The global Specialty Gas market size is expected to be worth around US$ 28.22 billion by 2030, according to a new report by Vision Research Reports.
The global Specialty Gas market size was valued at US$ 9.64 billion in 2020 and is anticipated to grow at a CAGR of 8.10% during forecast period 2021 to 2030.
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Growth Factors
Increased preference for specialty gases in the healthcare sector owing to an increased rate of applicability in medical applications is a driving factor for the strong market growth.
Increased rate of applicability in key applications such as manufacturing (welding and cutting, lighting, laser, chemicals), healthcare (medical devices, pharmaceutical drugs manufacturing, anesthetic), electronics (flat panel displays, semiconductor devices), and analytical and calibration instruments are expected to drive market growth.
The manufacturing and electronics industries are flourishing at an increased rate in emerging economies of Asia Pacific. Government initiatives to strengthen analytical testing capabilities, growing expenditure on drugs and medical devices by public health organizations, technological advancement, and government investments in the healthcare and electronics industries are increasing the demand for specialty gas.
Prevailing energy and environment-friendly practices coupled with growing societal awareness towards green products and solutions are anticipated to develop more stringent environmental and emission norms over the forecasted period. Furthermore, key players such as Air Liquide, Praxair, Inc., Linde AG, etc. are developing clean technologies and introducing innovative solutions that will lower emissions and pollutants.
Report Highlights
The carbon gas segment is anticipated to be a leading segment in the market with a revenue share of over 26% as of 2020, owing to increasing demand by various end-use industries such as manufacturing, electronics, healthcare, and chemicals as well as growing application scope for analytical purposes and instrument calibration. Increasing demand for noble gas from manufacturing and electronics industries is anticipated to propel the industry growth.
The ultra-high purity segment is anticipated to be the leading segment in the specialty gas industry owing to its increasing usage in applications such as manufacturing semiconductors, usage in laser technology, displays, photovoltaic products, welding and cutting, analytical instruments, stabilizing chemical processes, creating amplified light for hardening and marking, etc.
Noble Gases are also expected to witness huge demand owing to the increasing requirement for non-reactive chemical reactions in the manufacturing process and industrial applications such as lighting, welding, laser equipment, and diving gear. Other specialty gases include zero air, silane, nitrous oxide, custom blends, and gas mixtures. Increasing demand for custom-blended mixtures by the food and beverage, healthcare, manufacturing, and chemical industry is anticipated to spur the market demand.
Healthcare application is anticipated to be the largest segment in the specialty gas market, accounting for over 27% in 2020. Increased preference in the healthcare sector owing to an increased rate of applicability in medical applications is driving the industry growth.
The manufacturing segment accounted for the second-highest market share of the global demand in 2020. The large proportion can be accredited to the large manufacturing industry and requirement of ultra-high purity and other specialty gas for specific applications.
Increasing demand due to new technologies and existing uses of display technologies such as OLED, 4K, curved and flexible displays is positively driving the display market. Large-scale production of displays owing to high demand is fostering the use of specialty gases.
Asia Pacific was the largest regional market for specialty gas with a revenue share of over 26% as of 2020, owing to the presence of numerous end-use industries such as healthcare, electronics, manufacturing, pharmaceutical, etc. Massive investments commenced in developing custom blending techniques and adoption of new technology for the production process, equipment, and packaging in the Asia Pacific is anticipated to surge preference for specialty gas products.
China is the largest market for specialty gas in the Asia Pacific region owing to the increasing demand for bulk and electronic specialty gases in this region. High purity gas production is done on large scale in this region due to increased preference toward the healthcare sector and application in the food and beverage, electronics, and pharmaceutical sector.
Increasing demand for specialty gases in Europe is positively influencing industry growth owing to the high rate of facility establishment, technological advancement in packaging, high disposable income, and increased standard of living. Supportive government investments for specialty gas production are projected to foster market growth.
Key Players
Market Segmentation
Key Points Covered in Specialty Gas market Study:
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