Industrial Gases Market Size, Share, and Growth Analysis

Global Industrial Gases Market

Industrial Gases Market By Gase Type (Oxygen, Nitrogen), By Production Method (Air Separation, Steam Methane Reforming (SMR)), By Application (Packaging, Coolant), By End User Industry (Healthcare, Manufacturing), By Delivery Mode (On-site, Bulk), By Region - Industry Forecast 2025-2032


Report ID: SQMIG15D2010 | Region: Global | Published Date: July, 2025
Pages: 193 |Tables: 161 |Figures: 77

Format - word format excel data power point presentation

Industrial Gases Market Insights

Global Industrial Gases Market size was valued at USD 104.23 billion in 2023 and is poised to grow from USD 110.07 billion in 2024 to USD 170.2 billion by 2032, growing at a CAGR of 5.6% during the forecast period (2025-2032).

The Industrial Gases Market is rapidly growing due to strong drivers such as surging demand from the end-use segments of manufacturing, healthcare, food and beverages, electronics, and energy. Growth in the healthcare segment, in particular from the use of medical grade gases such as oxygen and nitrous oxide, has strongly driven market growth. In addition, the industrialization of developing countries and increased demand from the steelmaking, petrochemicals, and metal fabrication industries has spurred demand for industrial gases. Adoption of clean energy such as using high-purity hydrogen for fuel cells is also a growing driver for the Industrial Gases Market, especially in countries adopting decarbonization strategies; as more investment is directed towards gas production technologies and infrastructure development in these growing markets.

On the restraints side, the industrial gases market is facing challenges to market growth. One of the main restraints is the cost of production and distribution, which can be substantial for gases that require more specialized distributions, such as cryogenic tanks or pipelines. In addition, government regulations are also a factor, as industry has to adhere to strict regulations/safety norms in particular when it comes to gases and emissions of gases such as carbon dioxide (CO2) or ammonia (NH3). The regulatory complexity leads to increasing compliance costs for gas producers as well. Also, as raw materials for hydrogen production (natural gas) are subject to price volatility, this can impact profit margins or long-term contracts, particularly in price sensitive developing markets. Nevertheless, the overall market outlook continues to be positive - looking at trends for innovation and consolidation. Major players continue to focus on strategic partnerships, acquisitions, and regional expansion to facilitate competitive advantages, and to enhance supply chain efficiencies. Further gas separation and purification technology improvements continues to reduce costs and possible environmental impacts, in support of sustainable outcomes within the market. Furthermore, to the added focus on circular economy and carbon capture utilization and storage (CCUS) projects will create more opportunities for growth and lessen some of the current constraints in the coming years.

How AI is Transforming Industrial Gases Market?

AI is revolutionizing the industrial gases market by optimizing production, safety, and innovation. Companies like Air Liquide and Linde leverage AI-driven predictive maintenance and process control to reduce downtime and energy consumption, analyzing billions of daily data points for real-time adjustments. AI-enabled smart logistics also handles scheduling and inventory, cutting delivery costs and streamlining supply chains.

In September 2024, the U.S. Department of Energy awarded $1 million to GE Vernova’s “H2Net” project to develop HySAGE, an AI assistant for hydrogen permitting and training. This initiative enhances safety and regulatory compliance in hydrogen infrastructure deployment

Market snapshot - (2025-2032)

Global Market Size

USD 104.23 billion

Largest Segment

Oxygen

Fastest Growth

Oxygen

Growth Rate

5.6% CAGR

Global Industrial Gases Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Industrial Gases Market Segments Analysis

Global Industrial Gases Market is segmented by Gase Type, Production Method, Application, End User Industry, Delivery Mode and region. Based on Gase Type, the market is segmented into Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon and Others. Based on Production Method, the market is segmented into Air Separation, Steam Methane Reforming (SMR), Electrolysis, Partial Oxidation, Chemical Reactions and Others. Based on Application, the market is segmented into Packaging, Coolant, Carbonation, Cryogenic, Cutting & Welding, Laboratory, Air Separation and Others. Based on End User Industry, the market is segmented into Healthcare, Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemicals & Energy and Others. Based on Delivery Mode, the market is segmented into On-site, Bulk, Cylinder and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Why Does Oxygen Dominate While Nitrogen Leads Growth in the Industrial Gases Market?

Oxygen is the dominant industrial gas in the industrial gases market (with a revenue share of over 30%) primarily because of its importance in steelmaking (55% of commercial oxygen use), healthcare, chemical processing, and environmental control. In the COVID-19 federal and state response, India’s Ministry of Steel converted 28 steel-plant units into medical oxygen plants and supplied 1,500 MT of medical oxygen on a daily basis.

Nitrogen is also the fastest growing industrial gas with more than global production of 150 million metric tons annually (according to the U.S. Energy Information Administration’s Data). According to government reports, nitrogen is over 50% of the global fertilizer nutrient use and this increase in fertilizer nutrient demand is led by Asia (composed of overall fertilizer nutrient consumption) due to the agricultural policies of India and China. The dramatic increase in fertilizer demand, coupled with nitrogen’s importance in semiconductors and food packaging demonstrate the potential power we expect nitrogen to unleash in the marketplace.

Why Are Air Separation and SMR Emerging as Dominant Production Methods in the Industrial Gases Market?

The air separation is a dominant method of producing industrial gases because cryogenic Air Separation Units (ASUs) can deliver ultra high purity oxygen, nitrogen, and argon at scale which represent slightly under 75 % of ASU market share globally. With many government policies now mandating emissions and purity requirements (ex: Canada’s Net Zero Governance document, August 2023) industrial gases will need to invest heavily into ASUs to create a compliant and friendly and environmentally efficient industrial gas output.

Steam Methane Reforming (SMR) leads hydrogen production thanks to its cost-efficiency, established infrastructure, and strong government backing. The U.S. Clean Hydrogen Production Tax Credit offers up to $3/kg, while the European Green Deal supports CCUS-integrated SMR, and China’s carbon neutrality goal underpins low-emission SMR expansion.

Global Industrial Gases Market Analysis by Gase Type

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Industrial Gases Market Regional Insights

Why Asia Pacific Dominant Industrial Gases Market in 2024?

Asia Pacific is the dominant industrial gases market representing ~36% of the total industrial gases market in 2023, it is also the fastest growing industrial gases market globally. Key drivers of growth in the Asia Pacific region are a strong level of government backing for industrial growth and hydrogen projects and include key initiatives, like the Green Hydrogen Mission announced by the Indian government and a massive investment in air separation units in China

China Industrial Gases Market

In the Asia Pacific market, China makes up ~45.5% of the market share. Underlying its market leadership is its enormous chemical industry, massive steel and infrastructure production, a highly developed semiconductor industry, and recently announced breakthroughs in Cambrian shale gas. For example, In March 2023, Air Liquide, backed by the Chinese central government, announced they would spend €60 million upgrading their two air separation units in Tianjin to support the transition to carbon capture utilization and storage (CCUS) and lower-emissions hydrogen production.

India Industrial Gases Market

India is now ranked second for share in the Asian market based on its massive demand creation from its manufacturing sector and increased healthcare demands. Under the National Green Hydrogen Mission (mission launched in January 2023 with USD 2.36 bn in funding), INOX Air Products is expected to increase the capacity by adding 1,000 t/day of ASU capacity at Hazira. The Indian government has also increased the incidence of guidance to modalities to track green hydrogen production towards export markets.

South Korea Industrial Gases Market

The South Korean industrial gas market sits at the interface of green hydrogen and industrial gases and connects to the Hydrogen Economy Roadmap (published in 2019). There is already a pilot hydrogen system based on green hydrogen and financed by the government which has already built 188 km of pipeline in Ulsan to transport green hydrogen (and to develop a commercial model). Kukdong Oil is now finishing its hydrogen plant in Cheongju with a design capacity of 92,000 Nm³/hr.

How is North America is Fastest Growing in Industrial Gases Industry?

North America is the leading market with USD 24 billion revenue tracked in 2023. The U.S. is enabling growth by enacting the Inflation Reduction Act and $7B hydrogen hub investments, expected in 2025 under the Infrastructure Act. Federal incentives are fueling the development and adoption of clean hydrogen and large-scale gas initiatives.

U.S. Industrial Gases Market

U.S. industrial gases industry is being led by Air Products, with significant revenue related to hydrogen. Air Products is poised to take large strides in the U.S. hydrogen market due to $2.2 billion Department of Energy (DOE) grants awarded in November 2024 to establish clean hydrogen hubs on the Gulf Coast and in the Midwest, plus huge mega green and blue hydrogen plants (like Texas - AES electrolyzer and Casa Grande facility) and is being driven by tax incentives from the Inflation Reduction Act

Canada Industrial Gases Market

Canada, Linde is the leading industrial gas player with several major ASU (air separation units) and hydrogen hubs. Linde is investing C$2 billion in Alberta for the purpose of supplying Dow's Path2Zero plant (including 2 M t CO₂ CCUS) slated to go online in 2028, and also has associated carbon capture utilization and storage (CCUS) being funded by the Federal Government and Provincial Government support. Canada's hydrogen strategy and CCUS incentives are enabling a major push for clean hydrogen.

Why Europe is Environment-Driven Industrial Gases Market?

Europe has a mature and environmental framework regulated market that is predicted to grow at 3–6% CAGR. It has a commitment of producing/importing 10 Mt of green hydrogen by 2030 under the REPowerEU plan and Hydrogen Bank, plus funds of €800M.

Germany Industrial Gases Market

Linde, is leading the industry with the Leuna chemical park as a green hydrogen hub, with an €15 m grant from the Ministry of Economy with funding of a €60 m electrolyser / liquefier plant that has capacity of producing 3,200 t/yr H₂, and which is also developing with BASF the world's first electrically heated steam cracker, with funding of a €14.8 m federal grant.

France Industrial Gases Market

Air Liquide is leading in France, with massive capital investments in renewable hydrogen. Under EU and national subsidy programmes, they have developed the 200 MW Normand’Hy electrolyser based in Normandy, a 25,000 t/yr plant at La Mède, and a plan to install more than 100 H₂ stations along the Seine corridor, plus government support of over €400 m

UK Industrial Gases Market

In the UK, Linde has approximately a ~60% share of the gases market. Linde are jointly developing a 24 MW PEM electrolyser at Leuna (ITM Linde Electrolysis). ITM Power is expanding their Sheffield gigafactory with government funded trials (e.g. HyDeploy) and deploying NEPTUNE electrolysers.

Global Industrial Gases Market By Geography
  • Largest
  • Fastest

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Industrial Gases Market Dynamics

Industrial Gases Market Drivers

Surge in Green Hydrogen Initiatives

  • Governments worldwide are investing in green hydrogen production to reduce carbon emissions, significantly boosting demand for industrial gases like hydrogen and oxygen. National strategies in countries such as India, Germany, and the U.S. promote electrolyser deployment and infrastructure development, positioning industrial gases as critical components in clean energy transitions. 

Expanding Healthcare and Medical Gas Demand

  • The growing need for medical-grade gases like oxygen and nitrous oxide in hospitals, especially post-COVID-19, is a major driver. Increasing surgeries, respiratory treatments, and intensive care unit (ICU) usage globally are prompting large-scale investments in gas production and distribution infrastructure tailored to the healthcare industry.

Industrial Gases Market Restraints

High Production and Operational Costs

  • Producing, purifying, and transporting industrial gases requires significant energy and capital investment. The setup of cryogenic plants, pipelines, and storage systems adds to the cost burden, especially for small players. These high operational costs can hinder market entry and profitability, especially in developing countries with limited infrastructure. 

Stringent Safety and Environmental Regulations

  • Industrial gases are often flammable, toxic, or high-pressure, making regulatory compliance critical. Governments enforce strict safety, emission, and handling standards that require costly upgrades and certifications. Additionally, environmental regulations on greenhouse gas emissions from gas production facilities can slow down project approvals and raise compliance costs.

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Industrial Gases Market Competitive Landscape

Global leaders Air Liquide, Linde, and Air Products continue defending market share through large-scale, state-sponsored green hydrogen projects. Air Liquide secured €110M EU Innovation Fund for its ENHANCE ammonia‑to‑hydrogen plant in Antwerp. Linde partnered with Siemens and the German government (via IPCEI) to ramp up electrolyser production to 3 GW/yr by 2025. Meanwhile, Air Products formed a state-backed joint venture in Hamburg for a green ammonia-to-hydrogen import terminal, developing crucial distribution infrastructure. These firms are leveraging public funding to decarbonize sectors while enhancing electrolyser and pipeline capacity—securing technological dominance.

Top Player’s Company Profiles

  • Linde plc (Ireland)
  • Air Liquide S.A. (France)
  • Air Products and Chemicals, Inc. (United States)
  • Taiyo Nippon Sanso Corporation (Japan)
  • Messer Group GmbH (Germany)
  • Iwatani Corporation (Japan)
  • SOL Group (Italy)
  • SIAD S.p.A. (Italy)
  • Gulf Cryo (Kuwait)
  • nexAir, LLC (United States)
  • Goyal MG Gases Pvt. Ltd. (India)
  • Universal Industrial Gases, Inc. (United States)
  • INOX Air Products Ltd. (India)
  • National Industrial Gas Plants (NIGP) (Saudi Arabia)
  • Bhagawati Oxygen Ltd. (India)
  • Cryogenic Industrial Solutions, LLC (United States)
  • Ellenbarrie Industrial Gases Ltd. (India)
  • Yateem Oxygen (Bahrain)
  • Axcel Gases (India)

Recent Developments in Industrial Gases Market

  • In January 2025, the Indian government approved its entire ₹44.4 billion (~USD 513 million) subsidy budget under the SIGHT-II scheme. This funding supports 3 GW/year of domestic electrolyser manufacturing, reinforcing the National Green Hydrogen Mission and boosting India’s clean energy infrastructure
  • In December 2024, South Australia’s state government issued a procurement report for its $590 million Hydrogen Jobs Plan (2025–2030), aiming to establish Whyalla as a hydrogen and net-zero manufacturing hub. The plan includes a 200 MW power station, electrolysers, and storage facilities
  • In January 2023, the U.S. Department of Energy committed $47 million to accelerate affordable clean hydrogen technologies through its “Hydrogen Shot” initiative. The funding focuses on reducing electrolyser costs, advancing fuel-cell tech, and improving hydrogen infrastructure by lowering the cost to $1/kg

Industrial Gases Key Market Trends

Industrial Gases Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research. 

According to SkyQuest, increased investments in green hydrogen, more demand in high-purity gas for healthcare, and government infrastructure support are anticipated to support the growth of the industrial gases market throughout the forecast period to 2033. However, the high capital cost associated with gas production and strict environmental and safety regulations could limit market uptake in the long run. Rapid industrialisation, growing national hydrogen strategies, and growing manufacturing sector have kept the Asia Pacific market leading for industrial gases. Also, large scale public investments in hydrogen pipelines, carbon capture integration, and electrolyser manufacturing are expected to unlock growth for key global players.

Report Metric Details
Market size value in 2023 USD 104.23 billion
Market size value in 2032 USD 170.2 billion
Growth Rate 5.6%
Base year 2024
Forecast period (2025-2032)
Forecast Unit (Value) USD Billion
Segments covered
  • Gase Type
    • Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon, Others
  • Production Method
    • Air Separation, Steam Methane Reforming (SMR), Electrolysis, Partial Oxidation, Chemical Reactions, Others
  • Application
    • Packaging, Coolant, Carbonation, Cryogenic, Cutting & Welding, Laboratory, Air Separation, Others
  • End User Industry
    • Healthcare, Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemicals & Energy, Others
  • Delivery Mode
    • On-site, Bulk, Cylinder, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Linde plc (Ireland)
  • Air Liquide S.A. (France)
  • Air Products and Chemicals, Inc. (United States)
  • Taiyo Nippon Sanso Corporation (Japan)
  • Messer Group GmbH (Germany)
  • Iwatani Corporation (Japan)
  • SOL Group (Italy)
  • SIAD S.p.A. (Italy)
  • Gulf Cryo (Kuwait)
  • nexAir, LLC (United States)
  • Goyal MG Gases Pvt. Ltd. (India)
  • Universal Industrial Gases, Inc. (United States)
  • INOX Air Products Ltd. (India)
  • National Industrial Gas Plants (NIGP) (Saudi Arabia)
  • Bhagawati Oxygen Ltd. (India)
  • Cryogenic Industrial Solutions, LLC (United States)
  • Ellenbarrie Industrial Gases Ltd. (India)
  • Yateem Oxygen (Bahrain)
  • Axcel Gases (India)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Industrial Gases Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Industrial Gases Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Industrial Gases Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Gases Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

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FAQs

Global Industrial Gases Market size was valued at USD 104.23 billion in 2023 and is poised to grow from USD 110.07 billion in 2024 to USD 170.2 billion by 2032, growing at a CAGR of 5.6% during the forecast period (2025-2032).

Global leaders Air Liquide, Linde, and Air Products continue defending market share through large-scale, state-sponsored green hydrogen projects. Air Liquide secured €110M EU Innovation Fund for its ENHANCE ammonia‑to‑hydrogen plant in Antwerp. Linde partnered with Siemens and the German government (via IPCEI) to ramp up electrolyser production to 3 GW/yr by 2025. Meanwhile, Air Products formed a state-backed joint venture in Hamburg for a green ammonia-to-hydrogen import terminal, developing crucial distribution infrastructure. These firms are leveraging public funding to decarbonize sectors while enhancing electrolyser and pipeline capacity—securing technological dominance. 'Linde plc (Ireland)', 'Air Liquide S.A. (France)', 'Air Products and Chemicals, Inc. (United States)', 'Taiyo Nippon Sanso Corporation (Japan)', 'Messer Group GmbH (Germany)', 'Iwatani Corporation (Japan)', 'SOL Group (Italy)', 'SIAD S.p.A. (Italy)', 'Gulf Cryo (Kuwait)', 'nexAir, LLC (United States)', 'Goyal MG Gases Pvt. Ltd. (India)', 'Universal Industrial Gases, Inc. (United States)', 'INOX Air Products Ltd. (India)', 'National Industrial Gas Plants (NIGP) (Saudi Arabia)', 'Bhagawati Oxygen Ltd. (India)', 'Cryogenic Industrial Solutions, LLC (United States)', 'Ellenbarrie Industrial Gases Ltd. (India)', 'Yateem Oxygen (Bahrain)', 'Axcel Gases (India)'

Governments worldwide are investing in green hydrogen production to reduce carbon emissions, significantly boosting demand for industrial gases like hydrogen and oxygen. National strategies in countries such as India, Germany, and the U.S. promote electrolyser deployment and infrastructure development, positioning industrial gases as critical components in clean energy transitions. 

Why Asia Pacific Dominant Industrial Gases Market in 2024?

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Global Industrial Gases Market
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Report ID: SQMIG15D2010

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