Top Industrial Gases Companies - A Competitive Insight into the Moves of 10 Pivotal Players

Over the recent years, the industrial gases sector has witnessed a paradigm shift toward decarbonization and the adoption of sustainable practices in light of the inherent need to limit global warming. Worldwide, there has been a heightened emphasis on the development of green hydrogen for applications across the energy sector. Global gas production has also taken the same trajectory with the escalated usage of renewable sources of energy for powering manufacturing units. In 2022, the industrial sector recorded 25% of direct global energy system emissions, as per the IEA (International Energy Agency). Such a high rate sparks the urgent need for emission reduction for reaching net zero goals, underpinning the significance of decarbonization, creating avenues for innovation.

Industrial gases, produced for use as inputs in the process of industrial manufacturing, are used in nuclear energy, aerospace, electronics, and medicine, power generation, metallurgy, mining, petroleum refining, and chemicals, among others industries. These comprise gases such as helium, oxygen, nitrogen, hydrogen, argon, and others and are touted to depict a high demand in the future. The global market for industrial gases is anticipated to expand from USD 115.47 billion in 2025 to USD 172.00 billion by 2032, depicting a CAGR of 5.86% over 2025 to 2032, says Fortune Business Insights. The market value stood at USD 109.36 billion in 2024.

Innovation Emerges as a Key Area of Emphasis among Top Companies

To consolidate their market footing, top industrial gases companies are partnering with players that align with their business goals. Innovation and the adoption of sustainable practices are among the other highlights of the global business landscape. The formulation of supportive policies by regulatory and government bodies is another aspect spurring product innovation.

The top 10 players in the industry and an account of the pivotal developments are as follows:

1. Air Liquide:

French industrial gas company Air Liquide is a specialized provider and distributor of nitrogen, oxygen, hydrogen, and other gases and caters to clientele requirements across the food and beverage, energy, electronics, healthcare, and other industries. In 2023, the company’s revenue generation reached a value of USD 29.87 billion and aims to offer innovative solutions. In October 2024, the company supplied LG Chem with oxygen for their U.S.-based electric vehicle battery plant. The investment would support the development of the U.S. industrial merchant market. 

2. Air Products and Chemical Inc.:

Based in Allentown, Pennsylvania, Air Products and Chemicals Inc., is specialized in the production of industrial gases and related services and equipment. The company’s product portfolio comprises equipment and technology that can be used for cryogenics, gas processing, and services, comprising helium, hydrogen, oxygen, nitrogen, and other specialty gases. The company caters to the requirements of over 30 industries that include chemical production, refining, healthcare, electronics, food & beverage, and others. In 2023, the company generated a revenue of USD 12.6 billion and is keen to adopt various initiatives to strengthen its footing in the global market. An example is its August 2023 move aimed at enhancing the production capacity at its Florida-based manufacturing unit.

3. Linde PLC:

Linde PLC, a key innovator and one of the top industrial gases companies, serves an extensive range of clientele that span across the water treatment, aerospace, steel making, fiber optics, beverage carbonation, food, manufacturing, healthcare, petroleum refining, and chemical industries. The company, which was established post the 2018 merger of Linde AG and Praxair, Inc., is a major producer and distributor of oxygen, argon, nitrogen, oxygen, and other atmospheric gases. In October 2024, Linde began supplying industrial gases to PT Freeport Indonesia’s Manyar-based new copper smelter and refining facility.

4. Matheson Tri-Gas Inc.:

Nippon Sanso Holdings Group’s Matheson Tri-Gas, Inc., is a North American producer of medical, industrial, electronic, and specialty gases. Founded in 1927, the company serves numerous industries, comprising electronics, healthcare, food and beverage, chemical manufacturing, and environmental services and emphasizes safety, innovation, and environmental stewardship. In December 2022, the company made it to the headlines for constructing a hydrogen plant in Assam, India. The move came after Numaligarh Refinery Limited (NRL), a Government of India public sector affiliate, awarded Matheson for supplying hydrogen and steam (a co-product).  

5. Messer SE & Co. KGaA:

Germany-based Messer SE & Co. KGaA is a specialized producer and distributor of industrial gases such as carbon dioxide, nitrogen, welding shielding gases, oxygen, helium, specialty gases, medical gases, and numerous different gas mixtures. Currently operating in more than 50 countries, the company is committed to social responsibility, sustainability, and the reduction of carbon footprint. Messer caters to the requirements of numerous industries such as healthcare, chemical production, metal fabrication, and food and beverages and is keen to establish new facilities for expanding its production capacity. An instance is its inauguration of a new production unit in Estella, Spain, in June 2024. The plant would be used for filling medical, food, industrial, and specialty gases in bundles and cylinders to cater to customer requirements in Northern Spain.

6. Gulfcryo:

Based in the Middle East, Gulfcryo was founded in 1953 as Kuwait Oxygen and Acetylene Company. The company has a comprehensive portfolio comprising specialty, medical, industrial, and cryogenic gases. Gulfcryo develops products that cater to food and beverage, manufacturing, energy, healthcare, and environmental applications.

7. BASF SE:

Germany-based chemical industry leader BASF SE has a wide portfolio that comprises performance products, plastics, chemicals, oil and gas products, and agricultural solutions. The company conducts its operations via six segments, including industrial solutions, materials, chemicals, nutrition & care, surface technologies, and agricultural solutions. The industrial gases company operates through 234 manufacturing units in more than 93 countries. BASF is committed to sustainable development via efforts aimed at enhancing resource efficiency, reducing environmental impact, and the development of innovative solutions. In 2023, the company’s revenue stood at USD 78.6 billion.

8. Southern Company Gas:

U.S.-based Southern Company Gas is a natural gas provider and has an extensive base of 4.5 million commercial, residential, and industrial customers across Tennessee, Illinois, Georgia, New Jersey, and Virginia. Southern Gas Company was originally AGL Resources and was acquired by Southern Company in 2016, following which it was rebranded. In February 2024, Chattanooga Gas and Virginia Natural Gas, subsidiaries of the company, struck their first renewable natural gas agreement to enhance access to safe, clean, affordable, and reliable fuel.

9. Universal Industrial Gases:

Providing a flexible and transparent way of purchasing and sourcing oxygen, argon, critical nitrogen, and other gases, U.S.-based Universal Industrial Gases is a specialized producer, supplier, and distributor of industrial gas and gas products. The company’s customized gas solutions have been claimed to maximize operational efficiency and uptime and cater to the needs of industrial manufacturers across numerous industries. The company has more than 400 operational plants that support product requirements across various industries such as electronics, chemicals, glass, steel & metal, glass, energy, and petroleum.

10. Ellenbarrie Industrial Gases:

Ellenbarrie Industrial Gases Ltd., an Indian gas manufacturer and supplier of nitrogen, oxygen, acetylene, argon, and other specialty gases. The company’s products find application across numerous industries such as healthcare, steel, chemicals, and food processing. The company has several acetylene plants and air separation units that are strategically situated for serving industrial clusters across India. These facilities help in efficient product distribution and allow for high production capacity for meeting consumer demand.

Deployment of Advanced Technologies: A Significant Opportunity to Forge Forward

Over the coming years, the industry is anticipated to foresee the adoption of advanced technologies such as machine learning (ML) and artificial intelligence (AI) for enhancing the decision making process and the detection of potential failures. Another significant technology that is poised to gain traction in the future is the Internet of Things (IoT), which can allow for real-time data collection for improving gas monitoring systems.