Industrial Gases Market Size: USD 86.9 Billion in 2024, Projected to Reach USD 120 Billion by 2035 at 3.0% CAGR

The Industrial Gas Business Market Size was valued at 86.9 USD Billion in 2024. The Industrial Gas Business Market is expected to grow from 89.6 USD Billion in 2025 to 120 USD Billion by 2035. The Industrial Gas Business Market CAGR (growth rate) is expected to be around 3.0% during the forecast period (2025 - 2035).The industrial gas business stands at the forefront of modern manufacturing and clean energy transformation. Comprising essential gases like oxygen, nitrogen, hydrogen, carbon dioxide, and argon, this sector underpins critical industries ranging from steel and electronics to healthcare and renewable energy. With mounting global demand and breakthrough technologies, the industrial gas market is poised for sustained, high‑growth momentum in the years to come.

Market Size & Growth Dynamics

The global industrial gases market was valued at over USD 105 billion in 2024. According to Fort­une Business Insights, it is projected to surge to USD 172 billion by 2032, growing at a CAGR of 5.86% during 2025–2032. Even more aggressive estimates from Vantage Market Research suggest that the market could reach USD 365.65 billion by 2035, charting a CAGR of 11.95% from 2025 to 2035. 

Future Market Insights further projects a market size of USD 171 billion by 2035, nearly doubling the 2025 baseline. These forecasts reflect the broad-based demand drivers pushing this sector forward.

Key Market Drivers

1. Energy Transition & Hydrogen Economy: Hydrogen is becoming a clean energy cornerstone. With global decarbonization goals intensifying, hydrogen is increasingly used in fuel cells, green ammonia production, and direct-reduction steelmaking. 
2. Rapid Industrialization: Emerging economies are scaling up infrastructure and manufacturing. Sectors like steel, chemical processing, and glass rely heavily on industrial gases (especially oxygen and nitrogen) for efficient, high-quality production. 
3. High-Tech Manufacturing: The semiconductor and electronics industries demand ultra-high-purity gases (e.g., nitrogen, argon, specialty gases) for lithography, etching, and deposition. This trend is rapidly accelerating as fabs expand globally. 
4. Healthcare Demand: Medical gases like oxygen and nitrogen play critical roles in respiratory therapies, diagnostics, and cryopreservation. Aging populations, better healthcare infrastructure, and advanced therapies are fueling growth. 
5. Sustainability & On‑site Generation: There is a strong pivot toward modular, decentralized production (micro-ASUs) to reduce logistics and emissions. Companies are increasingly investing in green production, carbon capture, and renewable-powered gas generation. 

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Trends Reshaping the Market

• On‑Site Gas Generation: To cut transportation costs and strengthen reliability, more industrial players are installing on-site air separation units (ASUs) or pressure swing adsorption (PSA) systems. 
• Digital & Smart Supply Chains: Suppliers are leveraging digital platforms to optimize gas logistics, monitor supply/demand, and ensure safety compliance.
• Green Hydrogen & Carbon Capture: As green hydrogen adoption scales, industrial gas companies are exploring integration with carbon capture utilization projects. 
• Cryogenic & Specialty Gas Innovation: Innovations in cryogenic distillation, membrane separation, and ultra-pure gas production are enabling new applications, especially in electronics and biotechnology. 
• Decentralized Infrastructure: Modular gas plants allow flexible deployment near demand centers, reducing CAPEX, transportation risk, and carbon footprint. 

Challenges & Risks

Despite robust growth prospects, the industrial gas business faces several headwinds:

• High Capital Expenditure: Building air separation units, cryogenic storage, and pipeline networks requires significant investment. 
• Energy Intensity: Gas production (especially oxygen and nitrogen) involves energy-intensive processes, making operational costs sensitive to energy price volatility.
• Logistics & Infrastructure Constraints: Cryogenic liquids require specialized storage and transport, making supply chains complex and capital-intensive.
• Regulatory & Safety Standards: Strict safety protocols and environmental regulations elevate compliance costs, especially across geographies.
• Supply Chain Vulnerabilities: For gases like helium, limited global reserves and supply chain bottlenecks can constrain availability. 

Key Companies in the Global Industrial Gas Business Market include:

• Showa Denko
• Siemens
• Air Separation
• Linde
• SABIC
• Air Liquide
• Messer
• Taiyo Nippon Sanso
• American Air Liquide
• Chemogas
• Praxair
• BASF
• Air Products and Chemicals
• National Hydrogen Association
• ENGAS

Regional Growth Patterns

Asia-Pacific, particularly countries like India and China, is expected to be a major growth engine. Future Market Insights projects India’s industrial gas market to grow at a 9.8% CAGR through 2035, driven by infrastructure expansion, semiconductor investments, and hydrogen initiatives.  Meanwhile, Europe and North America continue to focus on decarbonization, green hydrogen, and clean-tech gas applications. 

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Opportunities Ahead

• Green Hydrogen Hubs: Companies investing in low-carbon hydrogen production and supply chains can tap massive long-term demand.
• Healthcare Expansion: In emerging markets, improving medical infrastructure offers blue‑sky potential for oxygen and specialty medical gases.
• Semiconductor Gas Supplies: As more fabs open, gas suppliers can partner for on-site or long-term contracts, gaining sticky revenue.
• Modular Plants & Micro‑ASUs: Decentralized systems offer entry into smaller or remote markets with lower capital risk.
• Carbon Capture & Utilization: Industrial gases can play a pivotal role in carbon capture, storage, and conversion, creating new revenue streams.

Translation of the Report in Different Languages:

産業用ガス事業市場レポート (日本語) | Industrieller Gas‑Geschäftsmarkt Bericht (Deutsch) | Rapport du marché des gaz industriels (Français) | 산업용 가스 사업 시장 보고서 (한국어) | 工业气体业务市场报告 (中文) | Informe del mercado de gases industriales (Español)

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