Market Size of Industrial Gas Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 1.67 Billion tons |
| Market Volume (2029) | 2.07 Billion tons |
| CAGR (2024 - 2029) | 4.35 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Gases Market Analysis
The Industrial Gas Market size is estimated at 1.67 Billion tons in 2024, and is expected to reach 2.07 Billion tons by 2029, growing at a CAGR of 4.35% during the forecast period (2024-2029).
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 will likely witness the highest CAGR during the forecast period.
