Industrial Gases Market Report 2024, Upcoming Trends, Demand, Analysis and Forecast 2032

Author: Vishal Gupta

IMARC Group's report titled "Industrial Gases Market Report by Type (Nitrogen, Oxygen, Carbon Dioxide, Argon, Hydrogen, and Others), Application (Manufacturing, Metallurgy, Energy, Chemicals, Healthcare, and Others), Supply Mode (Packaged, Bulk, On-site), and Region 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global industrial gases market growth. The global market size reached US$ 104.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 157.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/industrial-gases-market/requestsample

Factors Affecting the Growth of the Industrial Gases Industry:

  • Technological Advancements:

Innovations in gas production, purification, and distribution processes are contributing to the growth of the market. Moreover, advancements, such as membrane separation, cryogenic distillation, and gas-to-liquid technologies, are enhancing the efficiency, purity, and cost-effectiveness of industrial gas production. These advancements not only enable suppliers to meet the increasing demand for gases but also open new application areas, such as carbon capture and hydrogen fuel cells. Besides this, technological innovations expand the application of industrial gases across diverse industries, ranging from automotive and aerospace to electronics and healthcare.

  • Environmental Regulations:

The rising adoption of industrial gases as cleaner alternatives to traditional manufacturing processes is supporting the market growth. In addition, stringent environmental regulations aimed at curbing greenhouse gas (GHG) emissions and promoting sustainable practices are impelling the market growth. Industries are focusing on reducing their carbon footprint and adhering to emissions standards, leading to increased use of industrial gases for applications, such as oxygen enrichment, nitrogen blanketing, and emission abatement. Apart from this, the increasing need for renewable energy sources like hydrogen is bolstering the market growth.

  • Rising Utilization in Electronics Manufacturing:

The increasing demand for specialty gases in electronics manufacturing is impelling the market growth. In electronics manufacturing, specialty gases play a critical role in various processes, including semiconductor fabrication, light-emitting diode (LED) production, and plasma etching. Moreover, specialty gases, such as high-purity nitrogen, argon, and various dopant gases, are essential for semiconductor manufacturing processes like chemical vapor deposition (CVD), physical vapor deposition (PVD), and ion implantation. These gases help create precise thin films, control doping levels, and maintain clean environments free from contaminants, ensuring the reliability and performance of microelectronic devices.

Leading Companies Operating in the Global Industrial Gases Industry:

  • Air Liquide S.A.
  • Linde Group
  • Air Products and Chemicals, Inc.
  • Airgas, Inc.

Industrial Gases Market Report Segmentation:

By Type:

  • Nitrogen
  • Oxygen
  • Carbon Dioxide
  • Argon
  • Hydrogen
  • Others

Nitrogen represents the largest segment as it is a cost-effective, safe, and abundantly available gas.

By Application:

  • Manufacturing
  • Metallurgy
  • Energy
  • Chemicals
  • Healthcare
  • Others

Manufacturing holds the biggest market share on account of the rising focus on maintaining strict quality and safety standards.

By Supply Mode:

  • Packaged
  • Bulk
  • On-site

Packaged accounts for the largest market share due to the increasing need for enhanced convenience and portability.

Regional Insights:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Asia Pacific enjoys a leading position in the industrial gases market, which can be attributed to the thriving healthcare sector.

Global Industrial Gases Market Trends:

The rising employment of industrial gases for applications, such as medical gas therapy, pharmaceutical manufacturing, and medical device production, is impelling the market growth. Besides this, industrial gases play a crucial role in energy-related applications, including natural gas processing, hydrogen production, and carbon capture and storage (CCS), are propelling the market growth. Companies are seeking cleaner and more efficient energy processes.

Apart from this, the rising utilization of industrial gases for welding, cutting, and other fabrication processes in the construction sector is supporting the market growth. Furthermore, the increasing awareness about workplace safety and quality standards is impelling the market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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