Industrial Gases Market size was valued at USD 100.32 billion in 2023 to USD 161.8 billion by 2031, growing at a CAGR of 6.16% in the forecast period (2024-2031). Industrial gases are produced as gases used in a wide range of industrial applications at ambient temperatures and pressures. They include pure gas, mixtures and gases. Oxygen, nitrogen, hydrogen, carbon dioxide, carbon monoxide, acetylene, and noble gases are some of the common industrial gases. Industrial gases are transported as gases or liquids through vents, bulk water, or pipelines. The industrial gases market is driven by the growing global oil and gas production and increasing domestic and industrial consumption of natural gas.
Increasing demand for industrial gases from key end-use sectors such as oil, gas, chemical, petrochemical, food, beverage and power industries. Increasing use of industrial gases in various industries such as construction, steel, mining and food processing is driving the market expansion. Furthermore, increasing global demand for electronics and renewables is expanding the market.
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Expanding Horizons, Industrial Gases Powering Global Industries
The industrial gas market is dominated by several large global companies such as Air Liquide, Linde Plc, Air Products & Chemicals, and Praxair. These companies compete on scale, advanced technology and customer-centric solutions around. To maintain market leadership, the companies will focus on developing product improvements, expanding their production lines and adopting environmentally friendly practices.
A key driver of competitiveness is the ability to meet specialty gas requirements for specific industries. For example, ultrapure air is needed in semiconductor manufacturing, while oxygen is medically needed in terms of healthcare. Companies therefore compete by forming strategic partnerships with end-user companies to provide scalable solutions and ensure reliable supply chains and on-site manufacturing.
Competitive Landscape an Overview of the Industrial Gases Market
Air Liquide’s focus on health and clean energy. Air Liquide has strengthened its position with expertise in medical gases, especially oxygen and respiratory gases, which have become essential in healthcare applications.
Linde’s CO2 Capture and Usage Technology” Linde plc stands out for its innovation in CO2 capture and reuse technology, which enables industries to reduce emissions and generate CO2 as a viable resource for other industries. These environmental initiatives align with Linde’s broader objective of reducing its carbon footprint and are an important competitive differentiator.
Strategic alliances for wind turbines for hydrogen Wind utilities and chemical companies have made notable progress in the market, partnering with companies to build large green hydrogen plants.
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Strategic Cooperation and Partnership
In February 2023, India launched the National Green Water Mission with the aim of producing 5Mt of renewable hydrogen by 2030 and becoming one of the leading producers of electrolyzers.
In April 2022, Cryogenic Industrial Solutions (CIS) confirmed the acquisition of Colorado-based NITRO Crete. NITRO Crete will continue to be led by current CEO Stephen De Bever.
This report covers following segments:
Printer Type
Oxygen
Nitrogen
Carbon Dioxide
Distribution Channel
Cylinder
On-site
End User
Energy
Residential
Commercial
Transport
Industry
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Industrial Gases Market Top Player’s Company Profiles
Linde plc
Air Liquide
Air Products and Chemicals, Inc.
Praxair, Inc.
Taiyo Nippon Sanso Corporation
Messer Group GmbH
Yingde Gases Group Co., Ltd.
Gulf Cryo
Universal Industrial Gases, Inc.
Coregas Pty Ltd
Matheson Tri-Gas, Inc.
SOL Group
The BOC Group Limited
Nippon Gases
Air Water Inc.
TAIYO TOYO SANSO Corporation
Asia Technical Gas Co. (Pte) Ltd
Iceblick Ltd
Airgas, Inc.
Iwatani Corporation
Transforming the Market Landscape
With increasing regulatory pressures and environmental concerns, companies in the industrial gases market are strengthening their focus on sustainable practices such as CO2 capture, hydrogen production and gas. The ability to deliver tailored gas solutions for specific industries, whether ultra-clean air for electronics or medical oxygen for healthcare, is critical to competitive success in a diversified marketplace. Leading companies are expanding their geographic reach, especially in emerging markets, to accommodate the growing demand for technology, paving the way for greater market growth and supply chain flexibility.
The industrial gases market is moving towards sustainable, unique and global solutions that can meet the unique needs of today’s businesses. With technological advances and strategic partnerships, the industry is well positioned to meet emerging demand, especially in areas focused on clean energy and high-tech sectors.
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