Press release
Industrial Gas Market Growth to be Driven by Emerging Trends | $209.86 Billion by 2029
Industrial Gas
What is the Projected Market Size of the Industrial Gas Industry?
The size of the industrial gas market has seen substantial growth in the last few years. The market value will increase from $131.46 billion in 2024 to $143.62 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%. The historical growth of this market is attributed to factors such as the development of manufacturing and industrial sectors, evolution in the energy sector, needs of the healthcare industry, globalisation and international trade, environmental laws and regulations, and development of infrastructure.
What Will Be the Size of the Industrial Gas Market by 2029?
In the coming years, the industrial gas market, currently forecasted to swell to a substantial $209.86 billion in 2029, is anticipated to experience robust growth, with a compound annual growth rate (CAGR) of 9.9%. This growth within the projection period can be credited to the rising shift towards green energy, the burgeoning electronics industry, carbon capture and storage, developments in the hydrogen economy, and advancements in space exploration and the aerospace industry. Looking forward, major trends likely to influence the market during the forecasted period encompass the biotechnology and pharmaceutical sectors, cutting-edge manufacturing technologies, burgeoning advancements in technology, the thriving growth of the medical gases market, and the expansion of the liquefied natural gas (LNG) market.
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What Are the Key Drivers Accelerating Growth in the Industrial Gas Market?
The healthcare sector is undergoing innovative developments, with a growing focus on promoting well-being and enhancing life quality. Industrial gases like oxygen, nitrous oxide, nitric oxide, hydrogen, helium, and xenon are being readied for incorporation into pharmaceutical products. The utilization of induced pluripotent stem cells (IPS) in creating treatments and drugs is introducing additional value to the industry. The application of systems using carbon dioxide and liquid nitrogen, which are crucial for cell and tissue growth and storage, is fuelling the demand for high-grade industrial gases.
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How Is the Industrial Gas Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Industrial Gas Market?
An escalating trend among industrial gas firms is the supply of carbon dioxide, which is a byproduct of industrial facilities, to greenhouses. The CO2 generated through power plants and refineries is conserved in local storage and vacant natural gas fields, and then channeled to greenhouses via pipeline systems. This strategy acts like an effective cycle for CO2, minimizing the carbon footprints of the greenhouses. Linde, to cite an instance, collects carbon dioxide from the Shell oil refinery in the proximity of Rotterdam, Netherlands, and disseminates it to over 580 greenhouses located in Rotterdam and Amsterdam. This method prevents the burning of 115 million cubic meters of natural gas, consequently avoiding the release of 205,000 tons of CO2 each year.
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Who Are the Leading Companies Driving Growth in the Industrial Gas Market?
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
Which Is the Leading Region in the Global 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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