Global Industrial Gas Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

A segment analysis of the global industrial gas market reveals a landscape characterized by diverse end-user industries and applications. Key segments include manufacturing, healthcare, electronics, chemicals, and energy. In the manufacturing sector, industrial gases play essential roles in various processes such as metal fabrication, welding, heat treatment, and chemical synthesis. The demand for industrial gases in manufacturing is driven by the need for inert atmospheres, combustion enhancement, and material processing, contributing to the efficiency and quality of production processes across industries.

Another significant segment is the healthcare industry, where industrial gases are utilized for medical applications such as respiratory therapies, anesthesia, and medical device manufacturing. Oxygen, nitrogen, and carbon dioxide are among the essential gases used in healthcare facilities worldwide. The increasing prevalence of respiratory diseases, advancements in medical technology, and the growing aging population are driving demand for industrial gases in the healthcare sector. Moreover, industrial gases play crucial roles in supporting medical emergencies, surgeries, and critical care procedures, underscoring their importance in maintaining patient health and safety. Overall, the segment analysis highlights the wide-ranging applications and significant contributions of industrial gases across various industries, driving market growth and innovation globally.

Global Industrial Gas Segment Analysis

In this report, the Global Industrial Gas Market has been segmented by Product, Application and Geography.

Global Industrial Gas Market, Segmentation by Product

The Global Industrial Gas Market has been segmented by Product into Nitrogen, Hydrogen, Carbon dioxide, Oxygen, Argon and Acetylene.

The diverse range of gases and their vital roles across industries. Nitrogen, one of the most abundant gases in the Earth's atmosphere, finds extensive use in various industrial applications, including inerting, blanketing, and purging processes. It is crucial for preventing oxidation, preserving freshness in food packaging, and enhancing combustion efficiency in metal processing and welding applications.

Hydrogen, known for its versatility and clean-burning properties, is gaining prominence in industrial applications such as hydrogenation, ammonia synthesis, and fuel cell technology. With increasing focus on renewable energy and decarbonization efforts, hydrogen is emerging as a key component in the transition to a low-carbon economy, driving demand in sectors like transportation, energy storage, and chemical manufacturing.

Carbon dioxide, often considered a byproduct of industrial processes, has diverse applications ranging from carbonation in beverages to enhanced oil recovery and medical therapies. In addition to its traditional uses, carbon dioxide is gaining traction as a feedstock for the production of synthetic fuels and chemicals through processes like carbon capture and utilization (CCU), contributing to efforts to mitigate greenhouse gas emissions and promote circular economy principles. Overall, the segmentation of the Global Industrial Gas Market by product highlights the indispensable roles of these gases in supporting a wide range of industrial processes and applications, driving innovation and sustainability across industries.

Global Industrial Gas Market, Segmentation by Application

The Global Industrial Gas Market has been segmented by Application into Healthcare, Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemicals & Energy and Others.

The broad spectrum of industries that rely on industrial gases for various processes and applications. In the Healthcare sector, industrial gases such as oxygen, nitrogen, and carbon dioxide are indispensable for medical applications including respiratory therapies, anesthesia, and medical device manufacturing. The growing global population, coupled with increasing healthcare infrastructure development, drives demand for industrial gases in this sector.

Manufacturing emerges as another significant application segment for industrial gases, encompassing a wide range of industries including automotive, aerospace, electronics, and pharmaceuticals. Industrial gases play crucial roles in manufacturing processes such as metal fabrication, welding, heat treatment, and chemical synthesis, contributing to product quality, efficiency, and safety. Moreover, the increasing emphasis on automation and Industry 4.0 technologies is driving demand for industrial gases in advanced manufacturing processes worldwide.

Metallurgy & Glass, Food & Beverages, Retail, and Chemicals & Energy sectors represent additional key application segments for industrial gases. In Metallurgy & Glass, industrial gases are utilized for processes such as steelmaking, heat treating, and glass production. The Food & Beverages industry relies on industrial gases for packaging, preservation, and chilling applications, ensuring product quality and shelf life. Retail applications include refrigeration systems and beverage dispensing, where industrial gases such as carbon dioxide and nitrogen are essential. Moreover, the Chemicals & Energy sector utilizes industrial gases in various processes including refining, petrochemical production, and power generation. Overall, the diverse applications of industrial gases across these segments underscore their indispensable role in supporting a wide range of industries and processes globally.

Global Industrial Gas Market, Segmentation by Geography

In this report, the Global Industrial Gas Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Industrial Gas Market Share (%), by Geographical Region, 2023

North America and Europe, as mature industrial markets, represent significant shares of the global industrial gas market. These regions boast advanced manufacturing sectors, robust healthcare infrastructure, and stringent environmental regulations, driving demand for industrial gases.

The Asia Pacific region emerges as a major growth driver in the global industrial gas market, fueled by rapid industrialization, urbanization, and economic development. Countries like China, India, and Japan are witnessing increasing demand for industrial gases across diverse industries such as manufacturing, healthcare, and electronics. Moreover, rising investments in infrastructure and construction projects further boost demand for industrial gases in the region.

In the Middle East and Africa, industrial gas demand is driven by sectors such as oil & gas, petrochemicals, and construction. The presence of large-scale industrial complexes and ongoing infrastructure development projects contribute to market growth in these regions. Latin America also presents opportunities for market expansion, with countries like Brazil, Mexico, and Argentina driving demand for industrial gases in sectors such as manufacturing, healthcare, and food & beverages. Overall, the regional segmentation underscores the global nature of the industrial gas market, with each region presenting unique opportunities and challenges for market players.

This report provides an in depth analysis of various factors that impact the dynamics of Global Industrial Gas Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers

• Growing Manufacturing Industry
• Rapid Industrialization
• Diverse Applications

• Healthcare Sector Demand: The healthcare sector stands as a significant driver of demand within the global industrial gas market. Industrial gases, including oxygen, nitrogen, helium, and carbon dioxide, play indispensable roles in various medical applications critical to patient care and medical device manufacturing. Oxygen, for instance, is fundamental for respiratory support, anesthesia, and emergency care within hospitals and healthcare facilities. Nitrogen finds utility in cryopreservation, preserving biological samples and tissues for research and transplantation. Similarly, helium serves a crucial function in cooling superconducting magnets within MRI machines, enabling high-resolution diagnostic imaging.

  Several factors contribute to the sustained demand for industrial gases in the healthcare sector. Population growth and aging demographics, coupled with advancements in medical technology, drive the need for respiratory therapies, diagnostic imaging, and medical device manufacturing. As medical procedures become increasingly sophisticated, the reliance on industrial gases continues to grow. For example, the expansion of minimally invasive surgeries and endoscopic procedures necessitates the use of carbon dioxide for insufflation and tissue dissection.

  Looking ahead, the healthcare sector's demand for industrial gases is expected to remain robust, supported by ongoing advancements in medical technology and the evolving healthcare landscape. As healthcare systems worldwide strive to meet the needs of aging populations and address emerging healthcare challenges, industrial gas suppliers play a vital role in ensuring a reliable supply of essential gases critical to patient care and medical innovation.

Restraints

• Environmental Regulations
• High Capital Costs
• Safety Concerns

• Market Saturation: Market saturation is becoming a prevalent concern in the global industrial gas market, driven by several factors influencing supply and demand dynamics. In mature markets such as North America and Europe, where industrial gas consumption has historically been high, the growth trajectory is slowing down as these regions reach a point of saturation. In these markets, industries have already established significant infrastructure for industrial gas usage, and further growth opportunities are limited by factors such as market maturity, economic conditions, and regulatory constraints.

  In emerging economies within the Asia Pacific region, while industrial gas demand continues to grow, there are signs of saturation in certain segments or geographic areas. For example, in heavily industrialized regions like Eastern China, where manufacturing activity has been intense, industrial gas markets are showing signs of saturation as industries reach optimal levels of gas usage. Similarly, in regions where the adoption of industrial gases has been widespread, such as in certain sectors like steel production or electronics manufacturing, saturation levels may be more pronounced.

  The concept of market saturation prompts industrial gas companies to explore new avenues for growth, including diversification of product offerings, expansion into untapped markets or niche segments, and investment in innovative technologies or value-added services. Additionally, focusing on sustainability initiatives and addressing emerging customer needs, such as green technology applications or gas recycling solutions, can help mitigate the effects of market saturation and sustain growth in the long term. Overall, while market saturation poses challenges, it also presents opportunities for industry players to innovate and adapt to changing market dynamics in order to maintain competitiveness and drive continued growth.

Opportunities

• Growing Manufacturing Sector
• Technological Advancements
• Renewable Energy Applications

• Electronics Industry: The electronics industry stands as a pivotal segment within the global industrial gas market, fostering significant demand for various gases essential in its manufacturing processes. Industrial gases play multifaceted roles in electronics manufacturing, ranging from providing inert atmospheres for semiconductor fabrication to enabling precise etching and deposition processes essential in microchip production. Nitrogen, for instance, finds extensive application in the electronics industry for its inert properties, crucial in preventing oxidation during the manufacturing of integrated circuits and printed circuit boards (PCBs).

  Industrial gases such as argon and helium are indispensable in gas tungsten arc welding (GTAW) processes utilized in electronic component manufacturing. These gases serve as shielding agents, ensuring weld quality and integrity by preventing atmospheric contamination during the welding of components like electronic enclosures and chassis. Additionally, specialty gases like silane and phosphine are essential in the production of semiconductor materials and doping processes, contributing to the fabrication of high-performance electronic devices.

  The advent of emerging technologies like the Internet of Things (IoT), artificial intelligence (AI), and 5G networks is driving rapid innovation and growth in the electronics industry, further fueling demand for industrial gases. As electronic devices become increasingly sophisticated and miniaturized, the need for precise and controlled manufacturing environments supplied by industrial gases continues to grow. Overall, the electronics industry represents a critical sector within the global industrial gas market, characterized by diverse applications and sustained demand for gases essential in enabling technological advancements and innovation.

Key players in Global Industrial Gas Market include:

• Air Liquide
• Air Products Inc.
• INOX-Air Products Inc.
• Iwatani Corp.
• Linde plc
• Messer
• SOL Group
• Strandmøllen A / S
• Taiyo Nippon Sanso Corp.

In this report, the profile of each market player provides following information:

• Company Overview
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis