Global Industrial Gases Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028

The Industrial Gases Market Report has been segmented on the basis of product type, distribution, application, and region.

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Global Industrial Gases Market Overview: 

The Industrial Gases Market was valued at $92.1 billion in 2021 & is projected to reach $140 billion by 2028. It is expected to grow at a 7.9% CAGR between 2021 and 2028.

Industrial gas is a gaseous material that is mostly used in manufactured industries. Industrial gas uses in various industries such as the chemical industry, medical industry, rubber or paint industry, industrial water treatment, electronics industry, and food industry.

Global Industrial Gases Market Dynamics:

Rising demand for industrial gases in numerous industries such as oil and gas, chemical, energy, environmental protection, power, mining, metals, food, aerospace, petrochemical, and fabrication is expected to boost the growth of the global industrial gases market over the forecast period.

In addition, increasing adoption of industrial gases in international and domestic trade is registered to fuel the growth of the global industrial gases market.

Increasing government initiatives about renewable resources in the industrial gas industry are also anticipated to fuel demand for industrial gases and drive the growth of the global market during the next 10 years.

In addition, increasing demand for industrial gases especially in healthcare expenditure is also expected to fuel the growth of the global industrial gases market. Increasing investment in the aerospace and automobile sector and rapid industrialization have also fueled the growth of the target market.

However, the high cost of transportation of industrial gases and storage of gases is a key factor that may impede demand and restrain the growth of the global industrial gases market over the forecast period.

Global Industrial Gases Market Segment Analysis:

Among the product type segments, the nitrogen segment is expected to account for the significant growth in the global industrial gases market, owing to the increasing adoption of nitrogen gas in an industrial area.

The oxygen segment holds the second-highest revenue share in the global industrial gases market, due to the increasing adoption of oxygen gas in hospital and clinical care for various therapies and surgery

Among the application segments, the healthcare & pharmaceuticals segment contributes a leading share in the global industrial gases market, due to the increasing demand for gases in the healthcare & pharmaceuticals industry.

The chemical & petrochemical segment holds a moderate revenue share in the global industrial gases market, owing to the high use of various gases in chemical & petrochemical industries across the globe.

Global Industrial Gases Market Region Analysis:

The North American industrial gases market accounted for the leading revenue share in the global market due to the increasing adoption of industrial gases in countries in the region followed by Europe.

The market in the Asia Pacific is expected to register a significant growth rate in terms of revenue in the global market during the forecast period, owing to increasing awareness about the benefits of industrial gases in countries such as Japan, India, Korea, and China in the region.

The Latin American market is at a nascent stage in the global market and is expected to contribute a moderate share in the market over the forecast period.

Global Industrial Gases Market Segmentation:

Segmentation by Product Type:

• Nitrogen
• Oxygen
• Argon
• Hydrogen
• Carbon Dioxide

Segmentation by Distribution:

• Tonnage
• Bulk
• Packaged

Segmentation by Application:

• Metal Production & Fabrication
• Automobile
• Chemical & Petrochemical
• Healthcare & Pharmaceuticals
• Food & Beverages
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa