Press release
Industrial Gases Play Vital Role In The Expanding Oil And Gas Industry Emerges as a Core Driver of the Industrial Gases Market in 2025
Industrial Gases Market Size
What Is the Expected CAGR for the Industrial Gases Market Through 2025?
The substantial growth of the industrial gases market in recent years has been duly noted. The market, standing at $104.7 billion in 2024, is projected to rise to $112.38 billion in 2025, showing a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historic period is credited to various factors, such as the unveiling of energy storage solutions, heightened enforcement of environmental regulations, advancements in glass manufacturing, the utilization in food processing, and innovative endeavors by leading industrial gas companies.
What's the Projected Size of the Global Industrial Gases Market by 2029?
The market for industrial gases is anticipated to experience robust expansion in the coming years, reaching $149.19 billion by 2029, with a compound annual growth rate (CAGR) of 7.3%. Factors driving growth during this forecast period include the shift towards digitalization and industry 4.0, heightened emphasis on clean transportation, enhancements in environmental laws, growth in oil refining and petrochemical sectors, and the rise in metal fabrication. The forecast period is also expected to see trends like the incorporation of environmental testing, an increase in production of LNG, assimilation into aerospace and aviation sectors, attention on carbon capture and storage, and demand growth from the electronics industry.
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Top Growth Drivers in the Industrial Gases Industry: What's Accelerating the Market?
As the use of industrial gases rises in the oil and gas sector, it's expected to stimulate the industrial gases market's expansion. The oil and gas market is a worldwide industry committed to finding, extracting, refining, conveying, and distributing petroleum products. This sector includes activities involving crude oil, natural gas, and numerous hydrocarbon compounds. Industrial gases are being used more and more in the oil and gas sector for various reasons, including production enhancement, gas lift methods for improving oil recovery, and gas purging and blanketing techniques for refining safety. Furthermore, to avert explosions, industrial gases are employed for inerting, gas detection to maintain a safe work setting, cryogenic uses in the storage and transportation of natural gas, and welding and cutting procedures. To illustrate, the International Energy Agency, a self-governing intergovernmental organization based in France, reported in February 2023 that the global oil and gas industry's profits rose to $4 trillion in 2022, up from an average of $1.5 trillion. Hence, the growing use of industrial gases in the oil and gas industry is fueling the expansion of the industrial gases market.
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What Trends Will Shape the Industrial Gases Market Through 2029 and Beyond?
Leading corporations in the industrial gases sector are concentrating on developing new solutions like static mixers in order to provide a stable blend of hydrogen and natural gas, giving them the upper hand in the marketplace. A static mixer is a tool utilized in fluid handling that improves the blending of several components without needing moving parts or external power sources. For example, Tormene Group, a firm based in Italy that provides engineering services, debuted GreenBoost in June 2023. It's a patented Static Mixer that enables efficient hydrogen and natural gas mixing, and plays a vital role in mitigating greenhouse gas emissions. The mixer is designed to create a consistent gas blend, limit hydrogen overpressure, and facilitate direct usage of hydrogen produced by electrolyzers.
What Are the Main Segments in the Industrial Gases Market?
The industrial gases market covered in this report is segmented -
1) By Product: Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon
2) By Application: Packaging, Coolant, Carbonation, Cryogenic, Cutting And Welding, Laboratory, Air Separation, Other Applications
3) By Distribution: On-Site, Bulk, Cylinder
4) By End User: Metallurgy, Healare, Chemical, Food And Beverage, Oil And Gas, Power, Pulp And Paper, Electronics, Other End Users
Subsegments:
1) By Oxygen: Medical Oxygen, Industrial Oxygen, High-Purity Oxygen
2) By Nitrogen: Liquid Nitrogen, Gaseous Nitrogen, Nitrogen For Food Preservation
3) By Hydrogen: Hydrogen For Fuel Cells, Hydrogen For Refining, Industrial Hydrogen
4) By Carbon Dioxide: Liquid Carbon Dioxide, Dry Ice, Carbon Dioxide For Beverage Carbonation
5) By Acetylene: Acetylene For Welding, Acetylene For Chemical Synthesis
6) By Argon: Argon For Welding, Argon For Lighting And Electronics, High-Purity Argon
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Which Top Companies are Driving Growth in the Industrial Gases Market?
Major companies operating in the industrial gases market include BASF SE, Linde plc, Air Liquide S.A., Atlas Copco, The Southern Gas Ltd., Air Products and Chemicals Inc., Taiyo Nippon Sanso Corporation, Ingersoll Rand, Iwatani Corporation, National Gases Ltd., Matheson Tri-Gas Inc., Sicgil Industrial Gases, SOL S.p.A., Messer Group GmbH, Horiba Ltd., Praxair Technology Inc., Gulf Cryo LLC, Norco Inc., Greco Gas, Western International Gas & Cylinders Inc., Holston Gases Inc., Indiana Oxygen Company, Weldstar, Sutton-Garten Co., Butler Gas Products Company, Eureka Oxygen Co, American Gas Products
Which Regions Will Dominate the Industrial Gases Market Through 2029?
Asia-Pacific was the largest region in the industrial gases market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial gases market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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