The global industrial gases market size was valued at USD 99.99 billion in 2022 and is projected to reach USD 173.43 billion by 2030, expanding at a CAGR of 7.42% from 2023 to 2030. Market expansion is largely driven by rapid growth in the manufacturing sector across developing economies in the Asia Pacific region.
Key Market Trends & Insights
- Asia Pacific dominated the global market with a 36.64% revenue share in 2022 and is anticipated to grow at the fastest CAGR of 9.8% during the forecast period.
- China remains the leading country-level market within the APAC region.
- Distribution Segment: The cylinder segment led the industry in 2022 with a 36.55% revenue share.
- Application Segment: The manufacturing sector accounted for the largest revenue share at 27.05% in 2022.
- Product Segment: Oxygen held the highest share of 28.43% of total revenue in 2022.
Market Size & Forecast
- 2022 Market Size: USD 99.99 Billion
- 2030 Market Size Projection: USD 173.43 Billion
- CAGR (2023–2030): 7.42%
- Leading Region (2022): Asia Pacific
Rapid industrialization and the increasing use of industrial gases across applications such as manufacturing, mining, metals, food & beverage, and healthcare are expected to continue driving market expansion. However, stringent environmental regulations, safety concerns, and high gas conversion costs may act as barriers to growth over the forecast period.
The U.S. held a major share in the North America market and is expected to maintain its dominance due to the presence of leading industrial gas suppliers such as Linde, Air Liquide, Messer, and Air Products & Chemicals. The strengthening healthcare industry and rising R&D activities post-COVID-19 strongly support market demand in the country.
Additionally, the electronics industry presents a significant opportunity for industrial gases, as they are essential in the production of semiconductors, LED lights, solar cells, and flat-panel displays. Asia Pacific continues to lead the global market due to strong economic performance in China, India, and South Korea, alongside rising electronics production. Similarly, increasing consumer electronics usage in the U.S. further strengthens market prospects.
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Key Companies & Market Share Insights
The global industrial gases market is highly competitive, characterized by the presence of strong regional and multinational players. Companies are focusing on continuous R&D and innovation to enhance their market presence. Major players include:
- Air Liquide
- Air Products Inc.
- INOX-Air Products Inc.
- Iwatani Corp.
- Linde plc
- Messer
- SOL Group
- Strandmøllen A/S
- Taiyo Nippon Sanso Corp.
Conclusion
The industrial gases market is positioned for steady expansion through 2030, driven by strong industrialization, growing manufacturing bases, and rising demand from sectors such as healthcare and electronics. While environmental and cost-related challenges exist, continuous technological advancements and the dominance of APAC economies—particularly China and India—will ensure sustained market growth. The U.S. also remains a central growth engine due to its mature industrial landscape and expanding healthcare and electronics sectors.
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