Industrial Gases Market Size, Share, and Trends 2025

 

Report Overview:

The global industrial gases market was valued at around USD 112.7 billion in 2024 and is expected to grow to USD 254.8 billion by 2034, representing a robust CAGR of 8.5%. These gases—like oxygen, nitrogen, argon, hydrogen, carbon dioxide, and specialty gases—play essential roles across many industries, including healthcare, steelmaking, chemicals, oil and gas, biotechnology, food processing, and energy. Growth is being fueled by rapid infrastructure development and industrialization in emerging markets (particularly India, China, and Southeast Asia), along with supportive government policies and incentives that encourage investment and innovation
Atmospheric gases (oxygen, nitrogen, argon) dominate the market, holding nearly 48.4% share in 2024, thanks to their cost‑effectiveness and wide applicability in industries like healthcare, metallurgy, electronics, and food. Merchant distribution—where gases are supplied to customers via cylinders or tankers—accounts for 44.4% of the market due to its flexibility and convenience for mid‑sized users. Among end‑use sectors, healthcare leads with a 23.6% share, driven largely by the medical use of oxygen, nitrous oxide, and carbon dioxide. The Asia‑Pacific region is the largest market, accounting for 38.9% share, due to significant industrial and healthcare expansions

Key Takeaway

  • Market size & growth: USD 112.7B (2024) → USD 254.8B (2034) at CAGR of 8.5%

  • Top product: Atmospheric gases (48.4%)

  • Leading distribution: Merchant supply (44.4%)

  • Leading end-use: Healthcare (23.6%)

  • Top region: Asia-Pacific (38.9%, ~USD 43.8B

Industrial Gases Market

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Key Market Segments

By Product Type

  • Atmospheric Gases
    • Nitrogen
    • Oxygen
    • Argon
    • Others
  • Hydrocarbon Gases
    • Methane
    • Ethane
    • Propane
    • Butane
    • Acetylene
    • Others
  • Noble Gases
    • Helium
    • Neon
    • Krypton
    • Xenon
    • Others
  • Specialty Gases
    • Carbon dioxide
    • Hydrogen
    • Ammonia
    • Others

By Distribution

  • Merchant
  • On-site
  • Packaged

By End-use

  • Healthcare
  • Metallurgy and Glass
  • Food and Beverages
  • Retail
  • Chemicals and Petrochemicals
  • Electronics
  • Energy and Power
  • Others

DORT (Drivers, Opportunities, Risks, Trends)

Drivers

  • Rapid industrial and infrastructure development in emerging markets like China and India

  • Expanding demand in healthcare, food & beverage, electronics, and metallurgy

Opportunities

  • Rising needs in semiconductor manufacturing and frozen food processes, leveraging ultra-high–purity gases and cryogenic nitrogen/CO₂

  • Green hydrogen and specialty gases in APAC unlock new revenue streams

Risks

  • Volatile raw-material prices squeezing margins

  • Tight regulatory oversight on safety and environmental compliance

Trends

  • Shift toward on-site generation and long-term supply contracts for cost-efficiency

  • Growth in medical and specialty gases, especially in healthcare and clean-tech segments

 

Growth Opportunity

  • Asia-Pacific expansion – APAC is forecast to hit USD 62.1 billion by 2028, led by electronics, chemicals, and healthcare growth.

  • Semiconductor & specialty gas niche – Precision gases for chips offer high margins, expanding alongside APAC’s electronics boom.

  • Food preservation – Frozen food, MAP, and CO₂ usage for preservation are fueling demand.

  • Green tech and hydrogen – Clean hydrogen infrastructure (especially in airports, microgrids) represents a fast-evolving niche.

  • Healthcare – Ongoing medical needs push medical oxygen and nitrous oxide consumption consistently.

Latest Trends

  • Local supply focus & long-term contracts – Major suppliers like Linde and Air Liquide favor on-site generation and ~15–20 year deals for security and margins.

  • Cryogenic & clean-energy focus – Advanced cryogenic systems and hydrogen partnerships support clean-tech transitions .

  • Stringent safety norms – Regulatory demands push investments in gas-safety tech, handling systems and compliance protocols

Market Key Players

  • Linde plc
  • Air Liquide S.A
  • Messer Group
  • Yingde Gases Group Company Limited
  • Buzwair Industrial Gases Factory
  • BASF SE
  • INOX Air Products
  • Iwatani Corporation
  • Taiyo Nippon Sanso Corporation
  • Hangyang
  • SOL Group
  • Strandmøllen A / S
  • Bhuruka Gases Limited
  • Matheson Tri-Gas, Inc.
  • Other Key Players

Conclusion:

The industrial gases market is riding a powerful wave—doubling in value over the next decade thanks to rapid industrialization, expanding healthcare needs, and rising clean-tech applications. Its roots in atmospheric gases ensure steady baseline demand, while specialty niches like semiconductor gases, cryogenic food preservation and green hydrogen provide higher-margin upside. Challenges like raw-material cost swings and tightening regulatory regimes—are real, but long-term contracts and local, on-site supply strategies help buffer volatility. All in all, this “invisible backbone” of modern industry offers stable revenue, diversified applications and exciting growth avenues in the years ahead.

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