A variety of gases are widely used in the renewable energy, healthcare, electronics, food, heavy metal, chemical, and petroleum industries. For instance, carbon dioxide finds application in the food and beverage industry for carbonating soft drinks and beer and producing decaffeinated coffee. Acetylene is used for oxy-acetylene flame in the metallurgy sector, for wielding and cutting purposes. Hydrogen finds application in petroleum refineries and chemical manufacturing plants. These industries are set to expand in the future, and this will lead to an increase in the demand for industrial gases.



The diversified usage of gases in multiple sectors will thus drive the growth of the industrial gases market during the forecast period of 2020–2030. The market was valued at $92,392.4 million in 2019, and it is projected to advance at a CAGR of 5.5% during the forecast period. At this pace, the sale of such gases will generate revenue of around $154,079.5 million in 2030. The boom in the demand for various products, due to the increase in the per capita income of people, has led to an increase in the number of production units.


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The oil & gas and petrochemical industry generated maximum demand for gases in recent years, due to the surging number of natural gas and crude oil reservoirs. These reservoirs are producing gas and oil through secondary and tertiary methods, which mandate the usage of gases to provide artificial pressure to the reservoirs, which helps bring the oil or gas to the surface. Additionally, the increasing capacity of refineries, to cater to the surging oil demand from the metal and chemical processing sector, will also result in the rising demand for industrial gases.



According to P&S Intelligence, the Asia-Pacific (APAC) region generated the highest revenue in the industrial gases market in 2019, and this dominance is expected to continue during the forecast years. This can be attributed to the presence of numerous large-scale manufacturing plants in South Korea, Japan, China, and India. In comparison to Western nations, the number of industrial plants is growing faster in this region because of the less-stringent environmental norms, cheap labor, and increasing demand for products due to the burgeoning population.