Press release
Emerging Trends to Drive Industrial Gas Market Growth at 12.9% CAGR Through 2029
Industrial Gas
Industrial Gas Market Size Growth Forecast: What to Expect by 2025?
In recent years, there has been rapid expansion in the size of the industrial gas market. This growth is expected to continue, with a projected increase from $166.67 billion in 2024 to $190.19 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.1%. Factors that have contributed to the growth during the historic period include the growth of manufacturing and industrial sectors, advancements in the energy sector, demands from the healthcare industry, the impacts of globalization and international commerce, adherence to environmental regulations, and infrastructure development.
How Will the Industrial Gas Market Size Evolve and Grow by 2029?
In the upcoming years, the industrial gas market is projected to experience a swift expansion, reaching $308.83 billion by 2029 with a CAGR of 12.9%. This anticipated growth during the forecast period can be credited to several factors including the shift towards green energy, expansion of the electronics industry, advancements in carbon capture and storage, development of the hydrogen economy, and the thriving aerospace and space exploration industries. Foreseen trends throughout this period encompass the biotechnology and pharmaceutical sector growth, progress in advanced manufacturing technologies, technological progress, growth in the medical gases market, and the amplification of the liquefied natural gas (LNG) market.
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What Drivers Are Propelling the Growth of Industrial Gas Market Forward?
The healthcare industry is evolving with a greater focus on improved health and overall enhanced quality of life. Besides oxygen, a range of industrial gases including nitrous oxide, nitric oxide, hydrogen, helium, and xenon are all being readied for integration in pharmaceutical products. The advent of treatments and medication advancements based on induced pluripotent stem cells (IPS) is introducing a fresh dimension of value to this field. The application of systems that utilize gases like carbon dioxide and liquid nitrogen, crucial for cell and tissue cultivation and preservation, is fuelling the demand for premium quality industrial gases.
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Which Emerging Trends Are Transforming the Industrial Gas Market in 2025?
Companies specializing in industrial gas are progressively providing greenhouses with carbon dioxide that has been discharged from industrial establishments. The CO2 released from power plants and refineries is locally stored in vacant natural gas reserves and capacities, later moved to greenhouses via a pipeline system. This method serves as a smart CO2 recycling solution, curbing the carbon footprint generated by greenhouses. For instance, Linde collects carbon dioxide from a Shell oil refinery situated close to Rotterdam, Netherlands. The collected gas is then supplied to over 580 greenhouses scattered in Rotterdam and Amsterdam. This action prevents the need to burn 115 million cubic meters of natural gas yearly and stops the emission of 205,000 tons of CO2 annually.
What Are the Key Segments in the Industrial Gas Market?
The industrial gas market covered in this report is segmented -
1) By Type: Nitrogen, Oxygen, Carbon Dioxide, Hydrogen, Other Industrial Gas
2) By Mode of Supply: Bulk, Packaging, Pipe Line
3) By Packaging: Cylinders, Bottles, Canisters, Cartridges, Cryogenic Tanks Or Vessels, Other Packagings
4) By End User Industry: Chemicals, Metallurgy, Manufacturing, Food And Beverage, Healthcare, Other End-User Industries
Subsegments:
1) By Nitrogen: Liquid Nitrogen, Gaseous Nitrogen
2) By Oxygen: Liquid Oxygen, Gaseous Oxygen
3) By Carbon Dioxide: Liquid Carbon Dioxide, Gaseous Carbon Dioxide
4) By Hydrogen: Gaseous Hydrogen, Liquid Hydrogen
5) By Other Industrial Gas: Argon, Acetylene, Helium, Neon, Other Specialty Gases
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Who Are the Key Players Shaping the Industrial Gas Market's Competitive Landscape?
Major companies operating in the industrial gas market include Asia Technical Gas Co. Pte. Ltd., Universal Industrial Gases Inc., BASF SE, Mitsubishi Chemical Holdings Corporation, Linde GmbH, Air Liquide S.A.S., Air Products and Chemicals Inc., Showa Denko K.K., Taiyo Nippon Sanso & Co. Ltd., Air Water Inc., Airgas Inc., Iwatani Corporation, Messer Group GmbH, Matheson Tri-Gas Inc., SOL S.p.A., Nippon Gases, Ellenbarrie Industrial Gases, Yingde Gases Group Co. Ltd., SIAD Group, Blue Star Limited, Gulf Cryo, nexAir LLC, Sapio Group, PT Samator Indo Gas TBK, SIG Gases Berhad, Gases Plus, Bhuruka Gases Limited
What Geographic Markets Are Powering Growth in the Industrial Gas Market?
Asia-Pacific was the largest region in the industrial gas market in 2024. North America was the second-largest region in the industrial gas market. The regions covered in the industrial gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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