Sustainability and Innovation in Industrial Gases: Market Trends for 2024 and Beyond

The global industrial gases market was valued at USD 99.99 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 7.42% from 2023 to 2030. This growth is mainly fueled by the increasing manufacturing activity in developing economies across the Asia Pacific region. As countries in this region continue to industrialize, the demand for industrial gases in sectors such as manufacturing, mining, metals, food beverage, and healthcare is expected to rise significantly. These industries rely on industrial gases for various applications, including process enhancements, chemical reactions, and safety measures, contributing to the overall market expansion.

Despite the promising outlook, the market faces challenges, such as environmental regulations, safety concerns, and high gas conversion costs, which could limit growth during the forecast period. Stringent environmental policies regarding emissions and waste management, along with the high costs of producing and transporting industrial gases, may hinder industry progress.

In North America, the U.S. holds the largest market share and is expected to maintain its dominant position throughout the forecast period. The country is home to several leading industrial gas suppliers, including Linde, Air Liquide, Messer, and Air Products Chemicals, all of which contribute to the high consumption of industrial gases in various industries. The presence of these major players and the country's ongoing industrial growth further support the U.S.'s prominent role in the global market.

Regional Insights

The global industrial gases market is categorized into several regions: Asia Pacific, North America, Europe, Latin America, and the Middle East Africa. In 2022, Asia Pacific dominated the market with a revenue share of 36.64% and is anticipated to maintain its leadership with the fastest-growing market over the forecast period, projected at a CAGR of 9.8%. This growth can be attributed to the expanding end-use industries across key markets such as India, China, South Korea, and Japan.

China:

China stands out as the largest market within the Asia Pacific region, driven by the increasing demand for industrial gases in high-tech industries, including aerospace, where high-quality gas solutions are essential for various processes. Additionally, the food beverage and industrial sectors in both China and India are expected to experience robust growth, which will further accelerate the demand for industrial gases in the region over the forecast period.

North America:

In North America, the market accounted for the second-largest revenue share in 2022. The U.S. and Canada are witnessing significant growth in their healthcare and industrial sectors, both of which are major consumers of industrial gases. The healthcare industry in particular requires specialized gases for medical applications, while the industrial sector continues to drive demand for gases across various manufacturing processes. As these sectors continue to expand, they are expected to foster further growth in the regional market for industrial gases.

Browse through Grand View Research's Category Petrochemicals Industry Research Reports.

The global biolubricants market size was valued at USD 2.95 billion in 2024 and is projected to grow at a CAGR of 13.7% from 2025 to 2030.

The global biofertilizers market sizewas estimated at USD 1.38 billion in 2024 and is projected to grow at a CAGR of 12.8% from 2025 to 2030.

Key Industrial Gases Companies

The global industrial gases market is characterized by high competition due to the strong presence of numerous regional and multinational companies. The market is highly fragmented, with players ranging from large global corporations to regional suppliers, all competing for market share. To maintain and strengthen their position in this competitive landscape, key industry participants are heavily focused on research and development (RD), as well as constant innovation.

RD efforts are crucial for these companies to develop new and improved gas solutions, enhance efficiency, and meet the evolving demands of various end-user industries, including manufacturing, healthcare, metals, food beverage, and mining. Constant innovation in industrial gas production, distribution, and application techniques enables companies to offer cutting-edge technologies, improve product quality, and reduce operational costs, thus providing them with a competitive advantage.

Some of the prominent players operating in the global industrial gases market are: