In 2021, the US industrial gas market was valued at around $24.8bn, which represents a 14.8% year-on-year (YoY) growth on 2020 gas market revenues for the country.
The industrial gas market in the US experienced solid growth over the course of the past decade. However, there have been periods of low growth and decline, noticeably in 2009 and 2016. Then, in 2020, the industrial gas market in the US dropped by 2.1% due to the impact of the coronavirus pandemic on industrial activity and the wider economy.
Linde plc is the market leader in the US, with gas-related revenues amounting to just over $7.2bn in 2021. This is in spite of the significant divestments required of it to be able to merge with Praxair back in 2019. These revenues equate to a 29.1% share of the total US gases market.
Air Liquide isn’t far behind with around $6.7bn in 2021, equivalent to a 26.9% market share – the Airgas acquisition in 2016 helped to increase Air Liquide’s position in the US.
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