The industrial gas sales in the US are projected to continue growing from 2024 through 2028, with sales increasing from $8.85 billion in 2024 to $9.24 billion by 2028. Comparing this forecast to the available data for 2023, the industry was valued at approximately $8.75 billion, indicating a steady growth trajectory. The year-on-year growth rate reflects a typical annual increase of around 1-2%, while the compound annual growth rate (CAGR) over this five-year period is approximately 1.64%, indicative of moderate but consistent expansion within the market.
Future trends to watch for include:
- The impact of technological advancements on production efficiency and cost reduction.
- Possible shifts in demand driven by sustainable energy initiatives and related legislation.
- Emerging markets and sectors that could spur new industrial gas applications.
- Geopolitical and economic factors influencing raw material availability and pricing.
