Industrial Gases Industry to Achieve $145.49 Billion Growth by 2029

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How Will the Industrial Gases Market Grow by 2025 in Terms of Size and Growth?
The market size for industrial gases has seen substantial growth in the previous years. The market value is projected to rise from $104.7 billion in 2024 to $110.87 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.9%. Factors attributing to the growth during the historic period include the advent of energy storage solutions, the broadening of environmental regulations, advancements in glass manufacturing, application in food processing, and leading industrial gas companies.

What Are the Estimated Growth Rates for the Industrial Gases Industry Through 2029?
A robust growth is anticipated in the industrial gases market in the coming years, with the market projected to expand to $145.49 billion in 2029, representing a compound annual growth rate (CAGR) of 7.0%. Factors driving this expected growth during the forecast period are numerous, including advancements in digitalization and Industry 4.0, a heightened emphasis on clean transportation, developments in environmental regulations, expansion in the domains of oil refining and petrochemicals, and growth in metal fabrication. Key trends for the projected period include its use in environmental testing, growth in LNG production, applications in the aerospace and aviation sectors, focus on carbon capture and storage, and increasing demands from the electronics industry.

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What Are the Strategic Drivers Boosting Industrial Gases Market Performance?
The escalating use of industrial gases in the oil and gas sector is projected to spur the expansion of the industrial gases market in the future. The global oil and gas industry, which participates in activities such as exploration, extraction, refining, transportation, and distribution of petroleum products, not to mention tasks related to crude oil, natural gas, and a variety of hydrocarbon derivatives, is increasingly engaging industrial gases for various reasons. This includes augmenting production, utilizing gas lift strategies for improved oil extraction, and engaging in gas purging and blanketing processes as safety measures in refining. Moreover, industrial gases are instrumental in providing explosion prevention through inerting, gas detection for a secure work environment, cryogenic applications involving the storage and transportation of natural gas, and welding and cutting operations. For instance, the International Energy Agency, an autonomous intergovernmental organization based in France, reported in February 2023 that the worldwide oil and gas industry's profits rose to $4 trillion in 2022, a significant increase from the average $1.5 trillion. Consequently, the escalating usage of industrial gases in the oil and gas sector fuels the expansion of the industrial gases market.

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What Are the 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, Healthcare, 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

What Are the Key Adoption Trends in the Industrial Gases Market?
Leading firms in the industrial gases market have set their sights on crafting innovative ways of sustainably mixing hydrogen and natural gas, such as the use of static mixers, in order to outpace their competitors. In effect, a static mixer is a piece of machinery utilized in fluid processing that bolsters the blending of two or more substances, negating the need for moving parts or outside power sources. A prime example of this is the GreenBoost, which was released by Italy's Tormene Group, a supplier of engineering services, in June 2023. The GreenBoost is a special Static Mixer, patented by the company, that promotes efficient fusion of hydrogen and natural gas, aimed at tackling the pressing issue of reducing greenhouse gas output. This mixer is created for a steady mix of gases, lessens hydrogen overpressure, and paves the way for the direct use of hydrogen produced by electrolyzers.

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Which Companies Lead the Competitive Landscape of the Industrial Gases Industry?
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

Where Are the Key Industrial Gases Market Opportunities by Region?
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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This release was published on openPR.