Report Overview:

The global industrial gases market is showing strong growth, valued at around USD 112.7 billion in 2024 and expected to reach USD 254.8 billion by 2034. This represents a healthy CAGR of 8.5% over the forecast period. These gases include atmospheric types like oxygen, nitrogen, and argon, as well as hydrocarbon, noble, and specialty gases. Atmospheric gases lead the market, making up 48.4% of the total share, largely due to their widespread use across healthcare, metallurgy, electronics, and food sectors.

Industries such as healthcare—which uses gases like oxygen and nitrous oxide—account for a significant 23.6% of market demand. Other key sectors include metallurgy, electronics, and food & beverage. The merchant distribution method (bulk or cylinder supply) makes up 44.4% of the market, preferred for its cost-effectiveness over in-house production. Geographically, Asia-Pacific stands out, capturing 38.9% of the global market share, thanks to rapid industrialization in countries like China and India.




Key Takeaway

The market is projected to grow from USD 112.7 billion in 2024 to USD 254.8 billion by 2034, growing at a CAGR of 8.5%.

Atmospheric gases like oxygen, nitrogen, and argon account for 48.4% of the total market.

Merchant distribution systems represent 44.4% of gas supply methods.

Healthcare is the leading end-use sector, holding a 23.6% share.

Asia-Pacific remains the top regional market with 38.9% of global share.

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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 growth in infrastructure and industrial sectors in emerging economies.

Expanding demand across key sectors including healthcare, electronics, and food processing.

Opportunities

Increasing need for ultra-pure gases in the semiconductor industry.

Rising use of cryogenic and specialty gases in food preservation and green hydrogen projects.

Risks

Volatile raw material prices pose a threat to consistent profitability.

Compliance with stringent environmental and safety standards can increase operational costs.

Trends

Movement toward on-site gas generation and long-term contracts to enhance supply stability.

Surge in demand for specialty and medical gases due to advancements in healthcare and green technologies.

Growth Opportunity

Asia-Pacific Expansion – Projected to reach USD 62.1 billion by 2028 due to booming electronics, chemicals, and healthcare industries.

Semiconductors – Demand for high-purity gases in chip production is rapidly increasing.

Food Processing – Enhanced usage of industrial gases for freezing, MAP, and CO₂-based preservation.

Green Hydrogen – Growth of clean energy projects, especially in transport and microgrid infrastructure.

Healthcare – Continuous use of oxygen and nitrous oxide supports consistent growth in the sector.



Latest Trends

Decentralized Supply & Long-Term Agreements – Industry leaders are investing in on-site supply models with multi-year contracts.

Clean Energy Initiatives – Greater focus on cryogenic and hydrogen-based solutions aligned with environmental goals.

Regulatory Compliance – More emphasis on safety and environmental technologies due to global regulations.

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:

With steady momentum, the industrial gases market is evolving alongside global industry trends. Fundamental demand for atmospheric gases ensures long-term stability, while emerging applications in electronics, food, and green energy provide strong growth opportunities. Despite challenges such as raw material fluctuations and regulatory requirements, strategic practices like local production and long-term agreements are reinforcing resilience. This market remains a foundational and fast-growing part of global industry, full of opportunity for innovation and expansion.