The Global Industrial Gas Market size was estimated at 950,000 kilo tons in 2020 and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. Carbon dioxide is used to produce carbonated soft drinks and soda water. Restaurants and beverage selling retailers were negatively affected owing to the pandemic scenario, which led to a decrease in the consumption of carbonated beverages during the COVID-19 situation, thus negatively impacted the industrial gas market.

Furthermore, construction works were also on temporary halt during the lockdown, thus led to a decrease in the consumption of industrial gases like argon and hydrogen which are used for welding purposes while construction, thus negatively impacted the market’s growth. However, the demand of oxygen for resuscitation and inhalation therapy has been increased from the medical industry during the pandemic situation, which in turn stimulates the market’s growth.

- Over the short term, the growing need for alternate energy sources and increasing demand from the healthcare sector are expected to drive the growth of the industrial gas market.
- Environmental regulations and safety issues are projected to the market's growth.
- Industrial growth in Asia-Pacific & Africa is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Key Market Trends

Increasing Demand from the Healthcare Sector for Medical Applications

- The growth in the advancement of technology in the healthcare industry gives rise to the demand for industrial gases.

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- The development of gas-assist equipment suppliers in the medical industry offers an assortment of equipment and controls, yet the fundamental procedure is comparative in all variations.

- Changes in pressure and stream control predominantly empower organized control of process variables.
- In the medical industry, bulk oxygen is required in many cases to minimize the risk of excess oxygen in the lungs or body tissue during surgeries, and for providing artificial ventilation. Nitrogen is utilized in pre-flight lung diagnosis, to calculate a person’s ability to respond to a simulated aircraft cabin environment. Carbon dioxide can be used at the time of insufflation and can be infused with oxygen for stimulation of the respiratory simulation.

- This way, the application of technology in healthcare, using gases, has been increasing rapidly in recent times.
- In the year 2019, the global medical technology industry has a revenue of USD 429.8 billion, with a growth rate of 6.3% compared to the previous year, which in turn stimulates the demand for the industrial gas market.
- According to India Brand Equity Foundation (IBEF), Indian healthcare market is expected to reach about USD 372 billion by 2022, considering the rising per capita income, increasing health awareness, and others, which in turn stimulates the demand for medical gases.

- Owing to all these factors, the market for industrial gas is likely to grow globally during the forecast period.

Asia-Pacific Dominated the Industrial Gas Market

- Asia-Pacific was the largest market for industrial gases. China accounted for a major chunk of the consumption in the region. However, India is expected to witness the fastest growth in the region.
- India is the third-largest producer of iron and steel in Asia-Pacific, and the production is increasing at a rapid pace every year.

- Industrial gases also find their application in the transportation sector including, tire manufacturing using pressurized nitrogen, high-pressure argon for airbags, and carbon dioxide and nitrogen for precise and secure welding. As of Q3 2019, China had produced 18.17 million vehicles and reached 16.96 million vehicles by Q3 2020, registering a decline rate of about 6.66%.

- Growing demand for iron and steel from various industries and the up-coming steel ventures, coupled with the government initiatives to boost the manufacturing sector, are expected to boost the usage of mechanical gas creation units to address the mass prerequisites for modern gasses.

- Industrial gases are used for welding purposes in the construction industry. China was leading in the construction industry with market size of USD 1092.9 billion in the year 2019, with a growth rate of 14.71% compared to the previous year.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.

Competitive Landscape

The industrial gas market is consolidated in nature. Some of the major players in the market include Air Liquide, Air Products Inc., Linde plc, Messer Group GmbH, and BASF SE, among others.

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