Industrial gases market seen reaching $162.8B by 2031

By AI, Created 4:32 AM UTC, June 03, 2026, /AGP/ – A new Allied Market Research report projects steady growth for the global industrial gases market through 2031, with demand rising from healthcare, electronics, energy and manufacturing. The report points to hydrogen, semiconductor production and Asia-Pacific industrial expansion as major drivers.

Why it matters: - The industrial gases market underpins healthcare, electronics, aerospace, energy, construction, food processing, mining and chemicals. - Allied Market Research projects the market will grow from $93.8 billion in 2021 to $162.8 billion by 2031, a 5.7% compound annual growth rate from 2022 to 2031. - Rising demand for high-purity gases is tied to advanced manufacturing, energy transition projects and medical applications.

What happened: - Allied Market Research released a report on the global industrial gases market on June 3, 2026. - The report said the market is expanding as industries rely more on specialty and atmospheric gases for efficiency and innovation. - The report includes a downloadable PDF brochure and a paid report option.

The details: - Industrial gases include oxygen, nitrogen, hydrogen, carbon dioxide and noble gases such as helium, argon, neon, krypton, xenon and radon. - Most atmospheric industrial gases are produced through air separation, where air is cooled until it liquefies and the gases are split by boiling point. - Oxygen held the largest market share in 2021 at about 35.2% of revenue. - Nitrogen remains widely used in electronics, food preservation, pharmaceuticals and industrial processing. - Hydrogen is one of the fastest-growing segments because of clean energy and fuel cell investment. - Carbon dioxide demand remains strong in beverages, food processing, enhanced oil recovery and industrial uses. - Noble gases are gaining use in aerospace, nuclear energy, scientific research and advanced electronics. - Asia-Pacific is the largest regional market and is expected to keep that lead through 2031. - South Korea is projected to post about 6.5% CAGR during the forecast period.

Between the lines: - Healthcare is becoming a stronger growth engine as hospitals and pharmaceutical research expand their use of medical gases. - Medical-grade oxygen remains a core hospital gas, while nitrous oxide, nitric oxide, helium, hydrogen and xenon are also seeing broader use. - Carbon dioxide and liquid nitrogen are important in regenerative medicine, stem cell research, tissue engineering, cryopreservation and cell storage. - Semiconductor and display manufacturing are pushing demand for contamination-controlled gas systems, especially nitrogen, hydrogen and argon. - Hydrogen infrastructure investments are creating a new growth lane for suppliers as governments pursue decarbonization targets. - Nuclear fusion research and next-generation reactors are adding demand for helium, argon and xenon. - Renewable energy projects are expanding industrial gas use in green ammonia, hydrogen generation, energy storage and carbon capture.

What’s next: - Demand should rise as India, China, Indonesia and Vietnam keep building manufacturing capacity, infrastructure and energy projects. - Construction demand is expected to remain strong because of welding, cutting, fabrication and equipment manufacturing needs. - Healthcare, electronics and aerospace should continue to drive consumption as medical infrastructure, chip production and space activity expand. - Industrial gas companies are expected to keep investing in capacity expansion, technology upgrades, partnerships and acquisitions. - The report expects post-pandemic recovery to continue supporting industrial gases demand across manufacturing, construction, energy and healthcare.

The bottom line: - Industrial gases are moving from a support input to a key enabler of healthcare, chips, clean energy and advanced manufacturing.