As per the recently published report by MarketsandMarkets™, The “Industrial Gases Market by Type (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Inert Gases), End-use Industry (Chemicals, Electronics, Food & Beverages, Healthcare, Manufacturing, Metallurgy, and Refining), and Region – Global Forecast to 2028″, is projected to grow from USD 105.6 billion in 2023 to USD 137.9 billion by 2028 at a CAGR of 5.5%.
The growing healthcare industry is serving as a major catalyst for the robust growth of the industrial gases market. Industrial gases, such as oxygen, nitrogen, and carbon dioxide, play indispensable roles in various medical applications, including respiratory therapies, medical imaging, and pharmaceutical manufacturing. As the healthcare sector continues to expand globally, driven by an aging population, technological advancements, and increased emphasis on healthcare infrastructure, the demand for industrial gases in critical medical processes is witnessing a significant surge, solidifying their pivotal role in supporting and advancing healthcare services.
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- 158 Market data Tables
- 49 Figures
- 212 Pages and in-depth TOC on “Industrial Gases Market – Global Forecast to 2028”
This report also provides a comprehensive analysis of the companies listed below:
The major players in industrial gases market include Air Liquide (France), Linde plc (England), Air Products & Chemicals, Inc. (US), Messer SE & Co. KGaA (Germany), and Nippon Sanso Holdings Corp. (Japan) are among the leading players operating in the industrial gases market. These players have adopted various growth strategies to strengthen their position in the market. This includes expansions and acquisition activities further to expand their presence in the industrial gases market.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the industrial gases market.
Recent Developments in Industrial Gases Market Industry
- In November 2023, Air Liquide has partnered with Groupe ADP, to support the development of hydrogen infrastructure in airports.
- In March 2023, Air Liquide has announced the construction of an industrial-scale ammonia (NH3) cracking pilot plant, in Belgium.
- In December 2023, Linde Plc has increased the liquid hydrogen production capacity at its facility in McIntosh, Alabama.
- In September 2022, Abdullah Hashim Industrial Gases & Equipment Co. Ltd. (a joint venture of Air Products & Chemicals, Inc.) has announced the acquisition of Air Liquide’s Merchant Industrial Gases Business (i.e., Al Khafrah Industrial Gases).
- In April 2023, Air Products & Chemicals, Inc.has announced to build own, and operate two nitrogen plants in Penang’s Bayan Lepas Free Industrial Zone and Batu Kawan Industrial Park, in Malaysia.
- In March 2023, Messer SE & Co. KGaA has started a new air separation plant in Vratimov, Czech Republic.
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By Type, Hydrogen is expected to be third fastest growing gas after Oxygen and Nitrogen during the forecast period
Hydrogen stands as the third fastest-growing industrial gas, following oxygen and nitrogen, owing to its versatile applications across diverse industries. Widely recognized for its role in petroleum refining and chemical synthesis, hydrogen is gaining prominence in the emerging field of green energy. It serves as a clean fuel for fuel cells, a promising technology for electric vehicles and stationary power generation. Additionally, hydrogen is integral to industries such as electronics, where it is used in the production of semiconductors, showcasing its pivotal position in advancing both traditional and cutting-edge industrial applications.
By End-use Industry, food and beverages industry to be the fastest growing end-use industry
The food and beverages industry has emerged as the fastest-growing end-use sector in the industrial gases market, driven by an increasing focus on food preservation, quality enhancement, and innovative processing methods. Industrial gases, such as nitrogen and carbon dioxide, play pivotal roles in various applications within this sector. In food preservation, the controlled atmosphere provided by nitrogen helps extend the shelf life of perishable goods, preventing oxidation and microbial growth. Additionally, carbon dioxide is widely used in the carbonation of beverages, contributing to the effervescence in sodas and sparkling drinks.
Europe is the third largest market after Asia Pacific and North America during the forecast period.
As the semiconductor industry experiences growth and innovation under the European Chips Act, there is a corresponding opportunity for the industrial gases market in Europe. The increased emphasis on electronic components’ design, manufacturing, and integration into systems, as well as the support for research and innovation in next-generation microprocessors, is likely to spur demand for industrial gases in manufacturing processes, particularly in semiconductor fabrication. This aligns with the broader goal of supporting the digital transformation of the economy and society, fostering advancements in technology, and contributing to the objectives outlined in the European Green Deal, ultimately propelling the growth of the industrial gases market in Europe.
