Specialty Gas Market Anticipates Reaching $23.11 Billion by 2030, Sustained by a Robust 9.1% CAGR
Specialty Gas Industry
Pune, India, Sept. 27, 2023 (GLOBE NEWSWIRE) — The global specialty gas market size was USD 11.63 billion in 2022 and is expected to grow from USD 12.57 billion in 2023 to USD 23.11 billion by 2030 at a CAGR of 9.1% during the forecast period.
Specialty gases are highly pure gases ranging from 99.2N% to 99.5N%. Specialty gases include carrier gases, calibration gases, noble gases, instrumental gases, and others. Due to their highly pure nature, specialty gases are used in different applications such as aviation, electronic devices, medical, chemical, and analytical & calibration instruments.
Fortune Business Insights™ mentioned this in a report titled “Specialty Gas Market Size, Share and Forecast Analysis, 2023-2030.”
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List of Key Players Present in the Report:
- Air Liquide (France)
- Air Products (U.S.)
- Linde (U.K.)
- Merck (U.S.)
- Messer (Germany)
- MESA Specialty Gases (U.S.)
- Nippon Sanso Holdings Corporation (Japan)
- Samatorgas (Indonesia)
- Showa Denko (Japan)
- Yingde Gases (China)
Rising Key Players Expansion in Lucrative Regions to Propel Market Growth
The leading key players operating in the market are involved in various inorganic and organic strategies to maintain their position in the market. Several competitors are increasing their presence in the lucrative regions to gain high profits during the forecast period. Some of the main specialty gas manufacturers operating in the market are Air Products, Nippon Sanso Holdings Corporation, Linde, and Air Liquide.
Key Industry Development
April 2023 – Merck invested over USD 300 million to develop the world’s largest integrated specialty gas facility. With this capacity expansion and investment, Merck will strengthen its market position globally.
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Rising Demand for Specialty Gases during Pandemic Aided Market Growth
The COVID-19 pandemic positively affected the specialty gases market growth owing to the boost in the semiconductor industry during the pandemic. Several markets, such as the semiconductor, petroleum, chemical, and healthcare industries, witnessed significant growth in 2021. Metal and manufacturing industries were forced to stop their operations and witnessed a significant decrease in sales in 2020.
Rising Use of Electronic Gases in Various Applications to Drive Segment Growth
Based on type, the market is segmented into electronic gas, gas & liquid mixtures, pure gases, and others. The electronic gas segment has the largest market share in 2022 and will dominate the market during the forecast period. The growth is attributed to the rising use of specialty gases such as ammonia, silane, hydrogen bromide, sulfur hexafluoride, and hydrogen chloride in different applications.
Heightened Growth in Semiconductor Industry to Act as a Growth Level for the Market
By end-use industry, the market is classified into semiconductors, petroleum & chemical, healthcare, and others. The semiconductor segment is expected to dominate the market during the forecast period due to the rising investments in the worldwide semiconductor industry to meet its growing demand. The global semiconductor industry is one of the prominent consumers of specialty gases.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints-
Increasing Advancements in Production Technology to Drive Market Growth
The increasing advancements in petrochemical production technology boost the specialty gas market growth during the forecast period. Petrochemical products are used across different applications such as clothing, digital devices, fertilizers, detergents, packaging, tires, plastics, and medical equipment. Due to the large range of applications, petrochemical feedstock consumes around 12% of the global oil demand and will account for more than one-third worldwide by 2030.
Specialty gases are produced for some specific applications due to their nature, which requires great investment and effort in comparison to industrial gas products affecting the specialty gases market growth during the forecast period.
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Fast-Growing Countries to Boost Market Growth in Asia Pacific
Asia Pacific is dominating the specialty gas market share and is expected to witness high growth during the forecast period due to fast-growing countries such as China, India, and Singapore. The Asia Pacific market size stood at USD 7.74 billion in 2022.
North America is estimated to have significant growth during the forecast period as it is one of the region’s largest chemical, oil & gas, and semiconductor producers.
Detailed Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advan Hydroxide
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on the Global Specialty Gas Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Specialty Gas Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Value)
- Electronic Gases
- Gas & Liquid Mixtures
- Pure Gases
- By End Use Industry (Value)
- Petroleum & Chemical
- By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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