India country report: Market for industrial gases grows $500m in decade
The commercial industrial gases market in India generated revenues of just over $1.82bn in 2024, up from $1.3bn in 2014, according to a new gasworld Intelligence report.
However, the industrial gases market did not perform as well as in the first decade (2000 to 2011) with 2016, 2020 and 2023 all recording drops in activity from the prior year.
The metallurgical industry is by far the largest end-user of industrial gas in India, accounting for 39% of total sales (equivalent to $708m).
Industrial gas major Linde is the most significant company, with a 26% market share, equating to $466m in revenues, while INOX Air Products (a joint venture between INOX Leasing and Finance Ltd and Air Products) is next largest with 25% (equating to $456m). Air Liquide and Air Water have market shares of around 7%, while NSHD (through the joint venture company Matheson K-Air Gases) has a minor share of 2%, according to the report.
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