Industrial Gases Market Size, Share, Growth Analysis, By Type (Oxygen, Nitrogen), By Distribution (On-site, Bulk (Liquid Gas Transport)), By End Use Industry (Chemicals, Electronics), By Region -Industry Forecast 2024-2031.

Global Industrial Gases Market size was valued at USD 98.70 billion in 2022 and is poised to grow from USD 104.23 billion in 2023 to USD 161.17 billion by 2031, growing at a CAGR of 5.60% during the forecast period (2024-2031).

The industrial gases market is experiencing significant growth, driven by heightened demand across multiple key sectors, including oil and gas, chemicals, petrochemicals, food and beverage, and power generation. With a broad spectrum of products ranging from pure gases to complex gas mixtures-including essential gases like oxygen, nitrogen, and hydrogen-this market supports various industrial production processes at ambient temperatures and pressures. The expansion of refining capacities in the global oil and gas field, coupled with increased natural gas consumption for residential and industrial uses, adds to this momentum. Additionally, sectors such as construction, metals, and mining are increasingly harnessing industrial gases, further fueling market growth. The surge in global consumption of electronic devices and the shift towards renewable energy sources are also pivotal factors contributing to the rising demand for industrial gases. As crude oil usage continues to climb, the necessity for refined products is likely to sustain growth in this sector throughout the projected period. Overall, the market is poised for expansion driven by these interrelated trends, signaling robust opportunities for stakeholders within the industrial gases landscape.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Industrial Gases market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Industrial Gases Market Segmental Analysis

Global Industrial Gases Market is segmented into Type, End-Use Industry, and region. By Type, the market is classified into Oxygen, Nitrogen, Carbon Dioxide, Hydrogen, Acetylene, Inert Gases, and Other Types. Based on Distribution, the market is segmented into On-site, Bulk (Liquid Gas Transport), and Cylinder (Merchant). Depending on the End-Use Industry, it is categorized into Chemicals, Electronics, Food & Beverages, Healthcare, Manufacturing, Metallurgy, Refining, and Other End-Use Industries. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Industrial Gases Market

The growth of the global industrial gases market is significantly influenced by the operational efficiency within the steel and refining sectors. This is further supported by substantial government investments in research and development initiatives aimed at various industries, which bolster market expansion. Additionally, the rising demand for industrial-grade gases is driven by the increasing requirements for surgical and respiratory applications, particularly spurred by the healthcare sector's rapid expansion during the COVID-19 pandemic. As infrastructure enhancements and patient care improvements gain traction, the market is poised for favorable growth. Moreover, the integration of advanced technologies in healthcare, including the utilization of nitrogen in preserving critical tissues and blood, is expected to further stimulate growth in the global industrial gases sector in the coming years.

Restraints in the Global Industrial Gases Market

The Global Industrial Gases market faces significant restraints primarily due to environmental concerns and the impact of gas emissions on climate change and air quality. Manufacturers and regulatory bodies struggle to transition to natural-based industrial gases while grappling with the need for specialized workers capable of handling flammable substances safely. Compounding this issue is the rising demand for sustainable practices spurred by climate change, healthcare, energy consumption, and infrastructure development. The interconnected nature of chemical processes can hinder the supply of raw materials, while the high costs associated with the necessary infrastructure often perpetuate outdated, polluting methods. Furthermore, the current educational framework offers limited training on incorporating sustainability and safety into engineering and design, contributing to resistance against innovation in the industry.

Market Trends of the Global Industrial Gases Market

The Global Industrial Gases market is witnessing a significant upward trend, driven by increasing demand in the medical sector for bulk gases like oxygen, nitrogen, and carbon dioxide. The need for precise oxygen delivery in surgical environments to mitigate complications, alongside nitrogen's application in pre-flight lung diagnostics, highlights the critical role of industrial gases in healthcare. Additionally, the use of carbon dioxide in medical procedures, such as insufflation and respiratory stimulation, further underscores this trend. As healthcare continues to innovate and expand, the industrial gases market is poised for robust growth, reflecting the evolving demands of the medical industry.