Industrial Gases Market Size Expected to Reach USD 189.18 Bn By 2033

The global industrial gases market size is calculated at USD 113.05 billion in 2024 and is expected to reach around USD 189.18 billion by 2033, expanding at a CAGR of 5.89% from 2024 to 2033.

Ottawa, April 23, 2024 (GLOBE NEWSWIRE) — According to Precedence Research, the global industrial gases market size reached USD 106.5 billion in 2023 and is projected to surpass around USD 180.08 billion by 2032. The industrial gases market is driven by ease in manufacturing, a rise in demand for industrial gases in food as well as the manufacturing sector and advanced technologies.

The industrial gases market refers to the industry that produces, distributes, and sells various gases used in industrial operations. Industrial gases such as nitrogen, oxygen, carbon dioxide, argon, hydrogen, helium, and acetylene are essential in various industries, including automotive, food processing, manufacturing, semiconductors, and steel production. The automotive industry is increasingly utilizing HiQ specialized gases, such as xenon and nitrogen in headlights, argon in sheet metal, and argon in airbags. Food processing also benefits from the global industrial gas industry, as health-conscious customers prefer fresher, healthier food options. HiQ specialized gases are also useful in the lighting industry for quality control and safety testing. Gases are also required in semiconductor fabrication, steel production, and metal fabrication, including welding and metal cutting.

The Full Study is Readily Available | Download the Sample Pages of this Report@

Key Insights

  • Asia-Pacific led the market with the largest market share of 36.55% in 2023.
  • By product type, the oxygen product segment has accounted the biggest market share of 28.10% in 2023.
  • By distribution insight, the cylinder segment dominated the market with the major market share of 37.20 in 2023.
  • By application, the manufacturing segment has held the maximum market share of 27.50% in 2023.

Regional Stance

The Asia Pacific industrial gases market size surpassed USD 38.92 billion in 2023 and is projected to reach around USD 71.89 billion by 2033, experiencing a CAGR of 6.30% from 2024 to 2033.

Asia Pacific dominated the industrial gases market in 2023 due to rising demand for hydrogen in various applications such as fuel cells, transportation, and industrial processes. Industrial gases, including oxygen, nitrogen, hydrogen, carbon dioxide, acetylene, carbon monoxide, and noble gases, are essential in many industrial production processes. They are used in various industries, including chemical manufacture, steel production, metal fabrication, automobile and shipbuilding, semiconductor manufacturing, breathing and medicinal gases, food and beverage, and hydrogen energy.

The region is home to big industrial gas businesses and is fueled by a desire for healthcare services and favorable government regulations. The manufacturing industry is also quickly growing, with China, India, Japan, and South Korea playing important roles in the market. The market is projected to remain competitive and dynamic as businesses invest in R&D.

  • In February 2024, India’s Adani Total Gas Ltd and INOX India Ltd signed a mutual support agreement, granting them “preferred partner” status for the delivery of LNG and LCNG equipment and services. This agreement aims to explore collaboration opportunities to strengthen the LNG ecosystem in India.

You can place an order or ask any questions, please feel free to contact at | +1 650 460 3308

Scope of Industrial Gases Market

Report Coverage         Details
CAGR 5.89% from 2024 to 2033
Market Size by 2033 USD 189.18 Billion
Market Size in 2023 USD 106.5 Billion
Market Size in 2024 USD 113.05 Billion
Largest Market Asia Pacific
Fastest Growing Market North America
Base Year 2023
Forecast Year 2024 to 2033
Historical Year         2021-2022
Quantitative units Revenue in USD million/billion and CAGR from 2024 to 2033
Segments Covered By Product Type, By Application, By Distribution and By Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Report Highlights

Product Type Insights

The oxygen product segment dominated the industrial gases market in 2023. Oxygen is utilized in various industries, including gas welding, gas cutting, metals manufacturing, chemicals, pharmaceuticals, petroleum, glass and ceramics, bleaching, healthcare, and environmental treatment. It is needed for clean cuts, increases combustion temperatures, reduces energy requirements, and generates synthesis gas in coal gasification, refineries, and incinerators.

In the glass and ceramics industry, converting combustion systems to oxyfuel improves heating control, furnace efficiency, and emissions. Oxygen is also used in bleaching in pulp and paper manufacturing, home care, and biological wastewater treatment plants. It is also used in underwater work, refinery, and chemical plant breathing apparatus.

Distribution Insights

The cylinder segment dominated the industrial gases market in 2023. Seamless steel cylinders are recognized for their great strength, safety, durability, corrosion resistance, and lightweight construction. They are widely utilized in medical and healthcare applications, industrial gases, scuba diving, fire extinguishers, and beverage distribution.

They are lightweight, making them easy to transport and store. They remove the possibility of weak areas or leaks, assuring complete safety during gas storage and transit. They are also used in fire extinguishers to contain extinguishing ingredients such as carbon dioxide. Overall, seamless steel cylinders have diverse applications in many industries.

Personalized your customization here:

Application insight

The manufacturing segment dominated the industrial gases market in 2023. Nitrogen (N2) is a colorless, odorless, inert gas used in various manufacturing processes, including electronics and tire inflation. Oxygen is required for utilities, glass, metal fabrication, and steel production. Hydrogen is the most common element, and it is utilized in metallurgy, welding, concrete manufacturing, and ammonia synthesis.

Carbon dioxide is both flexible and incombustible, making it useful for chemical manufacturing and refrigeration. Argon is an inert gas used for welding and metal manufacturing. Helium is employed in several industries, including aircraft, electronics, welding, and automotive. Neon is utilized to manufacture microchips. Acetylene is ideal for welding and cutting, whereas propylene is combustible and used for heating and cutting purposes.

Market Dynamics


Rise in the use of industrial gases in the food processing sector

The global industrial gas market is expanding due to rising customer demand for fresh food goods. Food gases, including industrial and technical gases, have various applications in food production, processing, storage, and sterilization. They can be used as additives to improve texture, sterilize food products, create controlled environments for preservation, and pressurize food and draft beverages.

Liquefied food gases, such as nitrogen and carbon dioxide, improve food preservation efficiency while decreasing bacterial activity. Carbon dioxide is utilized to chill, oxygen to oxidize, nitrogen to pressurize, and hydrogen to extend shelf life, break down carbon double bonds, and produce solid or semi-solid fat in vegetable oil production. Argon suppresses respiratory enzymes, improves flavor preservation, and reduces packaging collapse.


Initial cost and supply chain management

The industrial gases market has hurdles in manufacturing refined industrial products at lower costs, demanding a focus on environmental sustainability and production at existing facilities. Price rises, equipment delays, and weather occurrences are all contributing to the growing complexity of supply chains. To remain competitive, a strong supply chain and inventory management system are required.

Bulk purchases can prevent inventory shortages, but they may increase property risk. Accurate insurance-to-value (ITV) is critical, and equipment should be maintained safely and safeguarded. Notifying insurance agents of any significant changes in storage is critical to ensuring operational continuity.

Browse More Insights:

Biogas Market: The global biogas market size was estimated at US$ 55.84 billion in 2022 and it is expected to hit over US$ 78.8 billion by 2030 with a registered CAGR of 4.4% from 2022 to 2030.

Industrial Lubricants Market: The global industrial lubricants market size was valued at USD 61.6 billion in 2022 and it is expected to hit around USD 89.87 billion by 2032 with a CAGR of 4% from 2023 to 2032.

Gas Insulated Switchgear Market: The global gas insulated switchgear market size surpassed USD 28.1 billion in 2022 and is projected to hit around USD 55.53 billion by 2032, expanding at a CAGR of 7.10% from 2023 to 2032.

Gas Sensors Market: The global gas sensor market size was accounted at USD 3.60 billion in 2022 and is projected to surpass around USD 8.10 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.50% from 2023 to 2032.

Carbon Black Market: The global carbon black market size was estimated at USD 18.35 billion in 2022 and is expected to hit around USD 32.09 billion by 2032, growing at a CAGR of 5.8% over the forecast period from 2023 to 2032.

Liquefied Petroleum Gas Market: The global liquefied petroleum gas market size was estimated at USD 143.18 billion in 2022 and is expected to hit around USD 245.72 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.

Natural Gas Storage Market: The global natural gas storage market size was estimated at 517.59 bcm in 2022, and is projected to surpass around 726.56 bcm by 2032 with a registered CAGR of 3.5% from 2023 to 2032.

Power-To-Gas Market: The global power-to-gas market size accounted for USD 33.74 million in 2023 and is projected to hit around USD 88.72 million by 2033, growing at a CAGR of 10.61% during the forecast period from 2024 to 2033.


Adoption of digital technologies

The industrial gases market has great opportunities in digital technologies to improve operations, efficiency, and safety. IoT devices can be used to collect real-time data, which allows for remote monitoring, preventive maintenance, and business process improvement. Artificial intelligence (AI) and machine learning are used to evaluate massive volumes of data, hence improving drilling operations and reservoir models. Big data analytics are being utilized to improve production, decrease downtime, and increase safety.

Robotics and automation are being utilized to reduce manual labor in hazardous activities, hence enhancing efficiency and safety. Augmented and virtual reality are utilized for training, simulation, and visualization, enabling remote inspections and real-time data. 3D modeling and visualization are being utilized to provide accurate representations of equipment, allowing for improved planning and optimization. Blockchain technology is also gaining prominence for its transactional security, efficiency, and transparency.

Recent Developments

  • In March 2024, Ace Gases, a Kellington Group company, started producing liquid carbon dioxide at its second plant in Kerteh, Malaysia. The plant, with an annual production capacity of 70,000 MT, boosts total liquid CO2 capacity to 120,000 MT and overall production capacity to 355 tons per day.
  • In October 2023, Linde, an Irish chemicals business, contracted to supply industrial gases to Indian Oil Corporation Limited’s refinery in Haryana, India, to boost capacity from 15 million tonnes to 25 million tonnes per year. The long-term agreements call for the construction, ownership, and operation of a new on-site facility capable of producing 142,200 cubic meters of industrial gas per hour.
  • In July 2024, Linde Plc, a worldwide industrial gases firm, intends to invest $1 billion in India’s operations within three to five years and $50 billion internationally over the next decade, according to CEO Sanjiv Lamba. The company expects strong growth from both old and new industries in India, with a five-year goal of increasing its share to 5%.

Industrial Gases Market Key Players

  • Air Liquide S.A
  • Messer Group
  • Linde Group
  • Air Products and Chemicals Inc.
  • Airgas Inc.
  • Yingde Gases Group Company Limited
  • Buzwair Industrial Gases Factories
  • Taiyo Nippon Sanso Corporation
  • Air Water Incorporation

Segments Covered in the 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)

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Immediate Delivery Available | Buy This Premium Research Report@

You can place an order or ask any questions, please feel free to contact at | +1 650 460 3308

Unlocking Market Insights through Data Excellence 

The “Precedence Statistics” flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today’s dynamic and data-driven world. 

To Access our Premium Real Time Data Intelligence Tool, Visit:

About Us

Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.


Our Blogs:

For Latest Update Follow Us:

Linkedin | Facebook | Twitter

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy