With a market ballooning from $115.8 billion to a projected $170.2 billion, the industrial gases industry is the silent, essential force breathing life into everything from clean energy and advanced electronics to the food on our tables.
Key Takeaways
- The global industrial gases market size was valued at USD 115.8 billion in 2023 and is projected to reach USD 170.2 billion by 2030, growing at a CAGR of 5.6% from 2024 to 2030.
- In 2022, the Asia-Pacific region accounted for 42% of the global industrial gases market revenue, driven by rapid industrialization in China and India.
- The hydrogen segment of the industrial gases market is expected to grow at the highest CAGR of 7.2% from 2023 to 2028 due to increasing demand for clean energy.
- Worldwide production of industrial oxygen reached 1.1 billion tons in 2022.
- Air Liquide's global ASU (Air Separation Unit) capacity stands at 120 million Nm³/day as of 2023.
- Linde plc produced 45 million tons of industrial gases in 2023 across its facilities.
- The chemical industry consumes 35% of global industrial oxygen production in 2023.
- Healthcare sector demand for medical oxygen surged to 25 million tons globally in 2023 post-COVID.
- Steel production utilizes 70% of world's industrial oxygen, totaling 800 million tons in 2022.
- Linde holds 30% global market share in industrial gases as of 2023.
- Air Liquide reported €27.6 billion revenue from industrial gases in 2023.
- Air Products & Chemicals Inc. generated $12.1 billion in sales in FY2023.
- The industrial gases sector emitted 150 million tons of CO2 equivalent in 2022.
- Green hydrogen production capacity reached 1.5 million tons globally by end-2023.
- Linde announced 20 CCS projects capturing 5 million tons CO2/year by 2030.
The global industrial gases market is growing significantly, led by hydrogen and Asian demand.
Applications and Demand
- The chemical industry consumes 35% of global industrial oxygen production in 2023.
- Healthcare sector demand for medical oxygen surged to 25 million tons globally in 2023 post-COVID.
- Steel production utilizes 70% of world's industrial oxygen, totaling 800 million tons in 2022.
- Electronics industry consumed 15% of high-purity nitrogen, 12 million tons in 2023.
- Food and beverage sector uses 8% of CO2 supply, 18 million tons for carbonation in 2023.
- Welding applications account for 25% of argon demand, 200,000 tons annually worldwide.
- Hydrogen demand in refining reached 50 million tons in 2023 for hydrocracking processes.
- Pharmaceuticals require 5 million tons of inert gases like nitrogen yearly for API manufacturing.
- Glass manufacturing consumes 10 million tons of oxygen for oxy-fuel combustion in 2023.
- Semiconductor fabs used 4.5 million tons of ultra-high purity gases in 2023.
- Ammonia production drives 60% of hydrogen demand, 55 million tons globally in 2022.
- Water treatment plants utilize 3 million tons of oxygen for aeration processes annually.
- Automotive manufacturing employs argon for 40% of MIG welding, 150,000 tons/year.
- Cryogenic applications in LNG use 6 million tons of nitrogen for cooling in 2023.
- Metal fabrication sector demands 12 million tons of shielding gases yearly.
- Biofuel production requires 2 million tons of hydrogen for upgrading processes.
- Aerospace uses helium for 30% of leak detection, 20 million m³ in 2023.
- Cement industry oxygen enrichment boosts production by 20%, consuming 4 million tons.
- Oil & gas enhanced recovery injects 10 million tons of CO2 yearly.
- Power generation flue gas treatment uses 1.5 million tons of specialty gases.
Applications and Demand Interpretation
From lifesaving breath to smartphone chips and the very steel in our skyscrapers, the industrial gas industry is the invisible infrastructure that sustains modern civilization, allowing our world to breathe, build, and innovate.
Key Players and Companies
- Linde holds 30% global market share in industrial gases as of 2023.
- Air Liquide reported €27.6 billion revenue from industrial gases in 2023.
- Air Products & Chemicals Inc. generated $12.1 billion in sales in FY2023.
- Linde's EBITDA margin in industrial gases was 28% in 2023.
- Messer Group acquired 15 facilities in 2023, expanding to 35 countries.
- Taiyo Nippon Sanso revenue hit ¥1.6 trillion in FY2023.
- Praxair Surface Technologies (Linde) serves 4,000 customers in coatings.
- Airgas (Linde subsidiary) has 1.4 million customers in North America.
- Inox Air Products dominates India's market with 35% share in 2023.
- Matheson Tri-Gas (Taiyo) operates 300 cylinders plants in U.S.
- Air Liquide invested €2 billion in hydrogen projects in 2023.
- Linde completed 20 new ASU plants adding 10 million Nm³ capacity in 2023.
- Air Products' Asia merchant gases business grew 12% in 2023.
- Goyal Oxygen leads South Asia with 20% regional market share.
- Chart Industries supplies 40% of cryogenic equipment to gas majors.
- Yingde Gases China market share 15% in specialty gases 2023.
- Sol Group (Italy) revenue €1.2 billion, 10% growth in 2023.
- Buzwair Industrial Gases holds 25% Qatar market share.
- Iwatani Corporation Japan hydrogen sales up 25% to ¥50 billion.
- White Martins (Linde Brazil) 50% market share in South America.
- Core Gas System Korea 12% domestic share in electronics gases.
- Air Liquide Americas Inc. $8.5 billion revenue 2023.
- Linde Engineering won 50 EPC contracts worth €3 billion in 2023.
Key Players and Companies Interpretation
Even while juggling immense global infrastructures and billion-euro projects, the industrial gas industry thrives on a delicate, almost neighborly intimacy, meticulously tending to millions of individual customers, from giant steel mills to local workshops, all held together by the invisible threads of essential molecules.
Market Size and Growth
- The global industrial gases market size was valued at USD 115.8 billion in 2023 and is projected to reach USD 170.2 billion by 2030, growing at a CAGR of 5.6% from 2024 to 2030.
- In 2022, the Asia-Pacific region accounted for 42% of the global industrial gases market revenue, driven by rapid industrialization in China and India.
- The hydrogen segment of the industrial gases market is expected to grow at the highest CAGR of 7.2% from 2023 to 2028 due to increasing demand for clean energy.
- North America's industrial gases market was valued at USD 28.4 billion in 2023, with a projected CAGR of 4.8% through 2030.
- The global market for specialty gases within industrial gases reached USD 12.5 billion in 2022, forecasted to hit USD 18.9 billion by 2029.
- Europe's industrial gases market share stood at 28% of global revenue in 2023, bolstered by pharmaceutical and electronics sectors.
- The liquid industrial gases segment generated USD 45.2 billion in 2023, expected to grow at 5.1% CAGR to 2032.
- China's industrial gases market was worth USD 25.6 billion in 2022, with a CAGR of 6.3% projected to 2028.
- The medical gases sub-market within industrial gases is anticipated to reach USD 22.4 billion by 2030, growing at 8.1% CAGR.
- Global industrial gases trade volume reached 1,200 million cubic meters in 2023, up 4% from previous year.
- The U.S. industrial gases market size hit USD 18.9 billion in 2023, with 5.2% CAGR forecast to 2031.
- Middle East & Africa industrial gases market expected to grow from USD 6.8 billion in 2023 to USD 10.2 billion by 2030 at 6% CAGR.
- Carbon dioxide industrial gas market valued at USD 9.8 billion globally in 2022, projected CAGR 5.4% to 2030.
- India's industrial gases sector market size was INR 45,000 crore in FY2023, growing at 7.5% annually.
- The electronics gases market, a subset, reached USD 5.6 billion in 2023, with 6.8% CAGR to 2030.
- South America's industrial gases market valued at USD 7.2 billion in 2023, expected 5.3% growth to 2029.
- Argon gas market size was USD 3.4 billion in 2023, forecasted to USD 4.8 billion by 2031 at 4.9% CAGR.
- Global helium industrial gas market stood at USD 4.1 billion in 2022, with supply constraints driving 3.8% CAGR.
- Japan's industrial gases market revenue was JPY 1.2 trillion in 2023, up 4.2% YoY.
- The welding gases segment market size reached USD 8.9 billion in 2023, growing at 4.7% CAGR.
- Southeast Asia industrial gases market projected from USD 5.4 billion in 2023 to USD 8.1 billion by 2030.
- Nitrogen gas market globally valued at USD 22.3 billion in 2023, CAGR 5.0% to 2032.
- Germany's industrial gases market share in Europe was 25% in 2023, valued at EUR 12.5 billion.
- Oxygen industrial gas market size USD 10.2 billion in 2022, expected 6.1% CAGR to 2030.
- Australia's industrial gases market reached AUD 3.8 billion in 2023, with 4.5% growth forecast.
- The food-grade industrial gases market was USD 6.7 billion in 2023, CAGR 5.8% to 2031.
- Brazil's industrial gases market size USD 4.1 billion in 2023, projected 5.9% CAGR.
- Global acetylene gas market valued at USD 2.8 billion in 2023, growth at 4.2% CAGR.
- South Korea industrial gases market revenue KRW 15 trillion in 2023.
- The merchant gases market segment was 55% of total industrial gases revenue in 2023.
Market Size and Growth Interpretation
As the world desperately puffs towards decarbonization and rapid industrialization, the invisible backbone of our modern economy is quietly inflating into a nearly $200 billion behemoth, proving that hot air can indeed be a remarkably cool business.
Production and Capacity
- Worldwide production of industrial oxygen reached 1.1 billion tons in 2022.
- Air Liquide's global ASU (Air Separation Unit) capacity stands at 120 million Nm³/day as of 2023.
- Linde plc produced 45 million tons of industrial gases in 2023 across its facilities.
- Global nitrogen production capacity exceeded 500 million metric tons per annum in 2023.
- Praxair (now Linde) operates 1,200 ASU plants worldwide with total capacity of 80 million scfm.
- China's industrial gas production volume hit 450 million tons in 2022, led by oxygen at 180 million tons.
- Total global hydrogen production capacity was 95 million tons in 2023, 70% from natural gas reforming.
- Messer Group’s European production sites produce 25 million Nm³ of gases daily.
- U.S. industrial gas production capacity for CO2 reached 120 million tons/year in 2023.
- Air Products operates over 50 ASUs in Asia with combined capacity of 35 million Nm³/day.
- Global argon production was 850,000 tons in 2022 from air separation processes.
- India's industrial gas production grew to 85 million tons in FY2023, nitrogen dominant at 40%.
- Taiyo Nippon Sanso (Nippon Gases) has 1,000 production facilities globally, producing 15 million tons annually.
- European hydrogen production capacity totals 5 million tons/year as of 2023, mostly grey hydrogen.
- Global helium production from natural gas sources was 160 million cubic meters in 2023.
- South Korea's top producers output 20 million tons of industrial gases yearly.
- Brazil's oxygen production capacity stands at 12 million tons per year in 2023.
- Global acetylene production volume was 1.2 million tons in 2022 from calcium carbide method.
- Japan's ASU capacity totals 25 million Nm³/day operated by major firms like Iwatani.
- Middle East hydrogen production capacity reached 8 million tons in 2023, focused on ammonia feedstock.
- Australia's nitrogen production from ASUs is 5 million tons annually.
- Global CO2 capture and production for industrial use was 40 million tons in 2023.
- Linde's U.S. hydrogen plants produce 2.5 million tons per year.
- France's industrial oxygen production at 8 million tons/year from Air Liquide sites.
- Worldwide specialty gas production facilities number over 500, outputting 2 million tons.
Production and Capacity Interpretation
The numbers prove our planet quite literally runs on breath, ambition, and the industrial-scale alchemy of turning air into the essential gases that build, cool, heal, and fuel our modern world.
Sustainability and Innovations
- The industrial gases sector emitted 150 million tons of CO2 equivalent in 2022.
- Green hydrogen production capacity reached 1.5 million tons globally by end-2023.
- Linde announced 20 CCS projects capturing 5 million tons CO2/year by 2030.
- Air Liquide's ADVANCE program reduced energy intensity by 15% since 2015.
- 45% of new ASUs in 2023 incorporate renewable energy integration.
- Global electrolyzer capacity for hydrogen hit 10 GW in 2023.
- Messer invested €100 million in low-carbon gas production tech in 2023.
- CO2 utilization in chemicals reached 10 million tons in 2023.
- 30% of industrial nitrogen now from PSA units reducing emissions by 20%.
- Air Products launched 5 blue hydrogen plants producing 1 million tons clean H2.
- Recycling of helium reached 40% recovery rate in labs worldwide 2023.
- Taiyo Nippon Sanso carbon footprint reduced 12% via electrification.
- 25 new biomethane-to-hydrogen projects online in Europe 2023.
- Oxygen use in waste incineration cuts emissions 25%, adopted in 200 plants.
- Linde's membrane tech separates CO2 with 95% efficiency in pilots.
- Global investment in H2 infrastructure $15 billion in 2023.
- 15% of argon production now from cryogenic energy recovery.
- Air Liquide's hydrogen refueling stations reached 200 globally in 2023.
- Sector-wide Scope 1+2 emissions target: 30% reduction by 2030 from 2020 base.
- Novel plasma tech for acetylene cuts energy 40%, scaled in China.
Sustainability and Innovations Interpretation
The industry is still a major polluter, but a thrilling race is on, with billions being spent and clever tech being scaled, to turn its colossal emissions problem into a portfolio of clean solutions.
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