Industry Statistics and Trends
Market size and recent performance (2016-2031)
Industry revenue has grown at a CAGR of 5.3 % over the past five years, to reach an estimated $18.4bn in 2026.
Trends and Insights
Long-term distribution agreements support profit and allow for reinvestment into core ventures
- Major companies benefit from establishing long-term distribution agreements with end markets, particularly through on-site distribution, which remains critical to the success of large enterprises with the largest market share, such as Linde, Air Liquide, or Air Products and Chemicals.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2026-2031)
Market size is projected to grow over the next five years.
Trends and Insights
Domestic semiconductor manufacturing offers a potential growth avenue
- The push for self-sustainability in the manufacturing of key technologies is continuing to bolster the chip industry, with the trend expected to last into the outlook period. With federal funding being allocated to major foundry businesses like Intel and the possibility of imported semiconductors being subject to tariffs, domestic production is expected to remain a key investment area moving forward.
Biggest companies in the Oxygen & Hydrogen Gas Manufacturing in the US
| Company | Market Share (%)
2026 | Revenue ($m)
2026 | Profit ($m)
2026 | Profit Margin (%)
2026 |
|---|---|---|---|---|
Linde Plc | 3,917.6 | 1,191.3 | 30.4 | |
L'air Liquide, S.A. | 2,650.5 | 583.1 | 22.0 | |
Air Products And Chemicals, Inc. | 1,865.8 | 534.1 | 28.6 |
To view the market share and analysis for all 3 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Argon and hydrogen, Oxygen and Nitrogen. Argon and hydrogen is the largest segment of the Oxygen & Hydrogen Gas Manufacturing in the US.
Trends and Insights
Argon and hydrogen sales benefit from growing oil refining activity
- Argon is primarily used for welding and metal fabrication, protecting welds from oxidation. In electronics manufacturing, argon is used in semiconductor production and LED manufacturing. Other uses for argon include lighting, thermal insulation, medical applications in lasers, document preservation and wine production.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
This industry manufactures various forms of organic and inorganic industrial gases, including compressed, liquid and solid (i.e., dry ice). Examples of industrial gases include oxygen, hydrogen, helium, nitrogen and carbon dioxide supplied to various customers, including industrial and medical users. Key inputs for the industry include electricity and natural gas.
What's included in this industry?
Products and services covered in the Oxygen & Hydrogen Gas Manufacturing industry in the United States include Manufacturing industrial organic gases, Manufacturing industrial inorganic gases, Hydrogen manufacturing, Oxygen manufacturing, Helium manufacturing, Nitrogen manufacturing, Carbon dioxide manufacturing, Acetylene manufacturing and Fluorocarbon gases manufacturing.Companies
Companies covered in the Oxygen & Hydrogen Gas Manufacturing industry in the United States include Linde Plc, L'air Liquide, S.A. and Air Products And Chemicals, Inc.Purchase this report to view all 3 major companies in this industry.
Related Terms
Related terms covered in the Oxygen & Hydrogen Gas Manufacturing industry in the United States include air separation, tonnage users and argon.Industry Code
NAICS 32512 - Oxygen & Hydrogen Gas Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Semiconductor reshoring and federal policy are opening a structural demand channel. Intel's $100.0 billion fab investment and TSMC's $65.0 billion expansion, both underpinned...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2016-2025) and forecast (2026-2031)
- Employees, including historical (2016-2025) and forecast (2026-2031)
- Businesses, including historical (2016-2025) and forecast (2026-2031)
- Profit, including historical (2016-2026)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Argon and hydrogen demand is rising, driven by oil refining, welding and semiconductor applications and will likely keep growing if geopolitical tensions and energy needs rema...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2026
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2026
- Major market segmentation in 2026
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
California's robust economy and strategic location make it a prime area for gas manufacturing establishments. The state's access to major ports and diverse industrial base su...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2026
Tables
- Number and share of establishments in each state in 2026
- Number and share of revenue each state accounts for in 2026
- Number and share of wages each state accounts for in 2026
- Number and share of employees in each state in 2026
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Market concentration remains moderate and steady as major manufacturers divest non-core assets and pursue targeted acquisitions, while new green-hydrogen-focused entrants cont...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2021-2026
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Air Liquide has opened a new production facility in Louisiana to support methanol plant expansion projects. This facility is part of a regional strategy to enhance supply cha...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2022 through 2026
- Major companies in the industry, including market share, revenue, profit and profit margin in 2026
- Overview of Linde Plc's performance by revenue, market share and profit margin from 2020 through 2026
- Overview of L'air Liquide, S.A.'s performance by revenue, market share and profit margin from 2020 through 2026
- Overview of Air Products And Chemicals, Inc.'s performance by revenue, market share and profit margin from 2020 through 2026
Detailed analysis
- Description and key data for Linde Plc, and factors influencing its performance in the industry
- Description and key data for L'air Liquide, S.A., and factors influencing its performance in the industry
- Description and key data for Air Products And Chemicals, Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The EPA's Comprehensive Methane Emissions Reduction Rule targets methane emissions in the oil and gas industry. It mandates the phasing out of routine flaring and requires le...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2016-2031)
- Assistance historical data and forecast (2016-2031)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Industrial gas manufacturers maintain strong, relatively resilient profit by leveraging pricing power, multi-mode distribution and long-term on-site contracts that smooth dema...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2026
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2026
- Investment vs. share of economy
Data tables
- Industry Multiples (2019-2024)
- Industry Tax Structure (2019-2024)
- Income Statement (2019-2024)
- Balance Sheet (2019-2024)
- Liquidity Ratios (2019-2024)
- Coverage Ratios (2019-2024)
- Leverage Ratios (2019-2024)
- Operating Ratios (2019-2024)
- Cash Flow & Debt Service Ratios (2016-2031)
- Revenue per Employee (2016-2031)
- Revenue per Enterprise (2016-2031)
- Employees per Establishment (2016-2031)
- Employees per Enterprise (2016-2031)
- Average Wage (2016-2031)
- Wages/Revenue (2016-2031)
- Establishments per Enterprise (2016-2031)
- IVA/Revenue (2016-2031)
- Imports/Demand (2016-2031)
- Exports/Revenue (2016-2031)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2016-2031)
- IVA (2016-2031)
- Establishments (2016-2031)
- Enterprises (2016-2031)
- Employment (2016-2031)
- Exports (2016-2031)
- Imports (2016-2031)
- Wages (2016-2031)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Oxygen & Hydrogen Gas Manufacturing industry in the United States in 2026?
The market size of the Oxygen & Hydrogen Gas Manufacturing industry in the United States is $18.4bn in 2026.
How many businesses are there in the Oxygen & Hydrogen Gas Manufacturing industry in the United States in 2026?
There are 82 businesses in the Oxygen & Hydrogen Gas Manufacturing industry in the United States, which has grown at a CAGR of 0.5 % between 2021 and 2026.
How may import tariffs affect the Oxygen & Hydrogen Gas Manufacturing industry in the United States?
The Oxygen & Hydrogen Gas Manufacturing industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Oxygen & Hydrogen Gas Manufacturing industry in the United States?
The Oxygen & Hydrogen Gas Manufacturing industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Oxygen & Hydrogen Gas Manufacturing industry in the United States grown or declined over the past 5 years?
The market size of the Oxygen & Hydrogen Gas Manufacturing industry in the United States has been growing at a CAGR of 5.3 % between 2021 and 2026.
What is the forecast growth of the Oxygen & Hydrogen Gas Manufacturing industry in the United States over the next 5 years?
Over the next five years, the Oxygen & Hydrogen Gas Manufacturing industry in the United States is expected to grow.
What are the biggest companies in the Oxygen & Hydrogen Gas Manufacturing industry in the United States?
The biggest companies operating in the Oxygen & Hydrogen Gas Manufacturing industry in the United States are Linde Plc, L'air Liquide, S.A. and Air Products And Chemicals, Inc.
What does the Oxygen & Hydrogen Gas Manufacturing industry in the United States include?
Manufacturing industrial organic gases and Manufacturing industrial inorganic gases are part of the Oxygen & Hydrogen Gas Manufacturing industry in the United States.
Which companies have the highest market share in the Oxygen & Hydrogen Gas Manufacturing industry in the United States?
The company holding the most market share in the Oxygen & Hydrogen Gas Manufacturing industry in the United States is Linde Plc.
How competitive is the Oxygen & Hydrogen Gas Manufacturing industry in the United States?
The level of competition is moderate and steady in the Oxygen & Hydrogen Gas Manufacturing industry in the United States.
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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