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US Industrial Gas Market Size (2024 - 2029)

The United States industrial gas market is anticipated to experience growth over the forecast period, driven by resilient demand from the healthcare sector and the increasing importance of specialty gases. Despite challenges such as environmental regulations, safety concerns, and the impact of the COVID-19 pandemic, the market has shown recovery and expansion. Opportunities are expected to arise from the development of chemical and petrochemical industries in the Gulf Coast and Texas regions. The atmospheric gas segment remains the most significant within the market.

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Market Size of US Industrial Gas Industry

US Industrial Gas Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 3.79 %
Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in no particular order

United States Industrial Gas Market Analysis

The United States Industrial Gas Market size is expected to grow from 363.72 million tons in 2023 to 438.07 million tons by 2028, at a CAGR of 3.79% during the forecast period (2023-2028).

The market was negatively impacted by the COVID-19 pandemic in the region, including decreased demand and productivity, supply chain disruptions, and regional lockdowns. However, the market showed significant growth in 2021 and continued to grow in 2022.

  • The resilient demand from the healthcare industry and growing prominence for specialty gases have been driving the market growth.
  • However, the environmental regulations and safety issues and the outbreak of COVID-19 disease across the globe are likely to hinder the growth of the studied market.
  • Ramping up of Chemical and Petrochemical Industries in Gulf Coast and Texas is likely to provide opportunities for the United States industrial gas market over the next five years.
  • The atmospheric gas segment is the most dominating gas type segment for the market studied.

United States Industrial Gas Industry Segmentation

Industrial gases are gases produced in relatively large quantities by gas manufacturing companies for use in a variety of industrial manufacturing processes. These gases are sold to other enterprises and industries, including oil and gas, petrochemicals, chemicals, power, mining, steelmaking, metals, environmental protection, medicine, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics, etc.

The United States industrial gas market is segmented by product type and end-user industry. By product type, the market is segmented into nitrogen, oxygen, carbon dioxide, hydrogen, helium, argon, ammonia, methane, propane, butane, and other types. The end-user industry segments the market into chemical processing and refining, electronics, food and beverage, oil and gas, metal manufacturing and fabrication, medical and pharmaceutical, automotive and transportation, energy and power, and other end-user industries.

For each segment, the market sizing and forecasts have been done on the basis of volume (tons).

Product Type
Nitrogen
Oxygen
Carbon Dioxide
Hydrogen
Helium
Argon
Ammonia
Methane
Propane
Butane
Other Product Types
End-User Industry
Oil and Gas
Energy and Power
Petrochemical and Chemical Manufacturing
Medical and Pharmaceutical
Food and Beverage
Metal Manufacturing and Fabrication
Transportation
Other End-User Industries (Electronics, Pulp and Paper, etc.)
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US Industrial Gas Market Size Summary

The United States industrial gas market is poised for significant growth over the forecast period, driven by resilient demand from the healthcare sector and the increasing importance of specialty gases. The market experienced setbacks due to the COVID-19 pandemic, which led to decreased demand, supply chain disruptions, and regional lockdowns. However, it rebounded strongly in 2021 and continued its upward trajectory in 2022. The healthcare industry's technological advancements and the critical need for medical-grade gases, particularly during the pandemic, have been pivotal in propelling market expansion. The atmospheric gas segment remains the dominant category within the market, with opportunities emerging from the ramping up of chemical and petrochemical industries in regions like the Gulf Coast and Texas.

The automotive industry also plays a crucial role in the demand for industrial gases, with the United States being a significant player globally. The use of gases such as argon in manufacturing processes and oxygen sensors in vehicles underscores the sector's contribution to market growth. The push towards electric vehicles and zero-emission vehicles, particularly in states like California, is expected to further drive the demand for industrial gases. The market is characterized by a consolidated landscape, with major companies like Air Liquide, Air Products and Chemicals Inc., and Linde PLC leading the charge. Recent strategic moves, such as Iwatani Corporation's acquisition of Aspen Air US and Air Liquide's investment in hydrogen production infrastructure, highlight ongoing efforts to expand and innovate within the sector.

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US Industrial Gas Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Healthcare Sector

      2. 1.1.2 Increasing Demand for Frozen and Stored Food

      3. 1.1.3 Growing Need for Alternate Energy Sources

    2. 1.2 Restraints

      1. 1.2.1 Environmental Regulations and Safety Issues

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Product Type

      1. 2.1.1 Nitrogen

      2. 2.1.2 Oxygen

      3. 2.1.3 Carbon Dioxide

      4. 2.1.4 Hydrogen

      5. 2.1.5 Helium

      6. 2.1.6 Argon

      7. 2.1.7 Ammonia

      8. 2.1.8 Methane

      9. 2.1.9 Propane

      10. 2.1.10 Butane

      11. 2.1.11 Other Product Types

    2. 2.2 End-User Industry

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Energy and Power

      3. 2.2.3 Petrochemical and Chemical Manufacturing

      4. 2.2.4 Medical and Pharmaceutical

      5. 2.2.5 Food and Beverage

      6. 2.2.6 Metal Manufacturing and Fabrication

      7. 2.2.7 Transportation

      8. 2.2.8 Other End-User Industries (Electronics, Pulp and Paper, etc.)

US Industrial Gas Market Size FAQs

The US Industrial Gas Market is projected to register a CAGR of 3.79% during the forecast period (2024-2029)

Air Liquide , Air Products and Chemicals Inc., Linde PLC, Matheson Tri-Gas, Inc. and Messer North America, Inc. are the major companies operating in the US Industrial Gas Market.

United States Industrial Gas Market Report Snapshots

United States Industrial Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)