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Industrial Gases Market to Exhibit 7.2% CAGR till 2028; Expansion of Manufacturing & Processing Industry to Accelerate Growth Worldwide

June 07, 2021 | Energy & Power

The global industrial gases market size is projected to grow from USD 91.29 billion in 2021 to USD 148.16 billion in 2028. The expansion of the manufacturing & processing industry owing to the rapid urbanization is likely to affect growth positively. The Central Intelligence Agency mentioned that as of 2019, Vietnam, Malaysia, India, and China possess an urban population of 36.6%, 76.6%, 34.5%, and 60.3%. As per a study by Fortune Business Insights™, titled, “Industrial Gases Market Size, Share and COVID-19 impact Analysis, By Gas Type (Oxygen, Nitrogen, Carbon Dioxide, Hydrogen, Argon, and Others), By Application (Packaging, Coolant, Carbonation, Cryogenic, Cutting & Welding, Laboratory, Air Separation, and Others), By End User (Metallurgy, Healthcare, Chemical, Food and Beverages, Oil & Gas, Power, Pulp and Paper, Electronics, Water Treatment, Mining, and Others), and Regional Forecast, 2021-2028,” the market stood at USD 88.05 billion in 2020. It is set to exhibit a CAGR of 7.2% in the forecast period between 2021-2028.

Air Products Signs Agreement with PBF Energy to Buy Five Hydrogen Production Plants

In March 2020, Air Products and PBF Energy Inc. signed a new agreement to purchase five hydrogen production plants worth USD 500 million. It also includes the long-term supply of this gas to PBF refineries from those plants. As per one of the company officials, “This new deal will put us in an excellent financial position to implement our strategy of investing hefty amounts in long-term onsite deals. We will continue to ensure that our customers are receiving premium-quality products.”

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Increasing Investment in Food & Beverage and Healthcare Industries to Boost Growth

The surging investment in the healthcare and food and beverages industries across the globe is set to drive the market growth in the upcoming years. According to the Germany Trade & Invest Report, Germany is the third-largest exporter of food and beverages and Europe is at the forefront. Similarly, Forbes reported that in 2017, investments in digital healthcare reached USD 6.5 billion worldwide. However, certain strict norms implemented by regulatory bodies, such as the European Agreement on the Carriage of Dangerous Goods by Road, ADR [13] may hamper the demand for industrial gases.

Prominent Companies Focus on Investments & Contract Signing to Compete in Market

At present, the market is experiencing an entry of numerous regional and domestic companies, such as Goyal MG Gases Pvt. Ltd., Yateem Oxygen, SICGIL India Limited, and Bombay Oxygen Corporation Limited. Most of them are investing huge sums in pharmaceutical and manufacturing industries to cater to the high demand. A few others are trying to acquire new contracts from local and international firms to strengthen their positions

A Notable Industry Development:

  • March 2021: Vattenfall signed a new power contract for Hollandse Kust Zuid, a renowned wind farm located off the Dutch coast. Air Liquide is planning to buy 100GWh of fossil-free electricity every year to power factories in the Netherlands.

Fortune Business Insights™ Presents a List of Industrial Gases Providers Operating in the Global Market:

  • Air Liquide (France)

  • Air Products (United States)

  • Linde (Ireland)

  • Matheson Tri-Gas (United States)

  • Messer Group (Germany)

  • Gulf Cryo (Kuwait)

  • BASF (United States)

  • Southern Company Gas (United States)

  • Universal Industrial Gases (United States)

  • Ellenbarrie Industrial Gases Ltd (India)

  • Bhuruka gases ltd (India)

  • Concorde-Corodex Group (UAE)

  • Dubai Industrial Gases (UAE)

  • Bristol Gases (UAE)

Further Report Findings:

  • In 2020, Asia Pacific generated USD 28.31 billion in terms of revenue. It is set to remain at the forefront because of spurring urbanization and industrialization. At the same time, the rising number of end-use applications such as healthcare, food & beverages, and healthcare would aid regional growth.

  • North America is expected to remain in the second position, followed by Asia Pacific in the near future. This growth is attributable to the expansion of the chemical industry in the region. Also, the increasing usage of these gases in the healthcare industry would bolster growth.

  • Based on the gas type, the oxygen segment held 28.4% in 2020 in terms of the industrial gases market share. It is set to dominate throughout the forthcoming years because of its extensive usage in a wide range of industries, glass & ceramics, pulp & paper, petroleum, chemicals, and pharmaceuticals.

The Global Market is Segmented into:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion)


  By Gas Type; By Application; By End-User; and By Geography

By Gas Type

  • Oxygen

  • Nitrogen

  • Carbon Dioxide

  • Hydrogen

  • Argon

  • Others

By Application

  • Packaging

  • Coolant

  • Carbonation

  • Cryogenic

  • Cutting & Welding

  • Laboratory

  • Air Separation

  • Others

By End User

  • Metallurgy

  • Healthcare

  • Chemical

  • Food and beverage

  • Oil & Gas

  • Power

  • Pulp and Paper

  • Electronics

  • Water Treatment

  • Mining

  • Others

By Geography

  • North America

    • By Gas Type

    • By Application

    • By End-User

    • By Country

    • U.S.

    • Canada

  • Europe

    • By Gas Type

    • By Application

    • By End-User

    • By Country

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Rest of Europe

  • Asia Pacific

    • By Gas Type

    • By Application

    • By End-User

    • By Country

    • China

    • Japan

    • India

    • Australia

    • Southeast Asia

    • Rest of Asia Pacific

  • Latin America

    • By Gas Type

    • By Application

    • By End-User

    • By Country

    • Brazil

    • Mexico

    • Rest of Latin America

  • The Middle East and Africa

    • By Gas Type

    • By Application

    • By End-User

    • By Country

    • GCC

    • South Africa

    • Rest of Middle East and Africa 

Industrial Gases Market
  • PDF
  • 2023
  • 2019-2022
  • 280


  • 4850

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