$16.1bn
$XX.Xbn
15,662
95
$X.Xbn
Revenue has been volatile due to fluctuating commodity prices and changes in downstream industrial activity. Despite economic activity halting amid the COVID-19 pandemic, the industry has experienced revenue growth because of sustained product demand, especially from the healthcare sector. Also, a boost in demand for industrial gases to meet rising energy needs has assisted in industry growth. Industry-wide revenue has been increasing at a CAGR of 8.8% over the past five years, reaching an estimated $16.2 billion in 2023, despite a projected 3.5% slump in 2023.The industry is highly concentrated and globalized, dominated by only a handful of global industrial gas manufacturers. Also, the industry's capital-intensive nature makes it rather difficult for new companies to enter successfully. The largest manufacturer has engaged in strategic acquisitions over the past five years boosting market share concentration. Rising wages, high utility costs, and recent business disruptions have therefore contributed to falling industry profit over the past five years. Profit, measured as earnings before interest and taxes, is expected to account for 7.5% of revenue in 2023, down from 7.7% in 2018.Rising consumer spending will support manufacturing consumer goods, which often require industrial gases. Still, revenue will likely drop as foreign manufacturers ramp up production. These foreign industrial gas manufacturers can operate at a lower cost and pass these savings on to buyers. Also, product prices will likely drop as energy inputs, like electricity, oil and natural gas, slump. Therefore, industry revenue is projected to slump at a CAGR of 0.4% over the next five years, reaching $15.9 billion in 2023.
Industry revenue has grown at a CAGR of 6.8 % over the past five years, to reach an estimated $16.1bn in 2023.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
L'air Liquide, S.A. | 3,325.1 | 385.5 | 11.6 | |
Linde Plc | 2,475.7 | 400.2 | 16.2 | |
Air Products And Chemicals, Inc. | 1,758.4 | 370.3 | 21.1 |
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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.
Sales of nitrogen, oxygen and other air-separated gases are increasing
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.
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NAICS 32512 - Oxygen & Hydrogen Gas Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Declining energy prices have intermittently helped support profit. Energy costs influence the production of industrial gases, both regarding demand from downstream markets an...
Learn about an industry's products and services, markets and trends in international trade.
Sales of nitrogen, oxygen and other air-separated gases are increasing. The segment recently faced a tremendous boost in oxygen demand to treat patients with COVID-19 in inte...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Southeast leads the way. This region accounts for about one-quarter of industry establishments, as many industry consumers have facilities located here.
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.
Oxygen and hydrogen gas manufacturing experiences a moderate and increasing level of competition. Due to product homogeneity, price, distribution and service base competition...
Learn about the performance of the top companies in the industry.
Air Products And Chemicals is a public company headquartered in Pennsylvania with an estimated 20,875 employees. The company has a significant market share in the US in the H...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The Environmental Protection Agency (EPA) is responsible for the protection of human health and the environment. Regulation regarding the sulfur composition of gasoline in th...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Electricity consumption remains among the largest components of manufacturers' costs. Manufacturers have made significant investments to make their equipment more energy-effi...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Oxygen & Hydrogen Gas Manufacturing in the US industry in United States is $16.1bn in 2024.
There are 95 businesses in the Oxygen & Hydrogen Gas Manufacturing in the US industry in United States, which has grown at a CAGR of 4.0 % between 2018 and 2023.
The market size of the Oxygen & Hydrogen Gas Manufacturing in the US industry in United States has been growing at a CAGR of 6.8 % between 2018 and 2023.
Over the next five years, the Oxygen & Hydrogen Gas Manufacturing in the US industry in United States is expected to decline.
The biggest companies operating in the Oxygen & Hydrogen Gas Manufacturing market in United States are L'air Liquide, S.A., Linde Plc and Air Products And Chemicals, Inc.
Manufacturing industrial organic gases and Manufacturing industrial inorganic gases are part of the Oxygen & Hydrogen Gas Manufacturing in the US industry.
The company holding the most market share in United States is L'air Liquide, S.A..
The level of competition is moderate and steady in the Oxygen & Hydrogen Gas Manufacturing in the US industry in United States.