Press release
Market Trend Insights: The Impact of Recent Advances on the Industrial Gas Market
Industrial Gas
Forecasted Growth Path and Market Size of the Industrial Gas Industry
The industrial gas market is anticipated to experience robust growth through 2029, reaching a market size of $209.86 billion. This growth represents a compound annual growth rate (CAGR) of 9.9% over the forecast period. Several factors are fueling this expansion, including the ongoing shift to green energy solutions, rapid development in the electronics sector, advancements in carbon capture and storage technologies, growth of the hydrogen economy, and increasing activities in space exploration and aerospace industries. Emerging trends influencing the market include growth in the biotechnology and pharmaceutical sectors, breakthroughs in advanced manufacturing technologies, technological innovations, expansion of the medical gases market, and increasing demand in the liquefied natural gas (LNG) segment.
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Top Corporations Leading the Industrial Gas Market Today
The industrial gas market features numerous prominent companies that have established strong footholds globally. Some of the key players 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, and Bhuruka Gases Limited.
In a notable recent development, Air Water America Inc., a U.S.-based company specializing in industrial gases, acquired American Gas Products LLC in September 2023. This acquisition is aimed at broadening Air Water's industrial gas operations across North America by integrating regional distributors and investing in air separation technology. American Gas Products LLC is also a U.S.-based supplier in this sector.
Significant Market Trends Supporting Industrial Gas Sector Growth
One major trend positively impacting the industrial gas market is the innovative reuse of carbon dioxide emissions from industrial facilities. Companies are increasingly capturing CO2 released by power plants and refineries and supplying it to greenhouses via pipelines. This approach not only recycles CO2 efficiently but also reduces the carbon footprint of agricultural operations. For instance, Linde collects carbon dioxide from the Shell oil refinery near Rotterdam in the Netherlands and distributes it to more than 580 greenhouses in Rotterdam and Amsterdam. This initiative saves the combustion of 115 million cubic meters of natural gas every year and prevents about 205,000 tons of CO2 emissions annually, showcasing the environmental benefits of smart carbon recycling.
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Additional Positive Trends Encouraging Industrial Gas Market Expansion
Beyond carbon recycling, advancements in green energy transition, such as the hydrogen economy, and expanding applications in biotechnology and pharmaceuticals are propelling demand for industrial gases. The continuous development of advanced manufacturing technologies and increasing needs for medical gases further stimulate market growth. Expansion in the liquefied natural gas (LNG) market is also contributing to rising demand, highlighting the broadening scope of industrial gas applications across various sectors.
How the Industrial Gas Market Is Structured
This report segments the industrial gas market into several categories to provide a comprehensive understanding:
1) By Type: Nitrogen, Oxygen, Carbon Dioxide, Hydrogen, and Other Industrial Gases
2) By Mode of Supply: Bulk, Packaging, and Pipeline
3) By Packaging Types: Cylinders, Bottles, Canisters, Cartridges, Cryogenic Tanks or Vessels, and Other Packaging Options
4) By End-User Industry: Chemicals, Metallurgy, Manufacturing, Food and Beverage, Healthcare, and Other Industries
Breakdown of Subcategories Within Key Gas Types
The market further divides the main gas types into subsegments for a detailed view:
- Nitrogen: Liquid Nitrogen and Gaseous Nitrogen
- Oxygen: Liquid Oxygen and Gaseous Oxygen
- Carbon Dioxide: Liquid Carbon Dioxide and Gaseous Carbon Dioxide
- Hydrogen: Gaseous Hydrogen and Liquid Hydrogen
- Other Industrial Gases: Argon, Acetylene, Helium, Neon, and other specialty gases
This detailed segmentation highlights the diverse applications and supply methods that characterize the industrial gas market, providing insight into the various dynamics that drive its steady growth through 2029.
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