Industrial gases market seen reaching $167.4B by 2035

The industrial gases market is projected to grow from $111.3 billion in 2026 to $167.4 billion by 2035, fueled by manufacturing, healthcare, electronics and clean energy demand. Oxygen holds the largest revenue share at about 28%, underscoring its role in steelmaking, healthcare and wastewater treatment.

Why it matters: - Industrial gases sit inside a wide range of critical industries, from healthcare and semiconductors to steelmaking, food processing and clean energy. - The market’s projected climb to $167.4 billion by 2035 points to steady demand for gases that support productivity, emissions reduction and industrial output. - Oxygen’s roughly 28% revenue share shows how much core industrial activity still depends on bulk gas supply.

What happened: - Market Research Future estimated the industrial gases market at $105.8 billion in 2025. - The market is projected to rise from $111.3 billion in 2026 to $167.4 billion by 2035. - That implies a 5.2% compound annual growth rate during the forecast period. - Oxygen holds the largest revenue share at approximately 28%. - Demand for oxygen is being driven by steelmaking, healthcare and wastewater treatment. - The update covers industrial gases including oxygen, nitrogen, hydrogen, carbon dioxide, argon, acetylene, helium and specialty gases.

The details: - Industrial gases are used in welding, metal fabrication, electronics manufacturing, healthcare, food preservation, water treatment and clean energy applications. - Manufacturing, healthcare, energy, electronics, food processing and chemical industries are increasing demand for high-purity gases. - Steel production, metal fabrication, electronics manufacturing, chemicals and automotive production require large volumes of oxygen, nitrogen, argon and hydrogen. - Hospitals, clinics, laboratories and pharmaceutical companies rely on medical oxygen, nitrogen, carbon dioxide and specialty gases. - Semiconductor and electronics manufacturing is driving demand for ultra-high-purity gases used in chip fabrication and component production. - Food and beverage companies are using industrial gases for preservation, packaging, freezing, carbonation and quality control. - The market is segmented by product type, distribution mode, application and end-use industry. - Product types include oxygen, nitrogen, hydrogen, carbon dioxide, argon, helium, acetylene, specialty gases and other industrial gases. - Distribution modes include bulk distribution, cylinder distribution and on-site gas generation. - Applications include manufacturing, metal processing and fabrication, healthcare, food and beverage, chemicals, electronics and semiconductors, water treatment, oil and gas, energy and power, and research and laboratories. - End-use industries include healthcare, chemical, automotive, electronics, steel and metallurgy, pharmaceuticals, food processing, energy, mining, construction and aerospace. - Asia-Pacific leads the market, supported by industrialization and investment in electronics and healthcare. - North America remains a major market, supported by healthcare infrastructure, semiconductor manufacturing, hydrogen investments and technology development. - Europe is growing on sustainability efforts, industrial modernization, green hydrogen projects and environmental rules. - Latin America is seeing more demand from food processing, mining, manufacturing and healthcare. - The Middle East and Africa are emerging markets due to investments in oil and gas, petrochemicals, infrastructure and hydrogen projects.

Between the lines: - The market forecast reflects a broader shift toward cleaner industrial processes and lower-carbon energy systems. - Hydrogen and carbon capture are becoming central growth themes, not side businesses, for industrial gas suppliers. - Digital monitoring, AI and automation are turning gas production and distribution into a more data-driven business. - The competitive field remains crowded, with major players including Linde, Air Liquide, Air Products and Chemicals, Nippon Sanso Holdings, Messer Group and others.

What's next: - Green hydrogen buildout is expected to remain a major investment theme as countries pursue decarbonization goals. - Companies are likely to keep expanding capacity, adding digital monitoring tools and improving supply chain efficiency. - Carbon capture, utilization and storage should create additional demand for carbon dioxide recovery and related gas services. - Renewable-powered air separation units and energy-efficient production technologies are likely to gain more traction. - Market Research Future offered a free sample brochure, a premium research report and the full market report.