Industrial Gases Market Size To Reach $172.59 Billion By 2033

Industrial Gases Market Growth & Trends

The global industrial gases market size is expected to reach USD 172.59 billion by 2033, registering a CAGR of 4.4% from 2026 to 2033, according to a new report by Grand View Research, Inc. Industrial gas is a significant segment of the economic progress of any region. The region-wise market for these gases is expected to grow at a rate that is double the GDP rate. With the erudition of the world economy, the utilization of nitrogen has increased faster than that of oxygen. Argon, however, has picked up the market pace and can be expected to supersede oxygen in terms of utilities. Despite this, some countries, such as India, are still operating in the oxygen era.

With sophistication in the industrial sector, growth during the forecast period is expected to emerge from argon and nitrogen. With the diminution of fossil fuel resources, hydrogen might gain importance as a source of energy. The implementation of oxygen for environmental protection and energy conservation and the use of nitrogen gas in the food and packaging industry remains an instantaneous opportunity in the market. Using hydrogen for the desulphurization process of sour crude is anticipated to fuel demand for industrial gases. Simultaneously, LNG, shale gas CNG and LCNG could hold prospects for growth in the industry. Thus, the industry is expected to grow substantially through the use of conventional and unconventional applications.

Another major factor fostering industry growth is the rising healthcare industry. Utilization of improved medical technologies and increasing government expenditure on the healthcare industry is accelerating the applicability rate of industrial gases in various medical devices, such as Magnetic Resonance Imaging (MRI), Nuclear Magnetic Resource Imaging (NMRI), and ophthalmology. There are reputable local and international players in the global market. Some of these players have a lengthy history on the market. Due to the intense competition, the majority of players are concentrating on how to set themselves apart from the competition. For product manufacturers, creating extremely effective sales channels is yet another crucial element.

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Industrial Gases Market Report Highlights

• On the basis of products, the global industry has been further categorized into oxygen, nitrogen, hydrogen, carbon dioxide, acetylene, and argon.

• The cylinder segment led the industry in 2025 and accounted for the largest revenue share of 36.55%.

• The healthcare industry application segment accounted for the largest share of 27.04% of the overall revenue in 2025.

Industrial Gases Market Segmentation

Grand View Research has segmented the global industrial gases market on the basis of product, application, distribution, and region:

Industrial Gases Product Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2033)

• Nitrogen

• Hydrogen

• Carbon Dioxide

• Oxygen

• Argon

• Acetylene

Industrial Gases Application Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2033)

• Healthcare

• Manufacturing

• Metallurgy & Glass

• Food & Beverages

• Retail

• Chemicals & Energy

• Others

Industrial Gases Distribution Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2033)

• On-site

• Bulk (Liquid Gas Transport)

• Cylinder (Merchant)

Industrial Gases Regional Outlook (Volume, Million SCF; Revenue, USD Million, 2018 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • The Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Malaysia

  • Thailand

  • Singapore

• Latin America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players in the Industrial Gases Market

• Air Liquide

• Air Products Inc.

• INOX-Air Products Inc.

• Iwatani Corp.

• Linde plc

• Messer

• SOL Group

• Strandmøllen A / S

• Taiyo Nippon Sanso Corp.

• Matheson Tri-Gas Inc.