Specialty Gas Market Size Will Attain USD 20.7 Billion by 2030 growing at 8.9% CAGR – Exclusive Report by Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Specialty Gas Market, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Sept. 29, 2022 (GLOBE NEWSWIRE) — The Global Specialty Gas Market Size accounted for USD 9.7 Billion in 2021 and is estimated to garner a market size of USD 20.7 Billion by 2030 rising at a CAGR of 8.9% from 2022 to 2030.
Specialty Gas Market Statistics
- Global specialty gas market value was USD 9.7 Billion in 2021 and expected to grow at CAGR of 8.9% from 2022 to 2030
- According to recent statistics, specialty gas demand in the US is growing with 3.5% per year
- North America specialty gas market share will gather more than 32% market share in coming years
- Asia-Pacific specialty gas as market growth registered considerable CAGR during the forecast timeframe from 2022 to 2030
- Among application, healthcare sub-segment collected over 25% of the overall market share in 2021
Specialty Gas Market Growth Factors
- Increasing demand for photovoltaic products
- Rapidly surging healthcare sector
- Rising application for specialty gas from electronics industry
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Specialty Gas Market Report Coverage:
|Market||Specialty Gas Market|
|Specialty Gas Market Size 2021||USD 9.7 Billion|
|Specialty Gas Market Forecast 2030||USD 20.7 Billion|
|Specialty Gas Market CAGR During 2022 – 2030||8.9%|
|Specialty Gas Market Analysis Period||2018 – 2030|
|Specialty Gas Market Base Year||2021|
|Specialty Gas Market Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Application, And By Geography|
|Specialty Gas Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Praxair, Inc., Air Products and Chemicals, Inc., The Messer Group GmbH, Cambridge Isotope Laboratories Inc., Linde plc, Air Liquide, Weldstar, MESA Specialty Gases & Equipment., Norco Inc., Taiyo Nippon Sanso Corporation, Showa Denko K. K., and Novo Gas Technologies.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Specialty Gas Market Dynamics
The increasing adoption for specialty gas from healthcare and electronics as end-user industries for capturing a majority share, as well as improving economic conditions contributing to high demand for electronic goods, especially in China and India, can be attributed to global specialty gas market growth. The global market is expected to grow significantly in the coming years as the healthcare sector expands and demand for photovoltaic cells and plasma display panels rises. Structural and regulatory constraints may act as a barrier to the specialty gas industry’s future growth, but innovation and technological advancements in specialty gas manufacturing are expected to mitigate the effect of the constraints.
Specialty Gas Market Business Strategies
- In March 2019, Messer Group GmbH announced the acquisition of Linde AG’s North American gases business as well as certain Linde and Praxair business activities in South America. The acquisition represents a once-in-a-lifetime opportunity to re-enter the North and South American markets. Messer will become a global player in this sector, solidifying its position as the world’s largest family-run industrial gases specialist.
- In March 2018, Praxair, Inc. announced a strategic partnership that will combine each company’s core competencies into a comprehensive offering for heat-treatment customers. The collaboration will result in more end-to-end technologies for a wide range of batch and continuous heat-transfer processes such as annealing, carburizing, carbonitriding, gas quenching, heat-treatment, and neutral hardening.
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Specialty Gas Market Segmentation
The global specialty gas market is segmented based on product and application. The product is segmented as ultra-high purity, noble, carbon, halogen, and other specialty. By application, the market is segmented as manufacturing, electronics, healthcare, institutional, and among others.
Specialty Gas Market Share
According to our specialty gas market industry analysis, carbon gas accounted for the majority of market share in 2021 and is expected to continue to do so in the years ahead, from 2022 to 2030. Furthermore, according to our specialty gas market forecast, the healthcare sub-segment will account for a sizable market share between 2022 and 2030. One of the most common uses of specialty gases in the electronics industry is in LEDs, which are in high demand from consumers due to benefits such as lower energy consumption and longer operating life when compared to conventional lighting sources. Ammonia is used in nitride-based thin films and epitaxial crystals. In the application of LEDs, the ultra-high purity of epitaxial crystals is critical. Furthermore, semiconductors are increasingly being used in the production of processors for personal computers (PCs) and smartphones, propelling the specialty gas market forward.
Specialty Gas Market Regional Growth
North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa comprise the global Specialty Gas industry. With the highest CAGR, Asia Pacific is expected to dominate the global specialty gas market in the coming years. The prevalent use of specialty gases in the electronics and healthcare industries is one of the key factors driving the growth of the global specialty gas market. China is one of the key countries driving the specialty gas market’s expansion. Because China has the largest electronic manufacturing base in the world, it presents a significant threat to the existing upstream producers, which include Singapore, South Korea, and Taiwan. With rising middle-class disposable incomes, demand for electronic products is expected to increase steadily in the coming years, ultimately driving the market. Because of the low cost and increasing demand for electronics products, China’s electronics manufacturing industry is constantly expanding.
Electronic product demand is expected to increase in the near future as the middle-class population’s per capita income rises. North America currently holds the largest market share in the specialty gas market. The region has gained a significant market share in the global market due to its large installed plant capacities for specialty gas production.
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Specialty Gas Market Players
Some of the leading specialty gas companies operating in the industry include Praxair, Inc., Air Products and Chemicals, Inc., and The Messer Group GmbH. Other players involved in the specialty gas market are Linde plc, Air Liquide, Weldstar, MESA Specialty Gases & Equipment., Norco Inc., Taiyo Nippon Sanso Corporation, Showa Denko K. K., and among others.
Questions Answered By This Report
- What was the market size of Specialty Gas Market in 2021?
- What will be the CAGR of Specialty Gas Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Specialty Gas Market?
- Which region held the largest share in Specialty Gas Market in 2021?
- What are the key market drivers of Specialty Gas Market?
- Who is the largest end user Specialty Gas Market?
- What will be the Specialty Gas Market value in 2030?
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
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