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What Is the Estimated Market Size of the Industrial Gas Industry by 2029?
The size of the industrial gas market has witnessed considerable expansion in the preceding years. This market will surge from a value of $131.46 billion in 2024 to a staggering $143.62 billion in 2025, projecting a 9.3% compound annual growth rate (CAGR).
Factors contributing to the growth during the historic era include the expansion of manufacturing and industrial sectors, evolution of the energy sector, requirements in the healthcare industry, effects of globalization and international commerce, environmental policies, and the growth of infrastructure.
In the following years, the industrial gas market size is anticipated to experience robust growth, expanding to a value of $209.86 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 9.9%. The growth projected for this period can be linked to the increasing shift towards green energy, development in the electronics industry, carbon capture and storage implementations, progress in the hydrogen economy, and the advancement in space exploration and aerospace sector.
The forecast period will also see significant influence from trends in the biotechnology and pharmaceutical sector, advancements in manufacturing technologies, technological progress, growth in the medical gases market, and expansion of the liquefied natural gas (LNG) market.
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What Is Driving the Growth in Global Demand for Industrial Gas Market Solutions?
The healthcare sector is witnessing new advancements with a heightened focus on improving overall health and quality of life. Besides oxygen, the preparation of other industrial gases such as nitrous oxide, nitric oxide, hydrogen, helium, and xenon for use in pharmaceutical products is underway.
The introduction of treatments and drug development using induced pluripotent stem cells (IPS) adds a fresh value to the industry. The use of gases like carbon dioxide and liquid nitrogen, crucial for cell and tissue cultivation and preservation, is fueling the demand for superior grade industrial gases.
How Do Industrial Gas Market Segments Differ Across Major Regions?
The industrial gas market covered in this report is segmented –
1) By Type: Nitrogen, Oxygen, Carbon Dioxide, Hydrogen, Other Industrial Gas
2) By Mode of Supply: Bulk, Packaging, Pipe Line
3) By Packaging: Cylinders, Bottles, Canisters, Cartridges, Cryogenic Tanks Or Vessels, Other Packagings
4) By End User Industry: Chemicals, Metallurgy, Manufacturing, Food And Beverage, Healthcare, Other End-User Industries
Subsegments:
1) By Nitrogen: Liquid Nitrogen, Gaseous Nitrogen
2) By Oxygen: Liquid Oxygen, Gaseous Oxygen
3) By Carbon Dioxide: Liquid Carbon Dioxide, Gaseous Carbon Dioxide
4) By Hydrogen: Gaseous Hydrogen, Liquid Hydrogen
5) By Other Industrial Gas: Argon, Acetylene, Helium, Neon, Other Specialty Gases
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What Are the Future Trends Forecasted for the Industrial Gas Market?
The number of industrial gas companies redirecting carbon dioxide emissions from industrial sites to greenhouses is on the rise. Refineries and power plant’s CO2 is stored in natural gas fields or local capacities and then moved to greenhouses through pipelines.
This intelligent method of CO2 recycling also works to reduce the greenhouses’ carbon footprint. Linde serves as an example of this, capturing carbon dioxide from the Shell oil refinery near Rotterdam in the Netherlands and distributing it to more than 580 greenhouses across Rotterdam and Amsterdam.
This initiative prevents the burning of 115 million cubic meters of natural gas and stops 205,000 tons of CO2 from being emitted annually.
Who Are the Emerging Competitors in the Global Industrial Gas Market?
Major companies operating in the industrial gas market include Asia Technical Gas Co. Pte. Ltd., Universal Industrial Gases Inc., BASF SE, Mitsubishi Chemical Holdings Corporation, Linde GmbH, Air Liquide S.A.S., Air Products and Chemicals Inc., Showa Denko K.K., Taiyo Nippon Sanso & Co.
Ltd., Air Water Inc., Airgas Inc., Iwatani Corporation, Messer Group GmbH, Matheson Tri-Gas Inc., SOL S.p.A., Nippon Gases, Ellenbarrie Industrial Gases, Yingde Gases Group Co. Ltd., SIAD Group, Blue Star Limited, Gulf Cryo, nexAir LLC, Sapio Group, PT Samator Indo Gas TBK, SIG Gases Berhad, Gases Plus, Bhuruka Gases Limited
Which Countries Are Leading in the Global Industrial Gas Market?
Asia-Pacific was the largest region in the industrial gas market in 2024. North America was the second-largest region in the industrial gas market.
The regions covered in the industrial gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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