The global industrial gases market revenue was around US$ 93.8 billion in 2022 and is estimated to reach US$ 154.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.7% during the forecast period from 2023 to 2031.
The term "industrial gases" refers to the gaseous materials utilized for industry purposes. The few main gases used in industry include oxygen, nitrogen, hydrogen, carbon dioxide, acetylene, and noble gases. These gases are delivered to several end-use industries through gas tankers in both, gaseous and liquefied forms. These gases are produced from the process of cryogenic filtering of air through air separation units.
Market Driving Factors
The surge in investment in the manufacturing and processing sectors will create a positive impact on the market. Rising private and public investment to discover new horizons in a variety of industrial sectors, including food & beverage, metallurgy, and mining & metal, particularly in emerging countries is estimated to drive the market. For instance, according to the World Investment Report released by the United Nations Conference on Trade and Development (UNCTAD), the amount of foreign direct investment (FDI) that entered the Asia Pacific region in total was around US$ 474 billion, or more than 30% of the total FDI movement worldwide. The organization further reported that Southeast Asian nations like Malaysia and Singapore are expected to rank among the leading economies in the region for attracting new investment opportunities.
The surge in the use of industrial gases in the oil and gas industry will create a positive impact on the market. The increasing worldwide crude oil demand and the requirements for refining have increased the demand for gases. Industrial gases are widely used in the oil and gas industry for downstream and upstream applications, including drilling, coiled tubing, leak testing, inspection, and maintenance. They are also used for subsea works, subaerial structures, catering services, gas analysis, firefighting, sulfur compounds, and other uses. Growth of the oil and gas industry would leverage the demand for these gases for several applications which would further fuel the market expansion.
Strict regulations and laws for the production, distribution, and storage of gases are likely to constrain the market growth.
Regional Analysis
Asia-Pacific dominates the market. Growing population, the existence of established market participants, and expanding economies like China, India, Singapore, and South Korea are elements boosting the demand for industrial gases in the region. Furthermore, the growing urbanization and industrial expansion in the region are further factors that benefit the market. There is lucrative potential for producers operating in the market owing to the growing food and beverage, electronics, manufacturing, and mining sectors in the region. The aforementioned key component fuels the expansion of the market in the region.
Segmentation Insights
Type Insight
The oxygen segment dominates the market. This segment is a highly reactive oxidizing agent and nonmetal because it readily forms oxides with several compounds and other elements. It constitutes 21% of the earth's atmosphere. The typical commercial process of preparing almost 99% pure oxygen air separation by vacuum swing adsorption or cryogenic distillation process where this segment is distinct from the air. Global demand for oxygen production is rising due to the expansion of industries like as agriculture, transportation, manufacturing of steel and other metals, drinks, chemicals, food, glass, medicine, shipbuilding, space exploration, and others that depend on stable oxygen for their activities. The extensive use of this segment in the chemical industry as a catalyst and oxidizing agent will contribute to boosting the segment growth.
End Use Industry Insight
The construction segment dominates the market throughout the projection period. Industrial gases are used in a variety of ways in the segment. It serves as fuel for welding metals. It serves as a gas insulator between window panes. It has a broad range of applications in this sector, due to its ability to resist corrosion. Hydrogen, oxygen, and nitrogen are utilized as fuels for welding applications. Rapid industrialization and modernization have fueled the development construction industry worldwide, especially in developing nations countries like China, India, and Brazil.
The healthcare segment is anticipated to dominate the market during the projection period. Governments all over the world are funding medical research as medical institutions and pharmaceutical firms try to create vaccinations and medicines to combat novel coronaviruses. This factor is predicted to boost the segment growth.
Prominent Companies
Segmentation Outline
The global industrial gases market segmentation focuses on Type, End Use Industry, and Region.
By Type
By End Use Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL INDUSTRIAL GASES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: INDUSTRIAL GASES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL INDUSTRIAL GASES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL INDUSTRIAL GASES MARKET, BY TYPE
5.1 OVERVIEW
5.2 OXYGEN
5.3 CARBON DIOXIDE
5.4 NITROGEN
5.4.1 FORM
5.4.1.1 COMPRESSED GAS
5.4.1.2 LIQUID NITROGEN
5.5 HYDROGEN
5.6 NOBLE GAS
5.6.1 TYPE
5.6.1.1 HELIUM
5.6.1.2 NEON
5.6.1.3 ARGON
5.6.1.4 KRYPTON
5.6.1.5 XENON
5.6.1.6 RADON
5.6.1.7 OTHERS
6 GLOBAL INDUSTRIAL GASES MARKET, BY END USE INDUSTRY
6.1 OVERVIEW
6.2 HEALTHCARE
6.3 ELECTRONICS
6.4 AEROSPACE
6.5 CONSTRUCTION
6.6 ENERGY AND POWER
6.7 OTHERS
7 GLOBAL INDUSTRIAL GASES MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL INDUSTRIAL GASES MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 LINDE PLC
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 MVS ENGINEERING PVT LTD
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 TAIYO NIPPON SANSO
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 BASF SE
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 ELLENBARRIE INDUSTRIAL GASES
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 UNIVERSAL INDUSTRIAL GASES INC
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 GULF CRYO
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 GOYAL MG GASES PVT LTD
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 PRAXAIR TECHNOLOGY INC
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 AIR LIQUIDE S.A
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 NATIONAL GASES LTD
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 MESSER GROUP
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.13 SOUTHERN GAS LTD
9.13.1 OVERVIEW
9.13.2 FINANCIAL PERFORMANCE
9.13.3 PRODUCT OUTLOOK
9.13.4 KEY DEVELOPMENTS
9.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.14 INTERNATIONAL INDUSTRIAL GASES LIMITED
9.14.1 OVERVIEW
9.14.2 FINANCIAL PERFORMANCE
9.14.3 PRODUCT OUTLOOK
9.14.4 KEY DEVELOPMENTS
9.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.15 AIR PRODUCTS & CHEMICALS
9.15.1 OVERVIEW
9.15.2 FINANCIAL PERFORMANCE
9.15.3 PRODUCT OUTLOOK
9.15.4 KEY DEVELOPMENTS
9.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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