwair Industrial Gases (BuzzGas, CryoTech)
- INOX Air Products (INOX-Weld, CryoShield)
- Coregas Pty Ltd (CoreShield, CoreWeld)
- Air Water Inc. (KryoTech, FreseniusGas)
- Matheson Tri-Gas (Pureshield, TriMix)
- SIAD Group (GreenShield, LASERLINE)
- Leland Limited (LelOx, CO2Boost)
- Universal Industrial Gases (UIG-Oxygen, UIG-Argon)
Industrial Gases Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 105.47 Billion |
| Market Size by 2032 | USD 174.13 Billion |
| CAGR | CAGR of 5.73% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Gas Type (Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon) • By End-Use Industry (Healthcare, Manufacturing, Metallurgy & Glass, Food & Beverage, Retail, Chemicals & Energy, Others) |
| Key Drivers | • Expansion of the manufacturing & metal industry which drives the market growth. |
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Which Region Leads the Industrial Gases Market Growth?
In 2023, the Asia Pacific region held the largest share of the Industrial Gases Market, accounting for 38% of the global revenue. Their dominance can be attributed to rapid growth hubs of manufacturing in China, India, Japan, and South Korea. The demand for oxygen and nitrogen in a variety of industrial applications is significant considering that China is the largest producer of chemicals and steel in the world. In 2023, China produced more than 1.1 billion tons of crude steel, consuming enormous amounts of high purity industrial gases per the National Bureau of Statistics of China for oxy-fuel combustion or steel refining. It noted that high-purity gases, including nitrogen and argon, are needed for wafer fabrication and chip manufacturing and that the semiconductor industry in Japan and South Korea is a large consumer of these gases. The growth of the healthcare industry in India has additionally propelled the requirement for medicinal evaluation oxygen, additionally supported by the administration scheme ‘Make in India’, which has brought about an interest in the building up of modern gas creation units.
Market Segmentation
By Gas Type
Oxygen held the largest share of the Industrial Gases Market in 2023, accounting for 32% of the market. Oxygen is widely used in steel manufacturing, chemical processing, and healthcare applications. The steel industry relies on oxygen for blast furnace operations, while the medical sector requires high-purity oxygen for respiratory therapy and surgical procedures. The increasing need for oxygen in the healthcare industry, particularly in intensive care units (ICUs) and emergency treatment, has driven market growth. Additionally, oxygen is crucial for wastewater treatment processes, which are gaining traction due to stricter environmental regulations. Companies such as Linde, Air Liquide, and Messer Group are actively expanding their production capacities to meet the growing demand for oxygen in industrial and medical applications. With governments worldwide focusing on healthcare infrastructure development and pollution control measures, oxygen is expected to retain its leading position in the industrial gases market.
By End Use Industry
In 2023, manufacturing contributed the highest market share of approximately 28%. Since this manufacturing industry relies on gaseous resources for production, it is the largest type of industry in the industrial gas market. Industrial gases such as oxygen, nitrogen, argon, and hydrogen are however critical to metal fabrication, welding, cutting, and heat treatment, which is key to industries like automotive, aerospace, and heavy machinery production. Inevitably, notwithstanding air separation representing a larger share of energy generation and a rising share of gas consumer industries adopting cleaner energy technologies and production processes, the manufacturing sector continues to account for most of the industrial gas consumption, supporting the large market share of this end-user.
Recent Developments
- In 2023, Linde announced the launch of a new carbon-capture-enabled hydrogen production facility, aligning with global decarbonization initiatives and the rising demand for green hydrogen.
- In 2023, Air Liquide expanded its nitrogen supply capabilities for semiconductor manufacturers, securing long-term contracts with leading chipmakers in Asia and North America.
- In 2023, Messer Group introduced an advanced oxygen generation system designed to improve energy efficiency in steel and chemical manufacturing plants, reducing carbon emissions.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Industrial Gases Market Segmentation, by Gas Type
8. Industrial Gases Market Segmentation, by End-Use Industry
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practice
12. Conclusion
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