Specialty Gas Market

Specialty Gas Market Size-(2023-2028)

The specialty gas market was at USD 10.5 billion in 2022 and is predicted to grow at a compound annual expansion rate (CAGR) of 6.21% between 2023-2028

Specialty gas generally refers to rare and very high-purity gases (99.995% and higher). The unique properties of specialty gases can improve yields, reduce costs, and optimize performance in many industries such as electronics, petrochemicals, analytics, pharmaceuticals, etc. The region is supposed to present itself as an important prospect for market expansion. Welding and cutting, metal fabrication, lighting, and chemical production are some of the dominant industrial applications in the Asia Pacific.

Growing call in car care health and the Growing need for very high purity gases in manufacturing Applications are predicted to drive market expansion. The use of specialty gases is likely to lead to significant development in the field of manufacturing and sanitary applications. Products made using various blending techniques are making substantial progress in both research and development and commercialization.

Specialty Gas Market Trends:

The possibility of a helium shortage in the future fuels research and development to find safer substitutes, such as hydrogen. Escalated research and development activities are predicted to create expansion prospects for worldwide market players during the foreseen period. Additionally, strategic acquisition and consolidation within the industry is predicted to create many opportunities for major players, which in turn will increase worldwide market expansion. Some of the specialty gases are believed to be responsible for worldwide warming, so their use is gradually being controlled by voluntary restrictions or legislation. Significant emphasis is placed on reducing emissions, as well as restrictions on applications where there are environmentally friendly alternatives that are economically and technically feasible.

Recent Developments in the Specialty Gas Market:

The Linde Group announced the introduction of a new line of welded panels as part of its REDLINE® gas supply equipment line. The panels, which combine face seal connections with advanced welding techniques, mitigate the possibility of gas leaks compared to more traditional panels that use standard threaded connections.

Air Liquide in the United States was pleased to announce the launch of its new customer-centric website focused on specialty and industrial gas solutions for the United States industrial sectors.

Specialty Gas Market Drivers:

The worldwide specialty gases market is predicted to register significant expansion during the foreseen period, due to the excess benefits it offers, such as improved efficiency, reduced costs, and optimized performance. A specialized application of specialty gases in various industries such as electronics, manufacturing, biotechnology, academia, automotive, healthcare, and semiconductors has led to an increase in the call for specialty gases, resulting in an escalated call for specialty gases. Expansion of the worldwide specialty gases market compared to foreseen final point. Specialty gases that are employed commercially include purity gases, carbon gases, noble gases, and halogen gases. Also, the escalating call for specialty gases in applications such as plasma display panels and voltaic cells is also predicted to drive the worldwide market during the outlook period. The expansion of the electronics industry is leading to the high use of specialty gases that will drive the global specialty gases market. Certain specialty gases such as helium, hydrogen, and other high-purity gases are in the greater call than ever. The escalating use of specialty gases in photovoltaics for power and other uses will drive the worldwide market.

Specialty Gas Market Restraints:

Escalating regulations and restrictions on the production and quality control of specialty gases, coupled with the growing threat of specialty gas substitutes, are predicted to negatively impact the expansion of the global specialty gas market to some extent.

Opportunities in the Specialty Gas Market:

The expansion of the healthcare industry, coupled with a very aging demographic structure, is also predicted to boost worldwide market expansion during the foreseen period. Other factors driving the expansion of the worldwide market include escalated environmental awareness along with an increasing call for bio-based products, escalating call from the food and beverage industry, the chemical industry, escalating applications in the manufacturing production of thermal windows, etc. In the electronics industry, one of the main applications of special gases is LEDs, which are in great call by consumers, due to their advantages such as lower energy consumption and longer life, compared to other light sources.

Challenges in the Specialty Gas Market:

Market penetration is a challenge for many players present in the specialty gas industry and can affect worldwide market expansion during the foreseen period.

SPECIALTY GAS MARKET REPORT COVERAGE:

Specialty Gas Market Segmentation:

By Product:

• Noble

• Carbon

• Ultra-high purity

• Halogen

The carbon dioxide segment is predicted to be a prominent segment in the market due to escalating calls from various end-use industries such as manufacturing, electronics, healthcare, and chemicals, as well as the growing field of applications. for analytical purposes and instrument calibration. Escalating the call for rare gas from the manufacturing and electronics industries is predicted to drive market expansion.

By Application:

• Manufacturing

• Electronics

• Healthcare

Healthcare applications are predicted to be the largest segment of the specialty gas market, growing by 27.7% in 2021. The highest preference in the healthcare industry due to the higher applicability rate of medical applications is the driving force of market expansion. The manufacturing segment accounted for 20.5% of worldwide calls in 2021. The large proportion can be credited to the large manufacturing industry and requires very high purity and other specialty gases for specific applications.

Specialty Gas Market Regional Analysis:

The Specialty Gas Market Report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The North American specialty gas market is currently dominating the world marketplace due to the expansion of the healthcare industry. The Asia-Pacific market is predicted to post the fastest expansion rate during the foreseen period, due to escalating call from end-use industries such as automotive, manufacturing, and healthcare. The Chinese market is predicted to dominate the Asia Pacific specialty gases market during the conjecture period. Asia-Pacific is the largest regional market due to the presence of many end-use industries such as healthcare, electronics, manufacturing, and pharmaceuticals in the region. Massive investments in the development of custom blending techniques and the adoption of new technologies for the production process, equipment, and packaging are predicted to drive regional expansion. Government assistance to strengthen the manufacturing and electronics industry, such as subsidies, trade promotion, supportive policies, and escalated foreign investment, is predicted to increase calls for products during the period. The Belt and Road Initiative in China and the Make in India Initiative in India are predicted to create tremendous opportunities and create an enabling environment for manufacturing industries in the coming years.

The call for products in Europe to be positively influenced by the expansion and stabilization of the industry, the launching of the creation of installations, the technological progress in packaging, and the sales available on the level of life. Government support investments for specialty gas production should promote market expansion. North America is one of the important markets due to the significant production of specialty gas in this region. The massive investments made in the development of mixing techniques and technologies for the production process in the United States and Canada are predicted to increase the call for products.

Impact of COVID-19 on the Specialty Gas Market:

Coronavirus has definitely pushed the O&G industry in India to sit down and reconsider what should be included in business continuity plans. However, leaders who seize this opportunity to start thinking about the pervasive changes needed to their operating models, combining an agile operating mindset, long-term vision, and partner ecosystems, faster than others, will likely come out stronger than the dust settles. The O&G industry is generally competent in disaster response and its effectiveness has been demonstrated in various disaster scenarios in the past. With COVID-19 as well, the industry has performed quite well so far, as evidenced by near-continuous operations and the availability of different fuels, almost throughout the country. However, most O&G CXOs believe that the industry recovery will likely be longer than predicted.

Specialty Gas Market Key Players:

Some of the major players operating in this market are

• The Linde Group
• Air Liquide
• Southern Industrial Gas Sdn Bhd
• Air Products and Chemicals Inc
• Praxair Technology, Inc.
• Showa Denko K.K.
• Messer Group Gmbh
• Mitsui Chemicals Inc.
• Taiyo Nippon Sanso Corporation