Industrial Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Industrial Gas Market is segmented by Product Type (Nitrogen,Oxygen, Carbon dioxide, Hydrogen, Helium, Argon, Ammonia, Methane, Propane, Butane, and Other Types), End-user Industry (Chemical Processing and Refining, Electronics, Food and Beverage, Oil and Gas, Metal Manufacturing and Fabrication, Medical and Pharmaceutical, Automotive and Transportation, Energy and Power, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for industrial gas in volume (kilotons) for all the above segments.

Industrial Gas Industry Overview

Industrial Gas Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 4 %

Major Players

Industrial Gas Market Summary

*Disclaimer: Major Players sorted in no particular order


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Industrial Gas Market Analysis

The industrial gas market is projected to register a CAGR greater than 4% during the forecast period.

COVID-19 negatively impacted the market in 2020. Carbon dioxide is used to produce carbonated soft drinks and soda water, which was affected owing to the pandemic scenario. However, the medical industry's demand for oxygen for resuscitation and inhalation therapy increased during the pandemic, stimulating 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 for the market's growth.
  • Industrial growth in Asia-Pacific and Africa will likely create market opportunities 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.

Industrial Gas Industry Segments

Industrial gases mainly consist of carbon dioxide, carbon monoxide, hydrogen, argon, nitrogen, oxygen, helium, and krypton-xenon. The atmospheric gases like oxygen, nitrogen, and argon are captured by reducing the air temperature 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 nitrogen, oxygen, carbon dioxide, hydrogen, helium, argon, ammonia, methane, propane, butane, and other types. By end-user industry, the market is segmented into chemical processing and refining, electronics, food and beverage, oil and gas, metal manufacturing and fabrication, medical and pharmaceutical, automotive and transportation, energy and power, 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 (kilotons).

Product Type
Carbon dioxide
Other Product Types (Fluorine and Nitrous oxide)
End-user Industry
Chemical Processing and Refining
Food and Beverage
Oil and Gas
Metal Manufacturing and Fabrication
Medical and Pharmaceutical
Automotive and Transportation
Energy and Power
Other End-user Industries
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
United Kingdom
NORDIC Countries
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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Industrial Gas Market Trends

This section covers the major market trends shaping the Industrial Gas Market according to our research experts:

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-assisted 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 to minimize the risk of excess oxygen in the lungs or body tissue during surgeries and to provide 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 during insufflation and infused with oxygen to stimulate the respiratory simulation.
  • According to OECD Stats, in the United States, the share of healthcare in GDP reached 17.8 percent in 2021 as compared to previous year of 18.8 percent.
  • The Chinese government has started policies to support and encourage domestic medical device innovation, providing opportunities for the market studied. As the second-largest healthcare industry globally, behind the United States, the country’s healthcare market has been more rigorous, especially in light of the COVID-19 pandemic in 2020. China is expected to have 25% of the global medical device industry revenue share by 2030. ​​
  • The healthcare sector in India is expected to reach USD 372 billion by 2022, mainly driven by increasing health awareness, access to insurance, rising income, and diseases. The medical sector in India is benefiting from the growing population at a rate of 1.6% per year. An aging population of over 100 million, rising incidences of lifestyle diseases, rising incomes, and increased penetration of health insurance are fueling the growth of more sophisticated and accurate medical devices in the industry. ​
Share of Healthcare in GDP, (%), United States 2017-2021

Asia-Pacific to Dominate the Industrial Gas Market

  • Asia-Pacific is 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 second-largest iron and steel producer in the Asia-Pacific, and production is increasing rapidly yearly. According to the World Steel Organisation, total crude steel production in 2021 stood at 118.1 metric tons (MT), an increase of 17.8% compared to last year.
  • Furthermore, after the COVID-19 second wave in the country, the Indian government has scaled oxygen production to over 19,000 MT to support domestic demand and export to other countries.
  • Growing demand for iron and steel from various industries and the upcoming steel ventures, coupled with government initiatives to boost the manufacturing sector, is expected to boost the usage of mechanical gas creation units to address the mass prerequisites for modern gases.
  • China's aerospace industry is projected to return to profitability in 2022 after facing a significant decline in the previous years. The Civil Aviation Administration of China (CAAC) has estimated the aviation sector to recover domestic traffic to around 85% of pre-pandemic levels.​
  • Industrial gases also find their application in transportation, including tire manufacturing using pressurized nitrogen, high-pressure argon for airbags, and carbon dioxide and nitrogen for precise and secure welding. According to the IATA (International Air Transport Association) report, India is poised to become the third-largest aviation market in the world by the end of 2030.
  • As per the forecast given by the Ministry of Housing and Urban-Rural Development, China’s construction sector is expected to maintain a 6% share of the country’s GDP going into 2025. Keeping in view the given forecasts, the Chinese government unveiled a five-year plan in January 2022 focused on making the construction sector more sustainable and quality-driven.
Industrial Gas Market - Growth Rate by Region, 2022-2027

Industrial Gas Market Competitor Analysis

The industrial gas market is consolidated in nature. Some of the market's major players (not in any particular order) include Air Liquide, Messer Group GmbH, BASF SE, Linde PLC, and Air Products Inc., among others.

Industrial Gas Market Top Players

  1. Air Liquide

  2. Messer Group GmbH

  3. BASF SE

  4. Air Products Inc.

  5. Linde PLC

*Disclaimer: Major Players sorted in no particular order

Industrial Gas Market - Market Concentration.png

Industrial Gas Market Recent Developments

  • In February 2022, Linde announced that it had signed a long-term agreement with BASF for the supply of hydrogen and steam. Linde will build and operate a new hydrogen production facility at Chalampé, France, effectively doubling Linde's current capacity in the Chalampé chemical park. This plant will supply BASF's new hexamethylenediamine (HMD) manufacturing facility. The plant is expected onstream in the first half of 2024.
  • In January 2022, Air Liquide will invest in a new Air Separation Unit (ASU) dedicated to Industrial Merchant activities in Kosi, Uttar Pradesh, India. This unit will have a production capacity of 350 tons per day, with a maximum of 300 tons of oxygen. Air Liquide India will build, own, and operate this ASU, which is planned to start operating by the end of 2023.

Industrial Gas Market Report - 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 For Frozen and Stored Food

      3. 4.1.3 Increasing Demand from the Healthcare Sector

    2. 4.2 Restraints

      1. 4.2.1 Environmental Regulations and Safety Issues

      2. 4.2.2 Other Restraints

    3. 4.3 Value 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 Nitrogen

      2. 5.1.2 Oxygen

      3. 5.1.3 Carbon dioxide

      4. 5.1.4 Hydrogen

      5. 5.1.5 Helium

      6. 5.1.6 Argon

      7. 5.1.7 Ammonia

      8. 5.1.8 Methane

      9. 5.1.9 Propane

      10. 5.1.10 Butane

      11. 5.1.11 Other Product Types (Fluorine and Nitrous oxide)

    2. 5.2 End-user Industry

      1. 5.2.1 Chemical Processing and Refining

      2. 5.2.2 Electronics

      3. 5.2.3 Food and Beverage

      4. 5.2.4 Oil and Gas

      5. 5.2.5 Metal Manufacturing and Fabrication

      6. 5.2.6 Medical and Pharmaceutical

      7. 5.2.7 Automotive and Transportation

      8. 5.2.8 Energy and Power

      9. 5.2.9 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. ASEAN Countries

        6. 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. NORDIC Countries

        6. 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 and Chemicals Inc.

      3. 6.4.3 Asia Technical Gas Co Pte Ltd.

      4. 6.4.4 BASF SE

      5. 6.4.5 Bhuruka Gases Limited

      6. 6.4.6 Ellenbarrie industrial Gases

      7. 6.4.7 Gruppo Sapio


      9. 6.4.9 Iwatani Corporation

      10. 6.4.10 Linde PLC

      11. 6.4.11 Messer Group GmbH

      12. 6.4.12 PT Aneka Gas Industri

      13. 6.4.13 SOL Spa

      14. 6.4.14 Taiyo Nippon Sanso Corporation

      15. 6.4.15 Yingde Gases Group

    5. *List Not Exhaustive

    1. 7.1 Industrial growth in Asia-Pacific and Africa

**Subject to Availability
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Industrial Gas Market Research FAQs

The Industrial Gas Market market is studied from 2017 - 2027.

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 2021.

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

Industrial Gas Industry Reports

In-depth industry statistics and market share insights of the Industrial Gas Market sector for 2020, 2021, and 2022. The Industrial Gas Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Industrial Gas Market report PDF.

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