Report Description

Forecast Period


Market Size (2023)

USD 2.68 billion

CAGR (2024-2029)


Fastest Growing Segment


Largest Market

Australia Capital Territory & New South Wales

 Market Size (2029)

USD3.30 billion


Market Overview

Australia Industrial Gases Market was valued at USD 2.68 billion in 2023 and is anticipated to project steady growth in the forecast period with a CAGR of 3.75% through 2029. Australia's industrial gases sector is witnessing strong expansion, a trend forecasted to persist over the next five years. The rising demand for industrial gases across various domains like manufacturing, healthcare, food and beverage, and energy is propelling this growth. Industrial gases hold a distinctive status in the global equities market, particularly in the material/chemical sector, as they exhibit a more defensive nature compared to other sectors. 

The Australia New Zealand Industrial Gas Association (ANZIGA) serves as the primary industry body representing firms engaged in bulk and compressed gas production and distribution. ANZIGA plays a pivotal role in advocating best practices, ensuring safety standards, and facilitating regulatory compliance within the sector. Australia's interconnected gas grid, spanning eastern, northern, and southern states and territories, has undergone structural transformations, further catalyzing market growth.

Despite optimistic prospects, the industry faces hurdles such as stringent environmental regulations and the imperative for technological advancements to enhance efficiency and curb emissions. Buoyed by robust demand from diverse sectors, a resilient industry framework, and its defensive attributes, Australia's industrial gases market is well-poised for sustained expansion.

As the sector continues to innovate and adapt to evolving market dynamics, it is anticipated to maintain its growth trajectory, consolidating its stature as a significant player in the global industrial gases landscape.

Key Market Drivers

Growing Demand of Industrial Gases in Food & Beverage Industry

Industrial gases serve as indispensable components within the food and beverage sector, fulfilling diverse roles crucial for product quality and safety. Apart from their conventional uses in cooling, freezing, packaging, carbonation, and preservation, they are integral to specialized processes like modified atmosphere packaging (MAP) and inerting. MAP involves substituting atmospheric air with specific gases to uphold product freshness and quality, while inerting prevents the oxidation and spoilage of delicate food items. This strategic utilization ensures superior product quality, extended shelf life, and heightened food safety standards.

The Australian food and beverage industry has witnessed significant expansion owing to evolving consumer preferences, heightened disposable incomes, and surging international exports. This growth trajectory has spurred an augmented demand for industrial gases across the sector. For instance, carbon dioxide plays a pivotal role in carbonated beverages, imparting the desired effervescence and refreshing fizz. Nitrogen finds extensive application in snack packaging, creating a protective environment to preserve crispness and flavor over time.

The escalating popularity of convenience foods, necessitating cryogenic freezing with liquid nitrogen or carbon dioxide, has amplified the reliance on industrial gases. This freezing technique ensures the preservation of food texture, taste, and nutritional value, even during prolonged storage or transit. By bolstering food quality and ensuring consumer satisfaction, industrial gases streamline operational efficiency throughout the supply chain.

As the Australian food and beverage landscape evolves, the demand for industrial gases is poised for further escalation. This anticipated surge is not solely driven by industry expansion but also by a steadfast commitment to embracing sustainable and eco-friendly processing methodologies. Industrial gases offer viable solutions by curbing waste, reducing energy consumption, and mitigating carbon emissions, thus playing a pivotal role in fostering the industry's transition towards sustainability and operational efficiency.

Growing Demand of Industrial Gases in Healthcare Industry

Industrial gases, encompassing oxygen, nitrogen, and nitrous oxide, hold a fundamental and irreplaceable position within the healthcare sector. These gases are indispensable for a myriad of medical applications and serve as vital resources for patients in critical conditions. They play pivotal roles in respiratory therapies, anesthesia delivery, medical imaging diagnostics, and clinical laboratory analyses, thereby facilitating the seamless operation of healthcare facilities.

In Australia, the healthcare industry is undergoing rapid expansion, spurred by factors such as an aging demographic, a rising prevalence of chronic ailments, and advancements in medical technology. This growth surge has triggered a substantial increase in the demand for industrial gases to support the evolving healthcare infrastructure.

The COVID-19 pandemic has further underscored the paramount importance of medical gases, particularly oxygen, within healthcare environments. The unprecedented surge in demand for medical oxygen during the crisis has profoundly impacted the industrial gases market, underscoring the critical role these gases play in preserving lives.