The industrial gases market is poised to grow significantly, set to reach a valuation of USD 174.13 billion by 2032, at a CAGR of 5.73% from 2024 to 2032. Oxygen, nitrogen, hydrogen, and carbon dioxide are crucial industrial gases used in diverse sectors such as medical oxygen therapy, semiconductor manufacturing, and metal fabrication. The market's expansion is bolstered by the increasing emphasis on clean energy solutions, particularly hydrogen-based energy, and the drive towards sustainable technologies. Air separation and gas liquefaction technologies are advancing to enable more competitive and eco-friendly industrial gas solutions. Stringent environmental regulations are also pushing manufacturers to innovate low-carbon, energy-efficient gas production methods. The Asia Pacific region dominated the market in 2023, with countries like China, India, Japan, and South Korea driving growth in manufacturing, steel production, semiconductor industry, and healthcare. The region's high demand for oxygen and nitrogen in various industrial applications, especially in steel manufacturing and semiconductor production, has propelled market growth. Notably, China's substantial steel production and the semiconductor industries in Japan and South Korea are major consumers of industrial gases like nitrogen and argon. Furthermore, India's healthcare sector is experiencing growth, increasing the need for medical-grade oxygen. Oxygen held the largest market share in 2023, mainly due to its widespread use in steel manufacturing, healthcare, and chemical processing. The manufacturing sector contributed significantly to industrial gas consumption, relying on gases like oxygen, nitrogen, and hydrogen for metal fabrication, welding, and heat treatment processes. Recent developments in the market include Linde's launch of a carbon-capture-enabled hydrogen production facility and Air Liquide's expansion of nitrogen supply for semiconductor manufacturing, aligning with sustainability and clean energy trends. With governments focusing on pollution control and healthcare infrastructure, industrial gases, particularly oxygen, are expected to maintain their prominence in the market.