Industrial Gases Market Propels USD 199.69 Billion By 2032, CAGR: 7.1%

Industrial Gases Market Size Worth USD 199.69 Billion By 2032 | CAGR: 7.1%

The global industrial gases market size is expected to reach USD 199.69 Billion by 2032, according to a new study by Polaris Market Research. The report “Industrial Gases Market Share, Size, Trends, Industry Analysis Report, By Product Type (Oxygen, Nitrogen, Hydrogen, Carbon Dioxide, Acetylene, Argon, Others); By Application; By Distribution; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The global industrial gas market is experiencing significant expansion, catering to a range of industries, including healthcare, manufacturing, and energy. The growth of this market can be attributed to increasing demand for industrial gases in developing economies, technological advancements, and environmental concerns. The move towards cleaner and more sustainable energy sources, such as hydrogen fuel cells, is also expected to drive the demand for industrial gases.

Moreover, the healthcare industry's escalating use of industrial gases for medical treatments and research is a significant driving factor for market growth. However, the high cost of production and transportation of industrial gases pose a hindrance to the market's growth. Additionally, fluctuating prices of raw materials utilized in the production of industrial gases also pose a challenge to market profitability. Despite these challenges, the market's outlook remains positive due to its essential role in various applications.

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The market's high dependence on several end-use sectors, including manufacturing, healthcare, food and beverage, and energy, is a significant driving factor for the industrial gas market. For instance, oxygen, nitrogen, and argon are used in steel production, while carbon dioxide is used in the food industry for carbonation in soft drinks. Similarly, hydrogen is used in oil refineries for hydrocracking, and helium is used in balloons and cryogenic applications. The growing demand from these end-use industries propels the demand for industrial gases, thereby driving the market's growth. The market is dominated by a few large players, including Air Liquide, Linde Group, Praxair, and Messer Group, who collectively account for a significant share of the global market. These companies have established a robust presence in diverse regions and offer a broad range of products and services to cater to the varying needs of their customers.

Industrial Gases Market Report Highlights

  • The industrial gases market is expected to witness a significant dominance of the oxygen segment in 2023, primarily due to its diverse range of applications across various industries. Oxygen is a critical component in various processes such as combustion, gasification, and oxidation, making it an essential element in many industrial operations.
  • The healthcare sector is expected to experience a significant CAGR in the assessment period, mainly due to the rising requirement for medical gases such as nitrogen, oxygen, and argon. These gases play a crucial role in various medical procedures and treatments, making them an indispensable component of the healthcare industry.
  • In 2023, the Asia Pacific region led the worldwide industrial gases market owing to its high energy consumption, transportation needs, and infrastructure development. This led to a surge in demand for industrial gases like nitrogen, oxygen, and argon.
  • The global key market players include Air Liquide, Air Products and Chemicals, Inc., INOX-Air Products Inc., Iwatani Corporation, Linde plc, Messer, Praxair Technology, Inc., SOL Group, Strandmøllen, TAIYO NIPPON SANSO CORPORATION, Westfalen Group, among others.

Polaris Market Research has segmented the Industrial Gases market report based on product type, application, distribution, and region:

Industrial Gases, Product Type Outlook (Revenue - USD Billion, Volume – Million SCF, 2019 - 2032)

  • Oxygen
  • Nitrogen
  • Hydrogen
  • Carbon dioxide
  • Acetylene
  • Argon
  • Others

Industrial Gases, Application Outlook (Revenue - USD Billion, Volume – Million SCF, 2019 - 2032)

  • Healthcare
  • Manufacturing
  • Metallurgy & Glass
  • Food & Beverages
  • Retail
  • Chemicals & Energy
  • Others

Industrial Gases, Distribution Outlook (Revenue - USD Billion, Volume – Million SCF, 2019 - 2032)

  • On-site
  • Bulk (Liquid Gas Transport)
  • Cylinder (Merchant)
  • Others

Industrial Gases, Regional Outlook (Revenue - USD Billion, Volume – Million SCF, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Industrial Gases Market Report Scope

Report Attributes


Market size value in 2024

USD 115.01 billion

Revenue Forecast in 2032

USD 199.69 billion


7.1% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Product Type, By Application, By Distribution, By Region

Regional scope

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


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