PUNE, India, Aug. 8, 2024 /PRNewswire/ -- Maximize Market Research has published a detailed analytical report on the Industrial Gases Market.

The Industrial Gases Market size was valued at USD 99.98 billion in 2023 and is expected to reach USD 157.63 billion at a CAGR of 6.72% during the forecast period.

Industrial gases are known for a wide range of uses in industries such as healthcare, food, manufacturing, and more. With common applications such as welding, chemical synthesis, and medical uses these gases are produced in large quantities and delivered through high-pressure containers or pipelines. The rising need for clean and alternate energy sources is driving the Industrial Gases Market. With processes such as gas-to-liquid (GTL) and coal-to-liquid (CTL) being used in metal & fabrication industries, healthcare and R&D, and the electronics sector the Industrial Gases Market is expected to grow significantly.

The report delves into intricate dynamics of the Industrial Gases industry, offering a comprehensive analysis of key trends, challenges, opportunities, and market drivers shaping its trajectory. The report provides a multi-faceted approach while analyzing and gathering the data from primary and secondary sources. The accuracy, reliability, and depth of insights given in the Industrial Gases Market report will help the stakeholders in making informed decisions to capitalize on emerging opportunities. In addition to this, the report goes in-depth about the impact of macroeconomic factors, such as economic growth, and regulatory changes in market dynamics. The report about the Industrial Gases Market has actionable insights for market participants, enabling them to mitigate the risks, and to capitalize on growth opportunities.

Industrial Gases Market Scope

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Industrial Gases Market Key offerings

• July 2024, Air Products Membrane Solutions received $70 million in investments to expand production and logistics capabilities.
  • Completion of the project is set to be at the end of 2025.
  • With the creation of 30 new jobs 200 individuals will be employed.
  • This project is set to support energy transition technologies and help local economies grow.
• April 2023, Air Products & Chemicals, Inc. announced to build, own, and operate two nitrogen plants in Penang's Bayan Lepas Free Industrial Zone and Batu Kawan Industrial Park, in Malaysia.
• September 2022, Abdullah Hashim Industrial Gases & Equipment Co. Ltd. In a joint venture with Air Products & Chemicals, Inc. announced the acquisition of Air Liquide's Merchant Industrial Gases Business i.e., Al Khafrah Industrial Gases
• In July 2024 Saudi Aramco acquired 50% of Blue Hydrogen Industrial Gases (BHIG) from Air Products Qudra, with options for nitrogen and hydrogen offtake.
  • This move focuses on lower carbon hydrogen production via steam methane reforming
  • To help develop a hydrogen network in Saudi Arabia's Eastern province
  • It will align with Aramco's lower-carbon hydrogen capture initiatives.
• July 2024 Mathura, Uttar Pradesh, India Air Liquide India invested Rs 350 crore to set up a new 'air separation unit'.
  • The facility is set to have 300 tonnes of liquid and medical oxygen daily.
  • Along with it 45 tonnes of liquid nitrogen and 12 tonnes of liquid argon will also be produced.
  • These gases will be distributed to northern Ganges planes including Delhi Capital Territory, Western Uttar Pradesh, Rajasthan, Madhya Pradesh.
  • The plant has the target to run on renewable electricity by the year 2030.
• In November 2023, Air Liquide partnered ADP Group, for the development of hydrogen infrastructure in airports.
• In March 2023, announced the construction of industrial-scale ammonia cracking pilot plant in Belgium.
• In December 2023, Linde Plc increased the liquid hydrogen production capacity at its facility in McIntosh, Alabama.
• In March 2023, Messer SE & Co. KGaA started a new air separation plant in Vratimov, Czech Republic.

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Industrial Gases Market shows trends 

Industrial Gases Market is witnessing amazing growth with the help of technological advancements, strategized investments, and a focus on sustainability. The consistent expansion of production facilities reflects a growing demand in the market. The investments in new facilities and expansion of existing ones are a result of high demand from industries such as healthcare, electronics, manufacturing, and energy. The result of this is also reflected on the creation of new employment opportunities. The companies are investing in renewable energy sources and lower-carbon producing technologies showing a trend towards energy transition and sustainability. The Hydrogen production is gaining traction highlighting a strategic shift towards cleaner energy sources and reducing carbon footprints. Strategic partnerships, acquisitions, and mergers are observed to be an important part of the Industrial Gases Market. This has helped strengthening the market position of key players. The expansion into new geographies as well as enhanced technical capabilities is expected to increase competitiveness and innovation in the Industrial Gases Market. COVID-19 had a lasting impact on the market with medical gases as well as frozen foods demand has increased drastically, and has proved to be an important driver in the Industrial Gases Market's versatility and growth potential.

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Industrial Gases Market Regional Insight

Asia Pacific region with countries such as South Korea, China, Japan, and India are expected to lead the global Industrial Gases Market. With 38.46% of global market share in 2023, the Industrial Gases Market in Asia-Pacific is driven by factors such as manufacturing and aerospace industries. India alone hosts over 300 small and medium-sized plants with an annual turnover of about Rs. 3,000 crores ($650 million). This growth is supported by food processing, agro-industries, healthcare, and technology sectors. With an expected CAGR of 12.32% in the Indian Industrial Gases Market, the industrial oxygen segment alone has 15% to 17% CAGR. The metallurgical sector in India has shown about 10% growth since 2011. In the forecast period the metallurgical industry is expected to account for about 31% of total demand by value. North America held the second largest market share with almost 30% of market revenue. The Industrial Gases Market significantly contributes to the US economy, by accounting for 25% of GDP and employing over 60,000 workers.

Industrial Gases Market, by region

North America (United States, Canada, and Mexico)

Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)

Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)

South America (Brazil, Argentina, Columbia and Rest of South America)

Industrial Gases Market Key Players

1. AGA AB
2. Airgas
3. Air Liquide
4. Air Products and Chemicals
5. BASF SE
6. BOC
7. Gulf Cryo
8. The Linde Group
9. Messer Group
10. MOX-Linde Gases
11. Praxair
12. Nippon Gases
13. Matheson Tri-Gas
14. Rotarex
15. Universal Industrial Gases
16. Dubai Industrial Gases
17. Bristol Gases
18. INOX-Air Products Inc.
19. Iwatani Corp.
20. SOL Group

Industrial Gases Market Segmentation

by Type               

• Oxygen
• Carbon Dioxide
• Nitrogen
• Hydrogen
• Noble Gas
  • Helium
  • Argon
  • Others (Neon, Krypton, Xenon, and Radon)
• Others

Based on type Oxygen dominated the market with 28% share in 2023. With uses such as coal gasification, water purification, and various healthcare functions Oxygen is expected to lead in the Industrial Gases Market segment in the forecast period. CO2 being an important ingredient for oil extraction is expected to grow as the oil-producing sector rises.

by End Use Industry      

• Cement Industry
• Mining Industry
• Power Generation
• Chemical Industry
• Metallurgy
• Others

Key questions

1. What are the growth drivers for the Industrial Gases market?
2. What are the factors restraining the global Industrial Gases market growth during the forecast period?
3. Which region is expected to lead the global Industrial Gases market during the forecast period?
4. What is the projected market size and growth rate of the Industrial Gases Market?
5. What segments are covered in the Industrial Gases Market report?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Type, Application, Technology, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  •  Competitive landscape – Market Leaders, Market Followers, Regional player
  •  Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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