Industrial Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Industrial Gas Market is segmented by Product Type (Atmospheric Gases, Noble Gases, Elemental Gases, Liquefied Gases, Compound Gases, Hydrocarbon Gases, and Other Product Types), End-user Industry (Oil and Gas, Energy and Power, Petrochemical and Chemical Manufacturing, Medical and Pharmaceutical, Food and Beverage, Mining, Transportation, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

industrial gas market overview
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %
industrial gas market major players

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Market Overview

The industrial gas market size was estimated at 950,000 kiloton in 2020, and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Carbon dioxide is used to produce carbonated soft drinks and soda water. Restaurants and beverage selling retailers were negatively affected owing to the pandemic scenario, which led to a decrease in the consumption of carbonated beverages during the COVID-19 situation, thus negatively impacted the industrial gas market. Furthermore, construction works were also on temporary halt during the lockdown, thus led to a decrease in the consumption of industrial gases like argon and hydrogen, which are used for welding purposes while construction, thus negatively impacted the market’s growth. However, the demand for oxygen for resuscitation and inhalation therapy has been increased from the medical industry during the pandemic situation, which stimulates the market’s growth.

  • Over the short term, the growing need for alternate energy sources and increasing demand from the healthcare sector are expected to drive the growth of the industrial gas market.
  • Environmental regulations and safety issues are projected to the market's growth.
  • Industrial growth in Asia-Pacific and Africa is likely to create opportunities for the market in the coming years.
  • The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Industrial gases mainly consist of carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton-xenon. Out of which, the atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the temperature of the air until the respective components get liquified and separated. The industrial gas market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into atmospheric gases, noble gases, elemental gases, liquefied gases, compound gases, hydrocarbon gases, and other product types. By end-user industry, the market is segmented into oil and gas, energy and power, petrochemical and chemical manufacturing, medical and pharmaceutical, food and beverage, mining, transportation, and other end-user industries. The report also covers the market size and forecasts for the industrial gas market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).

Product Type
Atmospheric Gases
Noble Gases
Elemental Gases
Liquefied Gases
Compound Gases
Hydrocarbon Gases
Other Product Types
End-user Industry
Oil and Gas
Energy and Power
Petrochemical and Chemical Manufacturing
Medical and Pharmaceutical
Food and Beverage
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from the Healthcare Sector for Medical Applications

  • The growth in the advancement of technology in the healthcare industry gives rise to the demand for industrial gases.
  • The development of gas-assist equipment suppliers in the medical industry offers an assortment of equipment and controls, yet the fundamental procedure is comparative in all variations.
  • Changes in pressure and stream control predominantly empower organized control of process variables.
  • In the medical industry, bulk oxygen is required in many cases to minimize the risk of excess oxygen in the lungs or body tissue during surgeries and for providing artificial ventilation. Nitrogen is utilized in pre-flight lung diagnosis to calculate a person’s ability to respond to a simulated aircraft cabin environment. Carbon dioxide can be used at the time of insufflation and can be infused with oxygen for stimulation of the respiratory simulation.
  • This way, the application of technology in healthcare, using gases, has been increasing rapidly in recent times.
  • In 2019, the global medical technology industry had a revenue of USD 429.8 billion, with a growth rate of 6.3% compared to the previous year, which stimulates the demand for the industrial gas market.
  • According to India Brand Equity Foundation (IBEF), the Indian healthcare market is expected to reach about USD 372 billion by 2022, considering the rising per capita income, increasing health awareness, and others, which stimulates the demand for medical gases.
  • Owing to all these factors, the market for industrial gas is likely to grow globally during the forecast period.
industrial gas market trends

Asia-Pacific Dominated the Industrial Gas Market

  • Asia-Pacific was the largest market for industrial gases. China accounted for a major chunk of the consumption in the region. However, India is expected to witness the fastest growth in the region.
  • India is the third-largest producer of iron and steel in Asia-Pacific, and the production is increasing at a rapid pace every year.
  • Industrial gases also find their application in the transportation sector including, tire manufacturing using pressurized nitrogen, high-pressure argon for airbags, and carbon dioxide and nitrogen for precise and secure welding. As of Q3 2019, China had produced 18.17 million vehicles and reached 16.96 million vehicles by Q3 2020, registering a decline rate of about 6.66%.
  • Growing demand for iron and steel from various industries and the upcoming steel ventures, coupled with the government initiatives to boost the manufacturing sector, are expected to boost the usage of mechanical gas creation units to address the mass prerequisites for modern gasses.
  • Industrial gases are used for welding purposes in the construction industry. China was leading in the construction industry with market size of USD 1092.9 billion in 2019, with a growth rate of 14.71% compared to the previous year.
  • Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
industrial gas market share

Competitive Landscape

The industrial gas market is consolidated in nature. Some of the major players in the market include Air Liquide, Air Products Inc., Linde PLC, Messer Group GmbH, and BASF SE, among others.

Recent Developments

  • In February 2021, Air Products Inc. started its new cryogenic nitrogen plant in Bayan Lepas of Malaysia, which may further enhance the company’s business.
  • In December 2020, Linde PLC announced to start an equal share joint venture with Sahara International Petrochemical Company (Sipchem) with the intention to build production and supply systems to meet the growing demand for industrial gases in Saudi Arabia.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Need for Alternate Energy Sources

      2. 4.1.2 Increasing Demand from the Healthcare Sector

    2. 4.2 Restraints

      1. 4.2.1 Environmental Regulations and Safety Issues

      2. 4.2.2 Unfavorable Conditions Arising due to the Impact of COVID-19

      3. 4.2.3 Other Restraints

    3. 4.3 Value Chain/Supply Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION (Market Size by Volume)

    1. 5.1 Product Type

      1. 5.1.1 Atmospheric Gases

      2. 5.1.2 Noble Gases

      3. 5.1.3 Elemental Gases

      4. 5.1.4 Liquefied Gases

      5. 5.1.5 Compound Gases

      6. 5.1.6 Hydrocarbon Gases

      7. 5.1.7 Other Product Types

    2. 5.2 End-user Industry

      1. 5.2.1 Oil and Gas

      2. 5.2.2 Energy and Power

      3. 5.2.3 Petrochemical and Chemical Manufacturing

      4. 5.2.4 Medical and Pharmaceutical

      5. 5.2.5 Food and Beverage

      6. 5.2.6 Mining

      7. 5.2.7 Transportation

      8. 5.2.8 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Air Liquide

      2. 6.4.2 Air Products Inc.

      3. 6.4.3 AMCS Corporation

      4. 6.4.4 Asia Industrial Gases Pte. Ltd

      5. 6.4.5 BASF SE

      6. 6.4.6 Bhuruka Gases Limited

      7. 6.4.7 Buzwair Group

      8. 6.4.8 Chart Industries

      9. 6.4.9 Ellenbarrie Industrial Gases

      10. 6.4.10 EPC Group (Cryotech)

      11. 6.4.11 Gulf Cryo

      12. 6.4.12 Matheson Tri-Gas Inc.

      13. 6.4.13 Messer Group GmbH

      14. 6.4.14 SOL SpA

      15. 6.4.15 Taiyo Nippon Sanso Corporation

      16. 6.4.16 Linde PLC

    5. *List Not Exhaustive

    1. 7.1 Industrial Growth in Asia-Pacific and Africa

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Industrial Gas Market market is studied from 2016 - 2026.

The Industrial Gas Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Air Liquide, Air Products Inc., Messer Group GmbH, BASF SE, Linde plc are the major companies operating in Industrial Gas Market.

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