Industrial Gases Market Size to Hit US$ 134.8 Billion by 2028 | With a 5.1% CAGR

IMARC Group, a leading market research company, has released a report titled "Industrial Gases Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global industrial gases market size reached US$ 99.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 134.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.

Industrial gases, also known as specialty or commodity gases, encompass a group of gases specifically manufactured for use across various industries, including manufacturing, petrochemical, food processing, and healthcare. These gases are produced in gaseous and liquid forms, tailored to meet the stringent purity and consistency requirements of industrial applications. Some common industrial gases include oxygen, nitrogen, argon, carbon dioxide, hydrogen, and helium. Oxygen, for instance, is widely used in steel production, wastewater treatment, and medical care, while nitrogen is vital in the creation of ammonia for fertilizers and in food preservation. Argon finds application in welding and incandescent lighting, whereas hydrogen is pivotal in refining and producing a range of chemicals. The diversity and specificity of industrial gases enable their utilization in numerous applications, from enhancing product quality and process efficiency to reducing environmental impact. As a result, industrial gases play an integral role in modern industry, positioning them as an indispensable part of the global economic landscape. 

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Industrial Gases Market Trends and Drivers:

The global industrial gases market is primarily driven by the surge in industrialization across emerging economies. Moreover, the rising establishment of new manufacturing plants, refineries, and chemical processors worldwide is fueling the demand for industrial gases. Besides this, the implementation of stringent environmental regulations by governments of various nations is encouraging companies to adopt cleaner, more efficient energy solutions, thereby accelerating the adoption of gases such as hydrogen. In addition, advancements in healthcare and medical technologies are augmenting the use of oxygen and other medical-grade gases. Along with this, constant innovations in transportation, including the development of hydrogen fuel cells for vehicles, are propelling the market growth. Furthermore, the growing awareness about energy efficiency and sustainability is fueling the creation and adoption of new, environmentally friendly gas solutions. In line with this, the emergence of customized gas mixtures catering to specific industrial needs and the continued research into novel applications for traditional gases are reflecting the industry's responsiveness to dynamic market demands, thus contributing to market growth. Apart from this, the escalating demand for fresh and quality packaged food is catalyzing the uptake of industrial gases, such as carbon dioxide, nitrogen, and oxygen in food packaging, freezing, and carbonation, to preserve the shelf life of products. This, coupled with the widespread utilization of industrial gases like hydrogen in power generation and energy storage due to increasing emphasis on renewable, cleaner, and sustainable energy sources, is supporting the market growth. Other factors, including the rising adoption of automation and Industry 4.0, emerging applications of specialty gases in electronics manufacturing, favorable government policies and incentives, and technological advancements, are also driving the market further.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

Nitrogen
Oxygen
Carbon Dioxide
Argon
Hydrogen
Others

Breakup by Application:

Manufacturing
Metallurgy
Energy
Chemicals
Healthcare
Others

Breakup by Supply Mode:

Packaged
Bulk
On-site

Market Breakup by Region:

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

Competitive Landscape with Key Player:

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

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