Global Industrial Gases Polymer Market Size & Share Report, 2032

Summary
Market Landscape
Methodology
Table of Contents

Global Industrial Gases Market Size, Share & Trends Analysis Report, by Product (Nitrogen, Oxygen), By Application (Healthcare, Manufacturing, Retail), By Distribution (Bulk, Cylinder), by Region, And Segment Forecasts, 2023 - 2032

Industrial gases like oxygen, nitrogen, and hydrogen are essential for industries such as healthcare, manufacturing, and energy. They support processes like metal cutting, food preservation, and medical treatments. The Global Industrial Gases Market was valued at more than USD 100 billion in 2024 and is projected to reach USD XX billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of XX% during the forecast period from 2025 to 2032.

Industry Trends

The industrial gas industry is witnessing steady expansion, driven by increasing demand across various sectors such as healthcare, electronics, and manufacturing. The market is expected to grow significantly, supported by advancements in gas separation and purification technologies. The Asia-Pacific region remains a dominant player, fueled by rapid industrialization and urbanization in countries like China and India. Additionally, industries are shifting toward sustainable solutions, leading to a rise in demand for green hydrogen and carbon capture technologies to reduce environmental impact.

Several factors contribute to this growth, including the rising use of medical gases in hospitals and emergency care, especially after global health crises emphasized their importance. The electronics industry also plays a crucial role, as semiconductor manufacturing requires high-purity industrial gases for production. Furthermore, the food and beverage industry depend on gases like nitrogen for packaging and preservation, ensuring longer shelf life for products. The expansion of industrial infrastructure and ongoing technological innovations continue to drive demand industrial gases market.

However, the industrial gases industry faces notable challenges. Stringent environmental regulations are pushing companies to adopt cleaner and more energy-efficient processes, increasing operational costs. Fluctuations in energy prices and raw material availability can impact profit margins, while geopolitical uncertainties and trade restrictions may disrupt supply chains. Despite these challenges, industrial gas companies are investing in sustainability initiatives and innovative gas applications to maintain growth and competitiveness in an evolving market.

Industry Expert’s Opinion

Alexandre Dufour, Chief Executive Officer, Erium

“The name ‘Erium’ (pronounced AIRIUM) was inspired by the natural resource – air – and our scientific expertise, The ‘IUM’ suffix connects to the science of gases and materials, reflecting our scientific expertise and the premium quality and optimum solutions we provide. This name encapsulates our commitment to innovation and excellence in the industrial and medical gases sector.”

Ndeye Khady Dramé, former Director of Operations Control and Communication, Air Liquide

“Industrial and medical gases are at the heart of all industrial transformation on the continent – across infrastructure, construction, mines, oil & gas, health, and agro-industry.”

TT Consultants’ Perspective

The industrial gas market is witnessing substantial growth, driven by expanding applications in healthcare, manufacturing, and energy sectors. Increasing demand for oxygen, nitrogen, and hydrogen in medical treatments, metal fabrication, and clean energy solutions is shaping market dynamics. Innovations in gas production, storage, and distribution, along with rising environmental concerns, are further influencing the industrial gas industry.

Market Segmentation

1. By Product (Oxygen, Nitrogen)

Oxygen accounted for XX% of the total market revenue in 2024, making it the dominant segment. It is essential in industries like steel manufacturing, healthcare, and chemical processing. Oxygen also enhances fuel combustion efficiency and is widely used in environmental cleanup processes.

Nitrogen is the fastest-growing industrial gas due to its extensive use in pharmaceuticals and healthcare. It is crucial for cryopreservation, drug manufacturing, and food packaging. The rising need for medical gases, especially during global health crises, has significantly boosted its demand.

2. By Application (Healthcare, Manufacturing, Retail)

The healthcare sector is the fastest growing segment, driven by rising investments in medical research and life-saving treatments. Nitrogen and carbon dioxide are widely used in vaccine storage, tissue preservation, and respiratory therapies. The demand for medical gases continues to grow due to advancements in the pharmaceutical industry.

Manufacturing held the largest share of XX% in 2024, with industrial gases playing a key role in improving efficiency. Carbon dioxide is extensively used in rubber mold cleaning, while oxygen and nitrogen aid in metal processing and welding. These gases help in reducing production downtime and enhancing product quality.

Industrial gases are widely used in the retail sector, particularly in food and beverage preservation. Nitrogen and carbon dioxide help extend shelf life, maintain freshness, and improve packaging. The demand for industrial gases in retail continues to rise as companies seek better storage solutions.

3. By Distribution (Bulk Distribution, Cylinder Distribution)

Bulk distribution involves transporting liquefied or natural gas through pipelines or road tankers. It is ideal for industries requiring a steady supply, such as manufacturing and energy sectors. This method ensures cost efficiency and reduced transportation costs.

Cylinder distribution is the most common and preferred method, accounting for a XX% market share in 2024. Gases are stored in steel or aluminum cylinders and delivered to consumers, including hospitals and small-scale manufacturers. This distribution model is favored due to its portability and ease of handling.

4. By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)

North America is the second-largest market, driven by healthcare advancements and industrial expansion in the U.S. and Canada. The demand for clean energy solutions is boosting the adoption of industrial gases in sustainable applications.

Europe is a mature market with strong demand from automotive, healthcare, and industrial sectors. Stringent environmental regulations are driving the adoption of eco-friendly gases for reducing emissions and improving industrial efficiency.

Asia Pacific is the largest and fastest-growing regional market, holding a XX% share in 2024. Countries like China and India are witnessing rapid industrialization, increasing the demand for industrial gases in aerospace, healthcare, and manufacturing. Government investments in infrastructure are also fueling growth. In Latin America, Industrialization in Brazil and Mexico is leading to increased consumption of industrial gases.

The food and beverage sector also relies on these gases for packaging and preservation. The region's market is expected to grow steadily in the coming years. The Middle East & Africa market is expanding due to rising demand from oil and gas industries. Industrial gases are widely used in refining, welding, and petrochemical applications. The increasing focus on energy diversification is expected to drive further growth.

Competitive Scenario

The key competitors in the global Industrial Gases market are Air Liquide, Air Products Inc., INOX-Air Products Inc., Iwatani Corp., Linde plc, Messer, SOL Group, Strandmøllen A/S, and Taiyo Nippon Sanso Corp, among others.

Strategic Activities

In February 2025, Air Liquide announced an increase in its operating profit margin target, aiming for a 460-basis point rise between 2022 and 2026. This decision follows a 2.6% comparable revenue growth in 2024, reaching EUR 27.06 billion.
In February 2025, Air Liquide and TotalEnergies committed over EUR 1 billion to develop two large-scale low-carbon hydrogen production plants in the Netherlands. The first project, a 200 MW electrolyzer in Rotterdam, is set to begin operations by the end of 2027, powered by offshore wind farms.
In February 2025, Linde plc reported robust financial performance for 2024, with sales reaching USD 33 billion. The company highlighted its commitment to sustainability and innovation in industrial gas and engineering solutions.
In July 2024, Honeywell agreed to acquire Air Products' liquefied natural gas (LNG) process technology and equipment business for USD 1.81 billion. This acquisition aims to enhance Honeywell's energy transition solutions by integrating natural gas pre-treatment and liquefaction technologies