Industrial Gases Market to Grow with a CAGR of 7.40% through 2030

Rapid Industrialization and Infrastructure Development and Increasing Demand from Electronics and Semiconductor Industries are expected to drive the Global Industrial Gases Market growth in the forecast period, 2026-2030

According to TechSci Research report, “Industrial Gases Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F”, the Global Industrial Gases Market stood at USD 116.07 Billion in 2024 and is anticipated to grow with a CAGR of 7.40% in the forecast period, 2026-2030.

The healthcare and medical sectors have emerged as some of the fastest-expanding end-users of industrial gases, driven by rising demand for medical-grade oxygen, nitrous oxide, carbon dioxide, and precision gas mixtures. These gases are essential to critical healthcare applications, including respiratory therapy and ventilator support, surgical anesthesia, MRI imaging (via liquid helium), sterilization, and diagnostic procedures. In the post-pandemic landscape, the urgency to develop resilient and scalable medical gas infrastructure has intensified especially in developing economies where public and private stakeholders are investing in expanding critical care capacity and modernizing hospital systems.

Simultaneously, the accelerating transition to low-carbon and renewable energy systems is reshaping the industrial gases market. Industrial gases play a foundational role in a range of clean energy technologies, including Green hydrogen production through water electrolysis using oxygen and hydrogen, Carbon capture, utilization, and storage (CCUS), Fuel cell powertrains for electric mobility, Oxy-fuel combustion for emissions-reduced thermal power generation. Leading economies such as Japan, Germany, South Korea, and the U.S. are deploying national hydrogen roadmaps and making sizable infrastructure investments driving structural demand for high-purity industrial gases.

On the innovation front, advancements in cryogenic distillation, membrane separation, and pressure swing adsorption (PSA) are improving the efficiency, yield, and cost profile of gas production. Moreover, the deployment of on-site gas generation systems is expanding across industries like steel, pharmaceuticals, and food processing, offering operational autonomy and cost control. Meanwhile, smart cylinders and telemetry-based monitoring systems are enhancing real-time visibility, safety, and inventory management across gas supply chains.

However, industrial gas distribution relies on specialized equipment, including cryogenic tankers, high-pressure cylinder systems, and on-site vaporization units making the sector highly sensitive to logistics volatility. Disruptions such as transportation bottlenecks, just-in-time delivery failures, and geopolitical instability can severely impact the flow of critical gases. Recent global crises including the COVID-19 pandemic and the Russia–Ukraine conflict have exposed vulnerabilities in sourcing and transporting rare gases like neon, krypton, and xenon, which are vital to semiconductor manufacturing and other high-precision applications.

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The Global Industrial Gases Market is segmented into product, application, distribution channel, regional distribution, and company.

Based on the category of Distribution Channel, the Cylinder segment emerged as the dominating segment in the market for Industrial Gases in 2024. Gas cylinders are particularly favored by SMEs and decentralized operations that require Moderate gas volumes, Intermittent usage, On-site storage without pipeline infrastructure. Industries such as metal fabrication, automotive repair, food and beverage, glass manufacturing, and pharmaceuticals rely heavily on cylinders for applications like welding, carbonation, and laboratory analysis. The ability to order gas as needed, without investing in costly permanent installations, makes cylinders a practical solution for smaller operations across both developed and emerging markets.

In the medical sector, gas cylinders are essential for Portable oxygen supply in ambulances and homecare, Temporary or backup oxygen systems in hospitals, Emergency response and disaster relief scenarios. The surge in global demand for medical oxygen cylinders during the COVID-19 pandemic highlighted their indispensable role in saving lives, particularly in rural or infrastructure-limited settings. Even in the post-pandemic world, the healthcare sector continues to invest in portable and decentralized oxygen delivery, reinforcing the cylinder segment’s dominance. In many developing regions or industrial outskirts, pipeline infrastructure or on-site generation systems are not economically viable. Cylinders offer a cost-efficient and logistically feasible solution for Supplying industrial gases to remote factories, Supporting construction projects in temporary or mobile setups, Meeting demand in rural medical centers and clinics. This has significantly boosted the consumption of gas cylinders in Asia Pacific, Africa, and Latin America, where infrastructure development is still in progress.

North America is positioned to witness the fastest market growth in the Global Industrial Gases Market, driven by a confluence of sectoral demand, infrastructure modernization, and clean energy initiatives. The U.S. and Canada are making significant capital investments in high-tech manufacturing, particularly in semiconductors, aerospace, electronics, and precision engineering. Industrial gases such as ultra-high-purity nitrogen, argon, and specialty gases are essential in these processes. Landmark projects like the CHIPS and Science Act in the U.S., which includes billions in subsidies for semiconductor fabs, are catalyzing demand for gases required for etching, cooling, and inert atmospheres.

North America is at the forefront of the global decarbonization and energy transition movement, with strong public and private investment in green hydrogen production, CCUS (carbon capture, utilization, and storage), and fuel cell technologies. Industrial gases particularly hydrogen, oxygen, and CO₂ play a foundational role in these systems. The U.S. Department of Energy’s funding for regional clean hydrogen hubs (H2Hubs) is accelerating the commercialization of hydrogen infrastructure, significantly expanding demand for related gases.

Major companies operating in Global Industrial Gases Market are:

• Air Liquide
• Air Products and Chemicals, Inc.
• INOX-Air Products Inc.
• Iwatani Corporation
• Linde PLC
• Messer SE & CO. KGaA
• SOL Group
• Strandmøllen
• TAIYO NIPPON SANSO CORPORATION

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“The Global Industrial Gases Market is undergoing a strategic transformation evolving from a traditional commodity-based sector into a critical enabler of advanced manufacturing, clean energy, and healthcare innovation. As industries pursue greater efficiency, sustainability, and resilience, the demand for high-purity, application-specific gases is set to rise. Market players that invest in technological innovation, integrated supply chains, and region-specific expansion particularly in high-growth economies will be well-positioned to capitalize on long-term, sustainable growth opportunities across diverse end-use sectors.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Industrial Gases Market - Global Industry Size, Share, Trends, Opportunity & Forecast, Segmented By Product (Oxygen, Nitrogen, Hydrogen, Carbon dioxide, Acetylene, Argon), By Application (Healthcare, Manufacturing, Metallurgy & Glass, Food & Beverages, Retail, Chemicals & Energy, Others), By Distribution Channel (On-site, Bulk (Liquid Gas Transport), Cylinder (Merchant)), By Region, & Competition, 2020-2030F”, has evaluated the future growth potential of Global Industrial Gases Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Industrial Gases Market.

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