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.

Industrial Gases Market size was valued at USD 94.52 billion in 2019 and is poised to grow from USD 100.32 billion in 2023 to USD 161.8 billion by 2031, growing at a CAGR of 6.16% in the forecast period (2024-2031).

Industrial Gases market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Linde plc', 'Air Liquide', 'Air Products and Chemicals, Inc.', 'Praxair, Inc.', 'Taiyo Nippon Sanso Corporation', 'Messer Group GmbH', 'Yingde Gases Group Co., Ltd.', 'Gulf Cryo', 'Universal Industrial Gases, Inc.', 'Coregas Pty Ltd', 'Matheson Tri-Gas, Inc.', 'SOL Group', 'The BOC Group Limited', 'Nippon Gases', 'Air Water Inc.', 'TAIYO TOYO SANSO Corporation', 'Asia Technical Gas Co. (Pte) Ltd', 'Iceblick Ltd', 'Airgas, Inc.', 'Iwatani Corporation'

The efficiency with which the steel and refining industries are managed is one of the key elements promoting the growth of the industrial gases market. Additionally, the government is investing a significant amount of money in various research and development (R&D) projects to support a number of businesses, which is assisting the market's expansion.

Bulk oxygen is frequently needed in the medical field to reduce the risk of having too much oxygen in the lungs or other body tissues during operations and to provide artificial breathing. Nitrogen is used in pre-flight lung diagnosis to determine an individual's ability to respond to a simulated aeroplane cabin environment. Carbon dioxide can be utilised during insufflation and combined with oxygen to stimulate respiratory simulation.

The Asia-Pacific region's gas production is expected to increase by more than 6.8%. The majority of the region's growth is being driven by China, where domestic gas production is expected to increase by over 21.7% by 2028 as a result of continuing official support for increasing gas output. India is anticipated to expand and generate more in comparison to 2021. More seasoned suppliers like Malaysia and Indonesia, however, experience a slight dip during the projection period. While Norwegian production is rebounding following the decline in 2020 and significant maintenance in 2021, other European domestic production is anticipated to have a nearly 25% decline. This is a result of the North Sea's depleting fields, the Netherlands's closure of Groningen, and the terminal output reduction of smaller fields there and around Europe.

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).

Global Industrial Gases market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Air Liquide', 'Linde Plc', 'Air Products and Chemicals, Inc.', 'Messer Se & Co. Kgaa', 'Nippon Sanso Holdings Corporation', 'BASF SE', 'Asia Technical Gas Co Pte Ltd.', 'Bhuruka Gases Limited', 'Ellenbarrie Industrial Gases', 'Gruppo Siad', 'Iwatani Corporation', 'Air Water Inc.', 'Sol Group', 'Sapio Group', 'Southern Gas Limited', 'Alchemie Gases & Chemicals Pvt. Ltd.', 'Gulf Cryo', 'Goyal Mg Gases Pvt.Ltd', 'Buzwair Industrial Gases Factories', 'Yingde Gases'

The efficiency with which the steel and refining industries are managed is one of the key elements promoting the growth of the industrial gases market. Additionally, the government is investing a significant amount of money in various research and development (R&D) projects to support a number of businesses, which is assisting the market's expansion.

Bulk oxygen is frequently needed in the medical field to reduce the risk of having too much oxygen in the lungs or other body tissues during operations and to provide artificial breathing. Nitrogen is used in pre-flight lung diagnosis to determine an individual's ability to respond to a simulated aeroplane cabin environment. Carbon dioxide can be utilised during insufflation and combined with oxygen to stimulate respiratory simulation.

The Asia-Pacific region's gas production is expected to increase by more than 6.8%. The majority of the region's growth is being driven by China, where domestic gas production is expected to increase by over 21.7% by 2028 as a result of continuing official support for increasing gas output. India is anticipated to expand and generate more in comparison to 2021. More seasoned suppliers like Malaysia and Indonesia, however, experience a slight dip during the projection period. While Norwegian production is rebounding following the decline in 2020 and significant maintenance in 2021, other European domestic production is anticipated to have a nearly 25% decline. This is a result of the North Sea's depleting fields, the Netherlands's closure of Groningen, and the terminal output reduction of smaller fields there and around Europe.