Press release
Industrial Gases Market to Hit High Growth by 2031 Driven by Hydrogen & Semiconductor Demand
Industrial Gases
The versatility of industrial gases across numerous industries, combined with technological advancements and sustainability initiatives, is positioning the sector for long-term expansion on a global scale.
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Green Hydrogen Emerging as a Major Growth Driver
A significant industry transformation is being fueled by the global pursuit of carbon neutrality and net-zero targets. Green hydrogen production, created through water electrolysis powered by renewable sources like wind and solar, is gaining substantial momentum as a clean alternative to fossil fuels.
Green hydrogen is vital for hard-to-decarbonize sectors such as chemicals, refining, steel production, and power generation. Its lifecycle-from production to storage and distribution-relies heavily on industrial gases including hydrogen, oxygen, and nitrogen. These gases are integral to the electrolysis process and downstream applications, supporting diverse sustainability-focused projects.
Investments in large-scale electrolyzers, hydrogen infrastructure, and advanced technological solutions are rapidly increasing production capacity and lowering costs. The rising use of hydrogen in fuel-cell transportation systems and energy storage applications further strengthens demand, making green hydrogen a pivotal contributor to the industrial gases market's growth in the coming decade.
Semiconductor Industry Driving Specialized Gas Demand
The rapid expansion of semiconductor manufacturing worldwide represents another strong growth opportunity for the industrial gases sector. Semiconductor fabrication requires ultra-high purity gases-primarily nitrogen, hydrogen, argon, and specialty gases-used in processes like etching, deposition, doping, and cleaning.
Global demand for advanced electronic components, spurred by developments in artificial intelligence, 5G networks, and the Internet of Things (IoT), is prompting significant investments in new semiconductor fabrication plants ("fabs") across Asia Pacific, the United States, and Europe. These facilities demand reliable, high-purity gas supply chains as technology advances toward smaller, more complex chip nodes.
Renewable energy integration and energy-efficient operations in semiconductor fabs also boost the use of gases such as hydrogen and oxygen, adding a sustainability advantage to industrial gas suppliers with specialized offerings.
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Oxygen Segment to Lead Market Share
Oxygen is expected to hold the largest share of the industrial gases market throughout the forecast period. Its broad application base spans industries including steelmaking, metals manufacturing, healthcare, chemicals, pulp and paper, and environmental services.
In steel and metals production, oxygen optimizes combustion efficiency and enhances product quality. The medical sector relies on oxygen for respiratory treatments, surgeries, and emergency care, with demand bolstered by an aging global population and rising chronic respiratory illness rates.
Additionally, oxygen is central to oxidation processes in chemical manufacturing and contributes to environmental applications such as wastewater treatment and cleaner combustion technologies. Expanding industrial activity and sustainable technology adoption position oxygen as a core element in the global gases market.
Chemical Sector to Be Largest Consumer of Industrial Gases
The chemical industry is set to be the most significant end-user of industrial gases during the forecast period. Gases like oxygen, nitrogen, hydrogen, and carbon dioxide play essential roles in chemical production, refining, and processing.
Applications include initiating or accelerating chemical reactions, maintaining controlled environments, and ensuring high product purity. For example, oxygen supports oxidation for essential chemical intermediates, hydrogen is used in ammonia production and petroleum refining processes, and nitrogen is applied for inerting, blanketing, and purging to improve safety and quality.
The shift toward sustainable production methods-such as green hydrogen initiatives and advanced carbon capture-will also fuel gas demand across the chemical sector. Ongoing industrial growth in emerging economies, coupled with continuous process innovations, will sustain the chemical industry's position as the largest consumer of industrial gases globally.
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Regional Insights
North America: Strong Industrial Base and Clean Energy Leadership
North America is expected to lead the global industrial gases market during the forecast period, supported by a diverse industrial base, technological development, and robust end-use sectors. The manufacturing, chemical, healthcare, and energy industries in the U.S. and Canada consume large volumes of gases including oxygen, nitrogen, hydrogen, and carbon dioxide.
The Gulf Coast's petrochemical capacity and the region's advanced healthcare systems contribute significantly to demand, while clean energy initiatives-including hydrogen production and carbon capture projects-are expanding gas supply capabilities. Food and beverage manufacturing also remains a steady consumer, utilizing carbon dioxide for carbonation, preservation, and modified atmosphere packaging.
Asia Pacific: Fastest-Growing Regional Market
Asia Pacific dominated the market in 2022 with a 36.64% revenue share and is set to post the fastest CAGR of 9.8% through 2031. Accelerated industrialization and the growth of end-use industries in China, India, South Korea, and Japan are driving demand.
China leads the region due to strong aerospace sector demand for high-quality gases and growth in food and beverage processing. India's expanding industrial base and infrastructure investments also support continued growth.
Europe, Latin America, and Middle East & Africa
Europe remains a key market owing to advanced manufacturing, clean energy transitions, and environmental regulations driving innovative industrial gas applications. Latin America's industrial expansion and Middle East & Africa's refining and petrochemical industries are increasing regional demand, particularly for oxygen and hydrogen.
Recent Industry Developments
June 2025: Air Liquide signed a long-term agreement with VisionPower Semiconductor Manufacturing Company (VSMC) to invest approximately €70 million (USD 75.7 million) in a new industrial gas facility in Singapore.
June 2025: Linde PLC announced plans to significantly expand industrial gas supply for Samsung's semiconductor facilities in South Korea.
February 2025: Air Liquide launched a major European decarbonization project with TotalEnergies, committing over €1 billion to two large-scale electrolyzers: a 200 MW unit in Rotterdam and a 250 MW plant in Zeeland under a new 50/50 joint venture.
Key Industry Players
Prominent companies shaping the industrial gases market include:
Air Liquide
Air Products & Chemicals
The Linde Group
Praxair
The BOC Group
BASF
Messer Group
Taiyo Nippon Sanso
Matheson Tri-Gas, Inc.
These companies are expanding production capacities, investing in sustainable technologies, and strengthening supply chains to meet growing industrial requirements worldwide.
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DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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