Top 3 Companies Leading the Global Industrial Gases Market, Supported by the Demand for Industrial Gases in Various Sectors

Air Liquide, Linde AG, and Air Products and Chemicals, Inc., among others, are the major players in the global industrial gases market. 

The global industrial gases market reached a value of about USD 97.57 billion in 2023. The market is projected to grow at a CAGR of 6.8% in the forecast period of 2024-2032 to reach around USD 176.44 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the development of packaging technologies such as rapid surface chilling and others.

Industrial gases play a crucial role in large-scale production and industrial processes due to their reactivity and physical properties. Oxygen, nitrogen, carbon dioxide, hydrogen, methane, and propane are key industrial gases used as reaction agents in various chemical production stages. These gases offer solutions for tasks like inerting, reactor cooling, and pH control. In the petrochemical industry, substances derived from petroleum and natural gases rely on nitrogen to create inert atmospheres for safe transportation and storage.

In the reporting year 2022, more than 8,000 facilities and suppliers participated in the Greenhouse Gas Reporting Program (GHGRP). Of these contributors, 7,586 facilities across nine industry sectors reported direct emissions, amounting to a total of 2.69 billion metric tons of carbon dioxide equivalent (CO2e). Additionally, 975 suppliers of fossil fuels and industrial gases provided reports, and 84 facilities reported the injection of CO2 underground under Subpart UU.

The industrial gases market growth is fuelled by advancements in packaging technologies, including rapid surface chilling. Notably, the adoption of rapid surface chilling technology in the food and beverage sector, which relies on cryogenically cooled liquid nitrogen for meat preservation, is contributing to the increased demand for industrial gases.

The expansion of the global industrial gases market is further propelled by the increased utilisation of these gases across diverse manufacturing processes. The rising demand for industrial gases in sectors like food and beverage, healthcare, energy, electronics, and oil and gas are a key driver for market growth. Additionally, the advancement of packaging technologies, such as rapid surface chilling, is anticipated to further elevate the demand for industrial gases in applications related to processing, packaging, and preservation.

In March 2023, Air Liquide invested approximately 60 million euros to upgrade two oxygen production units in Tianjin, China, reducing CO2 emissions. The modernisation allowed the Air Separation Units (ASUs) to operate on electrical power instead of steam, contributing to a lower carbon footprint. The initiative was part of a long-term industrial gases supply contract renewal with Tianjin Bohua Yongli Chemical Industry Co., Ltd. Additionally, Air Liquide signed a Memorandum of Understanding with YLC and the Tianjin Binhai District to explore Carbon Capture, Use, and Storage (CCUS) solutions.

Top 3 Industrial Gases Companies in the World:

Air Liquide

Air Liquide, a global leader in gases, technologies, and services for Industry and Health, focuses on essential small molecules like oxygen, nitrogen, and hydrogen. With a presence in 73 countries, the company, with 67,100 employees, serves over 3.9 million customers. Grounded in the scientific realm since inception, Air Liquide aims for industry leadership, long-term performance, and sustainability contributions. Positioned for future challenges like energy transition and healthcare transformation, the company's strategic plan, ADVANCE 2025, emphasises global performance, innovation, and resilience.

Linde plc

Linde, a leading global industrial gases and engineering company, achieved USD 33 billion in 2022 sales. Embracing its mission to enhance global productivity, Linde delivers high-quality solutions, technologies, and services across diverse industries such as chemicals, energy, healthcare, and electronics. The company contributes to sustainability, decarbonisation, and environmental protection. Linde's industrial gases play crucial roles, from clean hydrogen production and carbon capture for the energy transition to supplying medical oxygen and speciality gases for electronics. Additionally, Linde provides advanced gas processing solutions, supporting customer expansion, efficiency improvements, and emissions reduction efforts.

Air Products and Chemicals, Inc.

Air Products, a global industrial gases company with over 80 years of operation, prioritises serving energy, environmental, and emerging markets. As a leader in industrial gases, it provides essential products and expertise to diverse industries. The company is also at the forefront of sustainability, driving growth through clean hydrogen projects to support the transition to low-carbon energy. With fiscal 2023 sales reaching USD 12.6 billion across 50 countries, Air Products emphasises innovation, environmental impact, and addressing global challenges. With a market capitalisation of approximately USD 65 billion, the company's 23,000 dedicated employees contribute to its mission of creating impactful solutions.