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The industrial gases market size is projected to grow from $123.7 billion in 2026 to about $283.0 billion by 2040, representing a CAGR of 6.09%, during the forecast period 2026-2040.
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The new research study consists of industry trends, detailed market analysis, key market trends of industrial gases market, SWOT analysis and value chain analysis.
Industrial gases, such as oxygen, nitrogen, hydrogen, carbon dioxide, Acetylene, and Argon are essential gases that are manufactured and supplied for use in various industrial processes. These gases play a pivotal role in manufacturing, healthcare, food and beverage preservation, environmental protection, and numerous other industries. These gases improve operational efficiency, enhance safety, and enable technological advancements across industries. In recent years, the increasing urbanization and industrialization have fueled the demand for industrial gases among key applications.
In terms of the type of gases, oxygen is one of the leading gases due to its wide range of applications particularly, in healthcare sectors where it is largely used for critical patient care and respiratory disease treatment. In this context, the COVID-19 pandemic is one of the recent examples that has spiked oxygen demand and driven the growth of the industrial gases market around the world. This unprecedented incident has expanded the scope of the market which continues to rise.
Further, the soaring construction industries are further amplifying the market opportunities with an increasing need for industrial gases. As a result, leading industrial gas companies are leveraging this opportunity and boosting their services and market reach. The industrial automation is also contributing to the growth of this market as many automated processes rely on industrial gases for wide range of applications. In addition, with the current variety of applications, new uses for these gases are also emerging with the ever-growing industries and technologies.
Due to this, numerous companies are entering the market and investing in advanced technologies and innovative solutions, such as high-purity and specialty gases for specific applications. The precious metal is another crucial segment where industrial gases play critical role, specifically in refining and processing operations. It is interesting to note that by broadening product and service offerings to cater to a wider range of industries and applications, stakeholders are driving market growth which is anticipated to continue to grow over this forecast period.
The market report presents an in-depth analysis of the various service providers that are involved in offering industrial gases, across different segments, as defined in the table below:
| Key Report Attributes | Details | |
| Historical Trend | Since 2022 | |
| Base Year | 2025 | |
| Forecast Period | 2026-2040 | |
| Market Size Value in 2026 | $ 123.7 Billion | |
| Market Size Value by 2040 | $ 283.0 Billion | |
| Growth Rate | CAGR of 6.09% from 2026 to 2040 | |
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| Type of Distribution |
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| Leading Market Players |
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| PowerPoint Presentation (Complimentary) |
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| Customization Scope | 15% Free Customization | |
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The global industrial gases market features multiple types of products including atmospheric gases, process gases, and others. As per our market research, atmospheric gases capture the majority of the market shares and will likely dominate the segment. This dominance can be attributed to the rising demand for atmospheric gases, such as oxygen and nitrogen, in the medical and healthcare sector where these gases play a crucial role in respiratory treatment, medical imaging and diagnostics, sterilization & preservation, and pharmaceutical manufacturing. However, with the growing industrialization and construction industries, the process gases segment will drive the market at the fastest CAGR throughout the forecast period.
Based on the type of gases, the market is segmented into acetylene, argon, carbon dioxide, hydrogen, nitrogen, oxygen and others. According to our projection, oxygen is anticipated to obtain the highest industrial gases market shares, which is likely to contribute to leading the market over this forecast. As oxygen is essential across a variety of industries, including chemical, environmental, and water treatment, it is fuelling the market demand. In addition, it is also extensively used in various industrial processes, including steel manufacturing, chemical production, and metal fabrication. Due to this, oxygen is projected to experience a higher CAGR in the coming years.
The global industrial gases market features diverse technologies, such as cryogenic air separation, membrane separation, pressure swing adsorption (PSA), and steam methane reforming. As per market research, cryogenic air separation holds the maximum market share and is expected to lead the market over this forecast. The efficiency of the segment in separating air into its component gases, including nitrogen, oxygen, and argon by exploiting the differences in their boiling points makes it a popular option for achieving high purity levels for each gas.
In addition, this process also aids in meeting stringent industrial requirements and uplifts the market's growth. Further, pressure swing adsorption (PSA) is anticipated to drive the market growth at a faster CAGR due to the growing use of the PSA method with application in air separation, gas drying, and hydrogen purification. Interestingly, PSA technology is now being used in new areas, including purifying methane from natural and biogas. This has reflected PSA's potential for further expansion, which will likely reinforce the market growth during this projection time frame.
This segment underscores a wide range of industrial gas applications, including air separation, carbonation, coolant, cryogenic, cutting & welding, laboratory, packaging and others. On the basis of the type of application, the cryogenic segment holds the largest industrial gases market share and is poised to be a dominating segment. The inflating demand for freezing and chilling technologies, specifically in the food and beverage industry, has driven the growth of the market.
Furthermore, cryogenics is a vital process in the pharmaceutical industry that requires nitrogen and oxygen for the improved bioavailability of drug formulations. Although, cutting and welding are expected to propel the market growth at a substantial CAGR in the coming years majorly due to their extensive use in manufacturing, metal fabrication, construction, automotive, shipbuilding, and aerospace industries, where gases like oxygen, acetylene, and argon are essential. These industrial gases are crucial for various welding techniques and metal cutting, which ensure precision, quality, and efficiency.
The global industrial gases market is divided into different sizes of companies such as small and medium-sized enterprises (SMEs) and large enterprises. Based on company size, the large enterprise & industrial gas companies capture the maximum market shares and are likely to dominate the market during this forecast.
This can be ascribed to the companies’ extensive global operations, significant market share, and diverse product portfolios. Further, these major players dominate the market with their vast resources, advanced technologies, extensive distribution networks, and ability to serve a wide range of industries and regions. As they often set industry standards, invest heavily in research and development, and have strong relationships with key customers, which allow them to maintain their leading position.
The global industrial gases market has a variety of end-users such as chemicals & energy, electronics, food & beverages, healthcare, manufacturing, metallurgy & glass, mining, retail, water treatment and others. Based on the type of end users, the healthcare sector dominates the market with the highest market shares.
This can be attributed to a high and consistent demand for medical oxygen in the healthcare industry, which is essential for patient care, particularly in respiratory therapies. Moreover, the industry's reliance on medical imaging technologies, including MRI machines that require helium, has further boosted demand. Furthermore, significance of industrial gases in sterilizing medical equipment and preserving biological samples is anticipated to boost the market growth in the future.
Based on the type of distribution, the global market for industrial gases is split into bulk (liquid gas transport), cylinder (merchant) and on-site. As per our projection, currently, the bulk segment is acquiring the highest market share and is likely to dominate the market. This is attributed to the ample demand for industrial gases, including oxygen, nitrogen, and argon which are often transported in bulk via tanker trucks or railcars to large industrial customers, such as steel manufacturers, chemical plants, and refineries. Additionally, these end users require large volumes of gases and rely on scheduled deliveries to meet their production needs. Thus, these factors are expected to fuel the industrial potential growth of the market over this projection period.
This segment highlights the distribution of the industrial gases market across various geographical regions. In terms of revenue, Asia Pacific regions are dominating the global market for industrial gases with its largest acquisition of market shares. This can be attributed to rapid industrialization, expanding manufacturing sectors, and infrastructure development in emerging nations.
Further, China, India, and Southeast Asian nations are witnessing notable growth in industries such as manufacturing, construction, automotive, electronics, and chemicals further augmenting the market growth. Additionally, technological advancements and emerging markets are substantially contributing to the region's prominence in driving industrial gas demand. Therefore, this trend is unlikely to change and will drive the market at a higher CAGR throughout this forecast period. It is worth mentioning that Europe's industrial gas market is anticipated to experience ample growth in the future with its advanced application industries.
Perpetually growing industrialization across the world has been fueling a surge in the demand for industrial gases owing to their remarkable advantages. There are numerous benefits of industrial gases across diverse industries. Firstly, in manufacturing, these gases play an essential role in improving manufacturing efficiency and product quality in processes, including welding, cutting, and inserting.
Additionally, in the healthcare sector, these gases offer immense advantages in patient care, respiratory therapy, and surgical procedures. Apart from this, the advantage of nitrogen and carbon dioxide in keeping food and beverages preserved and packed is lifting the market demand in the food industries. Similarly, hydrogen is witnessing a higher demand as it is a clean energy source used in fuel cells to generate electricity. As a result, with expanding applications due to several advantages of industrial gases, the market is expected to grow exponentially during the forecast period till 2040.
The global industrial gases market is highly concentrated with different sizes of companies operating in the market. Presently, the majority of the market shares are captured by large-size companies. Some of the prominent industrial gas companies in the market include Air Liquide, Linde Group, Praxair, Air Products, and others. These companies are stimulating market growth with their highest profit revenue and diverse product portfolio.
As well as through extensive global operations, a wide range of products, services, and advanced technologies, these companies are enhancing their competitive edge. Additionally, key players in the market are forming strategic partnerships, high capital investment and adopting innovative technologies to stay abreast of the market competition. For instance, In May, Linde announced to invest around $150 million to construct, own, and operate a new on-site air separation unit (ASU) in Boden, northern Sweden. This facility will supply oxygen, nitrogen, and argon to H2 Green Steel’s advanced integrated plant.
Several factors are driving the growth of the market; however, the expansion of its applications across different end-user industries is a major industrial gases market driver to fuel the market demand. Significantly, the growing manufacturing and healthcare industries are experiencing a rise in the need for industrial gases for various purposes, boosting market growth. Along with the food & beverage, chemical, and electronics, the oil, gas, and petrochemical industries are expanding at a rapid pace and thriving as one of the key end-users of these gases. Consequently, these factors are ascribed to boosting the market growth in over this forecast period.
With regard to regional insights, the Asia is emerging as a strong region in the global industrial gases market and reflects a considerable potential to be a dominating region. The region is poised to lead the market with increasing industrialization and urbanization, which notably boost the demand for industrial gases. Besides, rapidly growing economies in developing countries, such as India, China, and South Korea and their expanding manufacturing, energy, semiconductor, and refinery industries are inflating the demand for industrial gases.
Furthermore, the increasing number of industrial gas suppliers in the region is substantially contributing to propelling the market growth. To address this rising demand, these countries are increasingly investing in the oil and gas sector for sustainable energy sources. For instance, in February, during an IEW event, the Indian Prime Minister announced that India will invest around $67 billion over the next 5-6 years to develop the gas sector. Additionally, in May, INOX Air Products announced to set up 190-ton green hydrogen projects in two Indian states. As a result, Asia is expected to grow at a faster growth rate during forecast period till 2040.
Examples of key service providers involved in the Industrial Gases industry (which have also been captured in this market report, arranged in alphabetical order) include Airgas, Air Water Incorporation, BASF, Bhuruka Gases Ltd, Bristol Gases, Concorde-Corodex Group, Dubai Industrial Gases, Ellenbarrie Industrial Gases, Gulf Cryo, KGaA, Linde, Matheson, Tri-Gas, Messer Group, Nippon Sanso Holding, Southern Company Gas, Universal Industrial Gases.